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【Report】January 26th,2013. The first international economics study meeting"Introduction"

We held the first study meeting about International Economics using International Economics written by Kruguman, etc.Details are as follows.

  • Date:January 26th,2013(Sat) 18:00〜21:00
  • Place:Bunkyo Civic Center
  • Participants:25 people
  • Text:International Economics
  • Material

International Economics: Theory & Policy: Global Edition

International Economics: Theory & Policy: Global Edition

  • 作者: Paul R. Krugman,Maurice Obstfeld,Marc J. Melitz
  • 出版社/メーカー: Prentice Hall
  • 発売日: 2011/08/19
  • メディア: ペーパーバック
  • 購入: 2人 クリック: 9回
  • この商品を含むブログを見る

Before we start to discuss the contents of text regarding international economics, we assure what is the important elements for economic growth.Economics teaches us that resources for economic growth are capital accumulations, human resources, natural resources, and technological progressive(innovation), which are inferred from Principles of Economics written by Mankiw.

Why do we have to study international Economics even though trade are not directly related to these resources?Because trades are almost the same as innovation. In fact, Mankiw's principles of economics proposed that trade can make everyone better off.Also from the view point of microeconomics analysis method, trade improve the production possibility frontier.So, It is very important for us to understand the role and mechanism of trade and international money flow through learning from international economics.

We also have to distinguish international economics from the normal economics like microeconomics and macroeconomics.The definitions of economics are as follows.

  • Economics is a study of mankind in the ordinary business of life.(Alfred Marshall)
  • Economics is a study of how society manages its resources.(N.Gregory Mankiw)
  • The science that deals with the production,distribution,and consumption of goods and services,or the material welfare of mankind. (Random House Dictionary)

What's microeconomics and macroeconomics?Normally, microeconomics analyzes the behavior of household(consumption theory) and company(production theory) and the individual market mechanism like labor market.On the other hand, macroeconomics analyzes the whole economy and examine the economic policy to stabilize the economy,especially the economy is in recession.

International economics analyzes the trade and investment occurred between independent nations. If we consider the nation as single subject, we categorize the international economics to microeconomics.

Confirming the resources for economic growth and the definition of international economics, let's shift our attention to the contents of texts.There are four parts in this text book.

  • Part1 International trade theory
  • Part2 International trade policy
  • Part3 Exchange rates and open economy macroeconomics
  • Part4 International macroeconomic policy

Because introduction are not included in those parts, today's our topic is deducted from above 4part.But we consider that introduction is one of the most important part for our departures because we can acknowledge the issues in international economics.Introduction parts explains the international economic issues. There are 7 topics.

  1. The gains from trade
  2. The pattern of trade
  3. How much trade?
  4. Balance of payments
  5. Exchange rate determination
  6. International policy coordination
  7. The international capital markets

These are the essence of international economic issue and if we lost our ways when studying international economics, we should come back to the introduction and also view the texts as the point of the view of the reason why we tackle this problem. Definitely introduction help us to understand the issues deeply.

We asked the participants what issues you are interested in. We found many participants paid attention to the international capital markets,in particular exchange rate.Actually, our global economy face the difficult issues concerning international topics.For example, euro crisis, yen appreciation(but recently yen is depreciating ), trade deficit in japan which are forecasted to be chronic, and international bubble incubated under untraditional monetary policy conducted by the advanced countries's central banks which have cut the interest rate to almost zero and also eased money condition. However, we have the arms to solve these real economics international problems. That's the international economics theory and empirical results analyzed by the past and present great economist and we utilize these arms by reading text.

We will have read whole text in two years. Next chapter deals with world trade over view with checking the real data and we will hold the second study meeting March 2nd,2013. If you are interested in this topic,please come on join us!!

References

Principles of Economics 6e [AISE]

Principles of Economics 6e [AISE]

  • 作者: Mankiw
  • 出版社/メーカー: センゲージ・ラーニング
  • 発売日: 2011/05/23
  • メディア: ペーパーバック
  • 購入: 1人 クリック: 1回
  • この商品を含むブログを見る
The Cartoon Introduction to Economics 2: Macroeconomics

The Cartoon Introduction to Economics 2: Macroeconomics

貿易の知識 (日経文庫)

貿易の知識 (日経文庫)

国際金融入門―経済学入門シリーズ (日経文庫)

国際金融入門―経済学入門シリーズ (日経文庫)