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International Economics

In: Roy Harrod

Author

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  • Esteban Pérez Caldentey

Abstract

Harrod not only introduced seminal concepts in the theory of imperfect competition, the trade cycle and dynamics, but also made key conceptual contributions to the development of international trade and finance. These are included in his book International Trade first published in 1933 and include the foreign trade multiplier, the Balassa–Samuelson effect, the crawling peg, the transfer problem and the combination of an adjustment mechanism combining both the elasticities and multiplier as adjustment mechanisms. He also introduced the asymmetry of adjustment between creditor and debtor which was pivotal to Keynes’s Clearing Union proposal. Furthermore, Harrod provided a plan for world monetary stability without a world money. Finally, he also addressed the problem of the world trade cycle using a central concept of his dynamics, a steady advance.

Suggested Citation

  • Esteban Pérez Caldentey, 2019. "International Economics," Great Thinkers in Economics, in: Roy Harrod, chapter 0, pages 259-299, Palgrave Macmillan.
    • Handle: RePEc:pal:gtechp:978-1-349-74085-7_6
    DOI: 10.1057/978-1-349-74085-7_6
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