Essentials of International Economics 2nd edition
Authors: Robert C Feenstra, Alan M Taylor
Publisher: Worth Publishers
Details of the book:
Usually books on International economics have the tendency of relying heavily on the theoretical aspect of the subject along with a bias towards providing much greater coverage to the already advanced nations. This however, leads to a one sided approach to the subject, for the readers don't get much idea about the real world implications of what the study and also because the developing nations economic affairs are almost entirely left out of their education. The deficiency of knowledge of these aspects can do irreparable damage to the career of any student of economics, thus to rectify this unbalanced approach to the study of global economics Feenstra and Taylor's book 'Essentials of International Economics' becomes very useful.
The text blends together the traditional knowledge from the field of international economics along with its most contemporary real world manifestations. Thus the subject's basic content is combined seamlessly with all the recent ideas and developments that have emerged in the field owing to its latest empirical studies.
The book boasts of an extremely updated and 21st century oriented look into the subject. The unbalanced coverage of the players on the global arena of economics i.e. the obsession with the only the developed markets is overcome in this text. The authors have worked in ample information from the vast markets of the developing and third world nations like China, India, and South East Asia etc. Such an all encompassing and well balanced approach to the subject, allows for students to get a well rounded idea of all the realities and everyday evolving face of the global economic order.
The inherently complicated nature of such information is simplified with the help of real life examples which helps students relate better with the text and not get lost in the annals of the theory. Over all this is an extremely helpful text book, that helps students understand the happening of global economics keeping both theory and practice and mind, and can serve as a reference text for anytime later as well.
The book contains the following:
- Part 1 contains just one chapter which offers an introduction to the field of International Economics or the global economy
- Part 2 contains 4 chapters which look into the patterns of global trade. The chapters cover the topics of technology and trade looking into the Ricardian model, specific factors model and its trade related gains and losses, the Hecksher-Olin model, capital and labour transfer between different nations.
- Part 3 contains one chapter only which looks into the arena of international trade, covering mostly the topics of monopolistic competition and progressive returns to scale.
- Part 4 covers 3 chapters all related to international trade and its related policies.
- Part 5 covers 3 chapters all relating to the issues of exchange rates
- Part 6 contains 2 chapters which look into the issue of the balance of payments, thus looking into national and international accounts etc.
- Part 7 the final part with 1 chapter in it covers the issues of Applications and Policy