Few economists have been as prolific and wide-ranging as Takashi Negishi. Part of the "Hicksian" generation of Neo-Walrasian general equilibrium theorists, Negishi rose to prominence during the early 1960s with his work on the Neo-Walrasian system. Negishi's signature has been his attempt to extend the multi-market Neo-Walrasian system in several directions to incorporate concerns such as imperfect comptetition, stability, money, trade and unemployment - and, as a consequence, helping to discover and delineate the limits of conventional theory. This collection in honour of Takashi Negishi analyses his contributions to the history of economic theory. Economists paying tribute within this volume include Neri Salvadori, Laurence Moss, and Joaquim Silvestre.
Developments of International Trade Theory offers the life-long reflections of a distinguished Japanese scholar who pioneered the application of general equilibrium theory to international trade. Written in a style that makes it easily accessible to scholars and students, the book combines standard topics on international trade with a discussion of the evolution of the theory and as well as recent discussions on topics such as immiserizing growth. This book consists of two parts. Part I examines the historical progression of international trade theory, and Part II addresses the modern theory and recent developments of international trade. In this way the book offers a comprehensive evaluation of the non-monetary problems of international economics. Taking advantage of the publication of this new edition, the author includes two new chapters, “Adam Smith and Disequilibrium Economic Theory” and “Complete Specialization in Classical Economics,” which readers will profit from reading after they have studied the basic theories of international trade in the main part of the book.
This book aims to explain to the readers the basic idea of the general equilibrium theory, which forms the core of the current mainstream economics called neoclassical school. To understand this theory is absolutely necessary, either to study further or to criticize the contemporary economic theories. The author not only explains traditional theories, but also makes clear the many problems which are still unsolved. As a text book or reference book for those students who are studying microeconomics for the first time, the author recommends the use of Chapter 1, Chapter 2 (except section 9), Chapter 3 (from section 1 to section 3, section 6, section 11), Chapter 4 (from section 1 to section 4), Chapter 5 (from section 1 to section 5, section 8), Chapter 6 (except sections 6 and 7), Chapter 7 (from section 1 to section 5), Chapter 8 (from section 1 to section 6) and Chapter 9 (sections 1, 4 and 7). For more advanced readers, the author recommends the remaining sections and the literature recommended in the last part of each chapter. Problems given at the end of each chapter allow readers to confirm understanding of the content of the chapter and suggest to the readers more advanced studies. Incidentally, the author tried to avoid the use of the advanced mathematics. Only elementary knowledge of differential calculus and linear algebra are required to read this book.
Negishi examines a broad range of topics in the history of economics that have relevance to current economic theories. The author contends that one of the tasks for historians of economics is to analyze and interpret theories currently outside the mainstream of economic theory, in this case, Walrasian economics. Familiar topics covered include the division of labor, economies of scale, wages, profit, international trade, market mechanisms, and money. These are considered in reference to the well-known non-Walrasian schools of thought.
Most economic activity involves cross-border transactions at some point in the supply chain. The volumes reprinted here offer a wide range of perspectives on one of the most important areas of economics.
This book serves not only as an introduction, but also as an advanced text and reference source in the field of deterministic optimal control systems governed by ordinary differential equations. It also includes an introduction to the classical calculus of variations. An important feature of the book is the inclusion of a large number of examples, in which the theory is applied to a wide variety of economics problems. The presentation of simple models helps illuminate pertinent qualitative and analytic points, useful when confronted with a more complex reality. These models cover: economic growth in both open and closed economies, exploitation of (non-) renewable resources, pollution control, behaviour of firms, and differential games. A great emphasis on precision pervades the book, setting it apart from the bulk of literature in this area. The rigorous techniques presented should help the reader avoid errors which often recur in the application of control theory within economics.
Most economic activity involves cross-border transactions at some point in the supply chain. The volumes reprinted here offer a wide range of perspectives on one of the most important areas of economics.
Developments of International Trade Theory offers the life-long reflections of a distinguished Japanese scholar who pioneered the application of general equilibrium theory to international trade. Written in a style that makes it easily accessible to scholars and students, the book combines standard topics on international trade with a discussion of the evolution of the theory and some recent discussions on topics like immiserizing growth. This book is presented in two parts. Part I examines the historical progression of international trade theory. Part II addresses the modern theory and recent developments of international trade. This book offers a comprehensive evaluation of the non-monetary problems of international economics.
Negishi examines a broad range of topics in the history of economics that have relevance to current economic theories. The author contends that one of the tasks for historians of economics is to analyze and interpret theories currently outside the mainstream of economic theory, in this case, Walrasian economics. Familiar topics covered include the division of labor, economies of scale, wages, profit, international trade, market mechanisms, and money. These are considered in reference to the well-known non-Walrasian schools of thought.
The scope of the general equilibrium (GE) theory has so far been limited to the Walrasian tradition. Indeed, the theories of competitive equilibria and the core are nothing but the modern mathematical analysis of the economic ideas due to Walras, Edgeworth and Pareto. Consequently, recent books in this field are inclined to be heavily technical and mathematical.On the other hand, the modern GE theory has not completed the study of increasing returns and monopolistic competition, which belong to the alternative important stream of economic thought, namely the Marshallian tradition. This book aims to fill this gap, by proving the existence of a competitive equilibrium with increasing returns coming from externalities in a dynamic economy and a monopolistically competitive equilibrium with the technologies exhibiting increasing returns coming from a large set-up cost. Also intended as a basic graduate textbook on GE theory, it contains all the basic results and mathematical techniques in this field, such as measure theory, manifold theory and Banach space theory.A unique feature of the book compared to classical monographs on GE is its emphasis on the historical nature of the subject, and not only the mathematical nature. Students are expected to learn that those mathematically formidable techniques are indeed necessary for tackling many economic problems which have been significant not only in the mathematical or technical context, but also in the historical and traditional context./a
The aim of this book is to incorporate Marshallian ideas such as external increasing returns and monopolistic competitions into the general equilibrium framework of Walrasian tradition. New chapters and sections have been added to this revised and expanded edition of General Equilibrium Analysis of Production and Increasing Returns (World Scientific, 2009).The new material includes a presentation of equilibrium existence and core equivalence theorems for an infinite horizon economy with a measure space of consumers. These results are currently the focus of extensive studies by mathematical theorists, and are obtained by an application of an advanced mathematical concept called saturated (super-atomless) measure space.The second major change is the inclusion of a simple toy model of a liberal society which implements the difference principle proposed by J Rawls as a principle of distributive justice. This new section opens up a possibility to connect theoretical economics and political philosophy.Thirdly, the author presents the marginal cost pricing equilibrium and discusses welfare properties of the external increasing returns, which also belong to Marshall/ Pigou tradition of the Cambridge school.Finally, a new mathematical appendix treats basics of singular homology theory. Although the fixed point theorem is originally a theorem of algebraic topology, most economic students know its proof only in the context of the differentiable manifold theory presented by J Milnor. Considering the significance of the fixed point theorem and its playing a key role in general equilibrium theory, the purpose of this new appendix is to provide readers with the idea of a proof of Brower's fixed point theorem from the 'right place'.This volume will be helpful for graduate students and researchers of mathematical economics, game theory, and microeconomics.
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