Actual Significance and Possibilities of the Ricardian Theory of International Values

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  • リカード国際価値論の現代的意義と可能性
  • リカード コクサイ カチロン ノ ゲンダイテキ イギ ト カノウセイ

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Abstract

<p>Ricardian trade theory has accumulated many misunderstandings. The situation changed much recently due to the new interpretation of “four magic numbers” and the arrival of a new theory of international values. The new theory of international values, which stands on Ricardian tradition, is constructed on a very wide assumption that firms freely trade input goods across countries in a world of many countries and many commodities. In contrast to four generations of mainstream trade theories (including textbook Ricardian trade theory), the new theory can analyze the emergence of global value chains and thus provides a framework of the globalized economy.</p>

Journal

  • KOKUSAI KEIZAI

    KOKUSAI KEIZAI 69 (0), 41-62, 2018

    The Japan Society of International Economics

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