International Trade

International Trade

International Trade

International Trade

Excerpt

This study is an extended version of a set of lecture notes prepared for two courses given at Harvard University, one in theory, the other in policy of international trade. I received excellent cooperation from the students in the class, both in criticizing the manuscript as a whole and in pointing out--or letting me feel-- that some passages were either too difficult or not sufficiently clear. A number of the chapters would not have been written were it not for my promise to the class to do so. For all this I express my sincere thanks to the Harvard graduate and undergraduate students who were in the course. My special thanks are extended to Messrs. John Brandl and Lawrence Officer, both of the Department of Economics, who took an active part in editing, checking on the mathematics, and preparing the bibliography. Mrs. Seiler of the Littauer Statistics Laboratory indefatigably typed the drafts and prepared them for class distribution.

With Professor Gottfried Haberler I discussed many of the arguments of the study over a cup of coffee, before ever they were put on paper. From this, and also from his later readings of the different chapters, I have received invaluable counsel.

If I have chosen to present the balance of payments as a consolidated statement of sectoral income statements and balance sheets, and used this approach in showing the relation between the national and foreign trade accounts, it is not so much my own idea as that of my friend Stephen Valavanis, now departed. Some years ago, he and I used this approach in presenting the national income accounts and definitions in an elementary course in economics.

Professor Murray Kemp, visiting at the Massachusetts Institute of Technology, often extended to me his helping hand and mind. Professors Lloyd Reynolds and Bela Balassa, both of Yale University, also provided me with useful suggestions and criticisms. I gladly acknowledge their contribution.

Finally, I would like to express my sincere thanks to all those who have contributed so much to my work without ever having seen the manuscript. The teaching staff of the Department of Eco-

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