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Chapter 1. Labor productivity varies from country to country. Therefore, the value of time, or the income forgone during the time spent on consumption varies too. Such variations, which play no role in the Heckscher-Ohlin-Samuelson model, are shown to carry new implications about (i) the sources of gains from trade and (ii) the factors determining the pattern of trade. It is shown that there may be no trade between two countries even if their per capita capital stocks are different. Moreover, if there is trade, the capital-rich country may export the labor-intensive good, and vice versa. It is also shown that the issues of gains from trade and the pattern of trade are equivalent when properly framed. (A revised version of this chapter has been published in the Review of International Economics.)

Chapter 2. In this model there are goods of different qualities. The poorer country exports the superior variety to the richer country because the richer country can afford the superior variety. The richer country exports an inferior variety because that is what the poorer country can afford.

Assuming that superior varieties are more capital-intensive than inferior varieties, one sees that the country with the higher per capita capital stock (i.e., the richer country) exports--to the country with the lower per capita capital stock (i.e., poorer country)--the inferior variety which is labor intensive, thereby reversing the Heckscher-Ohlin-Samuelson trade pattern. (A revised version of this chapter has been published in the International Economic Journal.)

Chapter 3. Most of the recent work on the theory of economic growth incorporates knowledge spillovers. Such spillovers imply underinvestment. In this chapter, technological progress is modelled as a sequence of patent races. This raises the possibility of overinvestment. If a competitor wins the patent, one's own research efforts are wasted. Such waste intensifies as the number of competitors in a patent race increases. Each research firm ignores the negative externality it inflicts on others and consequently overinvests. (A revised version of this chapter has been published in the Journal of Macroeconomics.)

[Udayan Roy] [Economics Department] [College of Liberal Arts and Sciences] [LIU Post] [LIU]