International Economics Theory & Policy
You could say that the study of international trade and finance is where the discipline of economics as we know it began. Historians of economic thought often describe the essay “Of the Balance of Trade” by the Scottish philosopher David Hume as the first real exposition of an economic model. Hume published his essay in 1758, almost 20 years before his friend Adam Smith published The Wealth of Nations. And the debates over British trade policy in the early 19th century did much to convert economics from a discursive, informal field to the model-oriented subject it has been ever since. Yet the study of international economics has never been as important as it is now. In the early 21st century, nations are more closely linked through trade in goods and services, flows of money, and investment in each other’s economies than ever before. And the global economy created by these linkages is a turbulent place: Both policy makers and business leaders in every country, including the United States, must now pay attention to what are sometimes rapidly changing economic fortunes halfway around the world.
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