Author : Saroj kumar singh
Keyword : Economics
Subject : Management
Article Type : Review article
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Abstract : The earlier theories (prior to1970s) assumed only two products, two commodities, two factors, two countries, perfect competition, constant returns to scale, constant technology, etc. While the new theories which are developed after the 1970s are based on more realistic assumptions like – change in technology, imperfect competition, changing returns to scale, etc. Hence, the new theories which are developed after the 1970s and 1980s are quite capable of explaining the pattern of world trade today.
Article by : Dr Saroj Kumar Singh
Article add date : 2020-12-13
How to cite : Saroj kumar singh. (2020-December-13). Theories of international trade: an overview. retrieved from https://www.openacessjournal.com/abstract/473