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International Economics: International Version Plus MyEconLab Student Access Code: Theory and Policy Paperback – 24 Jun 2010

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Product details

  • Paperback
  • Publisher: Pearson Education; 8 edition (24 Jun. 2010)
  • Language: English
  • ISBN-10: 1408263661
  • ISBN-13: 978-1408263662
  • Product Dimensions: 20.4 x 2.6 x 25.3 cm
  • Average Customer Review: 1.0 out of 5 stars  See all reviews (1 customer review)
  • Amazon Bestsellers Rank: 816,715 in Books (See Top 100 in Books)
  • See Complete Table of Contents

Product Description

About the Author

Nobel Prize—winning economist Paul R. Krugman is a professor of economics and international affairs at the Woodrow Wilson School at Princeton University and is a regular op-ed columnist for the New York Times. He received his BA from Yale University and his PhD from the Massachusetts Institute of Technology. After working on the White House Council of Economic Advisors from 1982—1983, Krugman earned the prestigious John Bates Clark Medal for his work on the “new trade theory” in 1991. In addition to Princeton, Krugman has taught at Yale, MIT, and Stanford. His Nobel Prize, awarded in 2008, recognizes his work in international trade patterns and economic geography.

Maurice Obstfeld
is a professor of economics at the University of California, Berkeley, where he is also the director of CIDER, the Center for International and Development Economics Research. He is on the advisory board of the Journal of Monetary Economics and the editorial boards of International Economic Review and Review of International Economics. He received his BA from the University of Pennsylvania; his MA from King’s College at Cambridge University in Cambridge, UK; and his PhD from the Massachusetts Institute of Technology. In addition to his current position at UC Berkeley, Obstfeld has taught at Harvard University, the University of Pennsylvania, and Columbia University.

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By andrew.s on 17 July 2012
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Krugman may have won the Nobel Memorial Prize in Economic Sciences in 2008, and be a leading academic in the field of international economics, but this book is to be avoided.

The book is split into four parts: trade theory; trade policy; macro-finance principles; macro-finance case studies. Parts I and III focus on theory, whereas II and IV try and elucidate the theory by focusing on real-life examples of policy scenarios.

Part I: All the models are explained in a confusing and quite honestly ridiculous manner. How on earth can one explain the key trade models without using the framework of marginal products of labour/capital/land? It's impossible and Krugman just confuses everything by devoutly avoiding the marginal product concept. Further, by leaving out the Specific Factors model, he confuses further the Heckscher Ohlin model, as people are then unable to appreciate how both models are in fact the same - but one is for the long-run whereas the other for the short-run. Further, this omission leaves the chapter on migration and FDI totally pointless since he provides no analytical framework for one to study the effect of migration or FDI on trade flows in either the short- or long-run. In addition, the so-called Standard Trade model is just bizarre, and why have a chapter on Monopolistic Competition Trade Theory when the whole chapter is about how such a theory is unknown thus far, yet Krugman himself wrote a separate textbook solely on this (many years ago) and every other International Economics textbook contains a chapter with an actual model?! It's beyond me, really.

Part II: It's okay. The only part of the textbook worth it's weight in paper.

Part III: Again, overly confusing, and the ordering of chapters is bizarre to say the least.
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