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International Economics, 15th Edition


Author: Robert Carbaugh

Publisher: South-Western College Pub


Publish Date: September 8, 2014

ISBN-10: 1285854357

Pages: 576

File Type: PDF

Language: English

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Book Preface

I believe the best way to motivate students to learn a subject is to demonstrate how it is used in practice. The first fourteen editions of International Economics reflected this belief and were written to provide a serious presentation of international economic theory with an emphasis on current applications. Adopters of these editions strongly supported the integration of economic theory with current events.

The fifteenth edition has been revised with an eye toward improving this presentation and updating the applications as well as including the latest theoretical developments. Like its predecessors, this edition is intended for use in a one-quarter or one-semester course for students having no more background than principles of economics. This book’s strengths are its clarity, organization, and applications that demonstrate the usefulness of theory to students. The revised and updated material in this edition emphasizes current applications of economic theory and incorporates recent theoretical and policy developments in international trade and finance.


Although instructors generally agree on the basic content of the international economics course, opinions vary widely about what arrangement of material is appropriate. This book is structured to provide considerable organizational flexibility. The topic of international trade relations is presented before international monetary relations, but the order can be reversed by instructors choosing to start with monetary theory. Instructors can begin with Chapters 10–17 and conclude with Chapters 2–9. Those who do not wish to cover all the material in the book can easily omit all or parts of Chapters 6–9, and Chapters 15–17 without loss of continuity.

The fifteenth edition streamlines its presentation of theory to provide greater flexibility for instructors. This edition uses online Exploring Further sections to discuss more advanced topics. By locating the Exploring Further sections online rather than in the textbook, as occurred in previous editions, more textbook coverage can be devoted to contemporary applications of theory. The Exploring Further sections consist of the following:

Comparative advantage in money terms—Ch. 2
Indifference curves and trade—Ch. 2
Offer curves and the equilibrium terms of trade—Ch. 2
The specific-factors theory—Ch. 3
Offer curves and tariffs—Ch. 4
Tariff-rate quota welfare effects—Ch. 5
Export quota welfare effects—Ch. 5
Welfare effects of strategic trade policy—Ch. 6
Government procurement policy and the European Union—Ch. 8
Economies of scale and NAFTA—Ch. 8
Techniques of foreign-exchange market speculation—Ch. 11
A primer on foreign-exchange trading—Ch. 11
Fundamental forecasting–regression analysis—Ch. 12
Income adjustment mechanism—Ch. 13
Exchange-rate pass-through—Ch. 14

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