Macroeconomics, Trade, and Social Welfare

  • Michihiro¬†Ohyama

Part of the Advances in Japanese Business and Economics book series (AJBE, volume 14)

Table of contents

  1. Front Matter
    Pages i-xiii
  2. Welfare and Macroeconomics

  3. Welfare and Trade

    1. Front Matter
      Pages 53-53
    2. Michihiro Ohyama
      Pages 55-91
    3. Michihiro Ohyama
      Pages 93-107
    4. Michihiro Ohyama
      Pages 109-127
    5. Michihiro Ohyama
      Pages 129-143
    6. Michihiro Ohyama
      Pages 169-192
  4. Welfare and Efficiency

    1. Front Matter
      Pages 193-193
    2. Michihiro Ohyama
      Pages 209-226
  5. Back Matter
    Pages 227-232

About this book


This book develops new, original methods of welfare comparison and comparative dynamics between distinct and discretely positioned (rather than continuously related) socioeconomic situations. These methods are not only realistic but also extremely relevant to serious economic problems. Using them, the book sheds illuminating new light on the theoretical analysis of Keynesian economics and other important issues of political economy. For instance, it shows that the principle of effective demand applies exactly as Keynes put it to the unemployment equilibrium in the short run. It also shows that the equilibrium may change along the expansion path as the government chooses to vary its expenditure to maximize national welfare. The same methods are effectively employed theoretically to investigate modern trade policy issues such as gains from trade, the theory of tariffs, free trade agreements, and the role of the WTO. Those methods are also used to study the welfare and efficiency of various socioeconomic situations.


Fiscal policy Free trade agreements Gains from trade Multiplier theory New Keynesian synthesis Public goods Welfare and efficiency

Authors and affiliations

  • Michihiro¬†Ohyama
    • 1
  1. 1.Keio University TokyoJapan

Bibliographic information

Industry Sectors
Finance, Business & Banking