Murray C. Kemp is one of Australia's foremost economists. He has held positions across the world including London School of Economics, U.C. Berkeley, Columbia University, McGill University, MIT, and latterly Macquarie University. Kemp was a Member of Council for the Econometric Society and was a Distinguished Fellow of the Economics Society of Australia. He has served as President of the International Economics and Finance Society. In 1987 he was awarded the Humboldt Foundation Prize.This book brings together several essays on the current state of the theory of international trade. As the book's title suggests, the essays are critical of several major components of the existing theory; thus, the Ricardian principle of comparative advantage, the ancient and widely accepted belief that international free trade is potentially beneficial for all countries, and the more recently developed normative analysis of international transfers (foreign aid, war indemnities) are shown to be seriously defective.
Part I The classical theory of international trade, 1. The Torrens-Ricardo principle of comparative advantage: An extension, 2. Gottfried Haberler's principle of comparative advantage, 3. Trade between countries with radically different preferences, 4. Production and trade patterns under uncertainty, Part II The neo-classical theory of international trade, 5. International trade without autarkic equilibria: Macroeconomic implications, 6. Impoverishing technical and preferential improvements, 7. A dynamic Heckscher-Ohlin Model: The case of costly factor reallocation, 8. A second correspondence principle, 9. A theory of involuntary unrequited international transfers, 10. A theory of involuntary unrequited international transfers: A reply to Carlos da Costa, 11. A theory of voluntary unrequited international transfers, 12. Aid tied to the donor's exports, 13. Variable returns to scale and factor price equalization, 14. Market structure and factor price equalization, 15. Factor price equalization when the world equilibrium is not unique, 16. Factor price equalization in a world of many trading countries, 17. Heckscher-Ohlin theory: Has it a future? PART III Normative trade theory, 18. On a misconception concerning the classical gains-from-trade proposition, 19. Recent challenges to the classical gains-from-trade proposition, 20. Trade gains: The end of the road? 21. Tariff reform: Some pre-strategic considerations, 22 On the existence of equivalent tariff vectors -- when the status quo matters, PART IV Methodology, 23. The representative agent in economic theory, 24. Price taking in general equilibrium, 25. Generality versus tractability
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