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International economics is the science of modeling commercial exchanges between nations. Economies are increasingly interdependent due to the process of globalization. As such, it is common to model economic measures such as growth at the global level. The following are common examples of topics in international economics.
TradeInternational trade in goods and services.Goods that a nation can produce at a lower opportunity cost than other nations. The idea that all nations benefit from trade by focusing on their unique comparative advantages. For example, if a nation is good at producing coffee but is terrible at producing solar panels, they benefit from exporting coffee and importing solar panels.
International FinanceThe flow of capital over borders. For example, the ability of an investor in the United States to invest in a company in Germany.CurrenciesModeling exchange rates and their impact on things such as inflation, growth and employment.The interest rate and money creation policies of nations and economic unions. For example, a competitive devaluation whereby two nations print money to decrease the price of their currency to make their home industries more competitive abroad.Financial StabilityThe resilience of the global financial system to stresses such as the collapse of a large speculative bubble.International RelationsThe international political economy including trade agreements, economic cooperation and trade wars.Cooperation to preserve common goods for future generations.MigrationThe migration of people including international competition for skilled labor.Barriers to fair competition such as monopolies.Intellectual property rights and international competition to advance in areas such as technology and quality of life.|
Type | | Definition | The science of modeling commercial exchanges between nations. | Related Concepts | |
International Economics
This is the complete list of articles we have written about international economics.
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An overview of comparative advantage with examples and comparisons.
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