International Economics: Theory and Policy, 12th edition

Published by Pearson (December 3, 2021) © 2022

  • Paul R. Krugman The Graduate Center, City University of New York , Princeton University , University of California, Berkeley
  • Maurice Obstfeld University of California, Berkeley
  • Marc Melitz Harvard University

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ISBN-13: 9780137465699
International Economics: Theory and Policy
Published 2021

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ISBN-13: 9780135766859
International Economics: Theory and Policy
Published 2021


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International Economics: Theory and Policy provides engaging, balanced coverage of the key concepts and practical applications of theory and policy around the world. Divided into 2 halves, with the first devoted to trade and the second to monetary questions, the text provides an intuitive introduction to theory and events as well as detailed coverage of the actual policies put into place as a response.

In the 12th Edition, important economic developments are highlighted, with many lessons drawn from the recent COVID-19 pandemic experience. Using examples like these, the text helps you understand the changing world economy and economic implications of global interdependence.

  1. Introduction


  1. Word Trade: An Overview
  2. Labor Productivity and Comparative Advantage: The Ricardian Model
  3. Specific Factors and Income Distribution
  4. Resources and Trade: The Heckscher-Ohlin Model
  5. The Standard Trade Model
  6. External Economies of Scale and the International Location of Production
  7. Firms in the Global Economy: Export and Foreign Sourcing Decisions and Multinational Enterprises


  1. The Instruments of Trade Policy
  2. The Political Economy of Trade Policy
  3. Trade Policy in Developing Countries
  4. Controversies in Trade Policy


  1. National Income Accounting and the Balance of Payments
  2. Exchange Rates and the Foreign Exchange Market: An Asset Approach
  3. Money, Interest Rates, and Exchange Rates
  4. Price Levels and the Exchange Rate in the Long Run
  5. Output and the Exchange Rate in the Short Run
  6. Fixed Exchange Rates and Foreign Exchange Intervention


  1. International Monetary Systems: A Historical Overview
  2. Financial Globalization: Opportunity and Crisis
  3. Optimum Currency Areas and the Euro
  4. Developing Countries: Growth, Crisis, and Reform

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