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On The Smithian Origins Of "New" Trade And Growth Theories

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Author Info
Aykut Kibritcioglu () (Economics Dep, Ankara University)

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Abstract

Adam Smith is generally ignored as an international trade theorist in textbooks because of the common belief that he only confirmed the rule of absolute advantages, and that, there is nothing "new" in his theoretical explanations about the determination of the structure of and gains from trade. Exceptional views can be found in Myint (1958, 1977), Hollander (1973), Bloomfield (1975) and Hong (1984). His vent-for-surplus approach underlines the importance of the existence of increasing returns to scale and of the technological change resulting from learning by doing for international trade and long-run economic growth. It has a pioneering characteristic from the perspective of the so-called "new" trade and growth theories developed in recent decades. This paper focuses only on this Smithian origins of new theories and demonstrates the main links between the following three aspects: (1) foreign trade, (2) economic growth and (3) Smith's ideas on economies of scale and learning by doing.

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Paper provided by Ankara University Faculty of Political Sciences in its series Working Papers with number _001.

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Related research
Keywords: long-run economic growthning by doing technological externalities approach

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Find related papers by JEL classification:
A11 - General Economics and Teaching - - General Economics - - - Role of Economics; Role of Economists
B13 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Neoclassical through 1925 (includes Austrian, Marshallian, Walrasian)
F12 - International Economics - - Trade - - - Models of Trade with Imperfect Competition and Scale Economies
O30 - Economic Development, Technological Change, and Growth - - Technological Change - - - General
O40 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General

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