3 Review(s)

The relatively restricted international mobility of capital and labour is the primary reason that the economic theory of international trade is distinct from the rest of economic theory. In that regard, it seems to diverge more in degree than in principle from trading between isolated areas within a single nation. Therefore, there aren't many differences between the approach used in international trade economics and the rest of economics. Government efforts to impose restrictions on international commerce have, nevertheless, had an impact on the direction of academic research on the topic, and the need to ascertain the effects of these restrictions has frequently driven the development of trade theory. Reflections on these and other related subjects are intended to be provided by this volume on contemporary international economics.