Chapter 4: International Trade Theory
This video complements discussion in Section 4.6 of Chapter 4 in Economic Essentials for Business, Management and Engineering. International trade policies are examined through the lens of linear excess supply and demand functions. Essentially, abduction is employed along with spatial price equilibrium models. The use of such models in agriculture and forestry is investigated in two books: Applied Welfare Economics, Trade, and Agricultural Policy Analysis (U of Toronto Press, 2021) and International Trade in Forest Products (CABI, 2021), with the latter also providing examples of actual models.