International competition requires the estimates of consumer, producer, and welfare optimum in a general equilibrium framework to account for how agents make substitution within countries. The world flow of GDP and FDI concentrates among the three regions of North America, Europe, and Asia. Our analysis proceeds with an eye for free trade according to the classical hypothesis, and a preference for domestic adjustment according to the Keynesian hypothesis for these regions. North America and Europe did much better under the classical than under the Keynesian hypothesis. Some countries, such as China and India in Asia; the United Kingdom, France, and Germany in Europe; and the United States in North America are spotlighted for more extended analysis.


Computational General Equilibrium Former Soviet Union Book Publishing Major Country Classical Hypothesis 
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Copyright information

© Lall Ramrattan and Michael Szenberg 2016

Authors and Affiliations

  • Lall Ramrattan
    • 1
  • Michael Szenberg
    • 2
  1. 1.University of CaliforniaUSA
  2. 2.Touro College and University SystemUSA

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