“Traditional Trade Theories” - Economics Assignment

Internal Code: MAS5854

Economics Assignment :

Question: 1) Examine “traditional trade theories” and evaluate their ability to explain contemporary international trade patterns. Evaluate the effectiveness of New Trade Theory in addressing the issues first highlighted by the Leontief Paradox. 2) Examine and critically assess how scarce resources get produced, consumed and allocated and how various stakeholders in the global economy make optimal decisions. 3) Employ Comparative Advantage and related trade models in analysing a country’s role in the world economy and the related effects on social, business and economic pathways.