A new approach to the theory of international trade by C.J. Rijnvos

By C.J. Rijnvos

Visible from a methodological perspective, the perform of financial technological know-how contains severe and theoretical considering. the categorical nature of those fields of analysis, their boundaries and mutual adjustment were coated by means of us l in other places. It turned obvious that serious pondering goals at achieving a logical information description, simplifying social fiscal truth. in line with those information, it's the job of conception to find logical legislation in fiscal job, if this can be learned in a rational demeanour - and this is often obviously a theoretical­ analytical . monetary technological know-how in response to this constitution should be visible within the diagram lower than. A extra broad precis is equipped within the synopsis of 'valuation of financial science', on the finish of this research. 1. appraisal of monetary fact; 2. a logical constant description of information as a foundation to thought; three. formula of developments in fiscal technique. A technological know-how pursued with this aim might fall brief in methods. within the first example, it's attainable that the severe pondering is simply too a ways divorced from fact. the knowledge from which during this example conclusions are made, are un­ reasonable; they're most likely too idealistic. during this means a foundation is laid for the 1. See our examine Waardering van het economisch denken. extra specific bankruptcy IV. 2 creation futile formula of legislation in a presupposed financial technique, as the conclusions of technology are very faraway from fact.

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Simultaneously, OI:C2 remains unchanged and the capital coefficients in the c2-sector increase. These changes express the effect 7. Paul A. Samuelson, International Factor-Price Equalisation Once Aagain. 8. W. Stolper and P. A. Samuelson, Protection and Real Wages. 53 THE HECKSCHER/OHLIN PRINCIPLE of the law of non-proportional returns. Additionally, in each country and in each sector the capital/labour ratio changes with each change in production. The ideas of HaberIer, Stolper and Samuelson have been included in table 9 and figure 12 respectively through the simultaneous occurrence of the law of the non-proportional returns and changes in the factor relations per sector.

Sidney J. Wells, International Economics. Pg. 41-43. 10. James Edward Meade, A Geometry of International Trade. Pg. 9-43 and the figures I-XVIII. 55 THE NATURE OF EQUILIBRIUM and the external exchange ratio line, without real meaning to the theory of international trade. ' example in connection with figure 13. For reasons of simplicity, country II is ignored for a moment. Assuming that country I has a comparative cost advantage with regard to Cl' this country will specialize in that direction. This is shown in figure 13 in accordance with the theory which forms the C, ic / j ~ff --- /,1 / I !

ANALYSIS VIEWED FROM THE CONSUMPTION SECTOR The Ricardian approach invites a search for the precise location of the optimum external exchange ratio between the IR curves, in order to be able to answer the essential questions of the comparative cost theory. The manner of approach as described in Ricardo's 'Principles' - characterized by an incomplete choice of data and consequently methodologically inadequate proved unsuitable for achieving this objective. A broader view is essential. This is why in the works of Mill, Marshall and Edgeworth where the analysis are now popular not undertaken from the production sector, but rather pointedly from the consumption sector.

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