By Gary Cook
This quantity is modern in concentration, and explores key concerns in present debates pertaining to foreign alternate coverage. The individuals are major economists and political economists from Britain, Europe, the us and Japan.
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Additional resources for The Economics and Politics of International Trade: Freedom and Trade (Routledge Studies in the Modern World Economy, 10)
Example text
The economist’s answer is, ‘If they achieve Western productivity, they will be paid Western wages’ —as has in fact happened in Japan. But to the non-economist this conclusion is neither natural nor plausible. ) Constant employment is a reasonable approximation The standard textbook version of the Ricardian model assumes full employment in both countries. But in reality unemployment is constantly a concern of economic policy—so why is this the usual assumption? There are two answers. One—the answer that Ricardo would have given— is that international trade is a long run issue, and that in the long run the economy has a natural self-correcting tendency to return to full employment.
1 Take ignorance seriously: I am convinced that many economists, when they try to argue in favour of free trade, make the mistake of overestimating both their opponents and their audience. They cannot believe that famous intellectuals who write and speak often about world trade could be entirely ignorant of the most basic ideas. But they are—and so are their readers. This makes the task of explaining the benefits of trade harder—but it also means that it is remarkably easy to make fools 34 RICARDO’S DIFFICULT IDEA of your opponents, catching them in elementary errors of logic and fact.
I do not deny the virtue of insight but in economics this is only a first stage in reasoning. I think that the exact conditions needed to make claims true must be known and, when policy is at stake, publicly known. Indeed I have a strong preference for showing others how one proceeds in economic reasoning so that they can put their own weight on various elements, rather than announcing conclusions while suppressing the necessary assumptions. I shall now proceed in the manner which I favour and I shall do so schematically in order to save time and possible confusion.