Political Economy

Download e-book for iPad: A History of Thought on Economic Integration by Fritz Machlup (auth.)

By Fritz Machlup (auth.)

ISBN-10: 1349031712

ISBN-13: 9781349031719

ISBN-10: 1349031739

ISBN-13: 9781349031733

ISBN-10: 1381381391

ISBN-13: 9781381381391

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Are involved and may be differently evaluated by different lenders for different borrowers. Tests for prices of the 'same' kind and quality of labour in different countries are very difficult: first because one can never be sure that the efficiency of the workers is really the same; second, because differences in working conditions, fringe benefits, and non-pecuniary advantages and disadvantages of residing in different places and countries are hard to take into account; third, because variations in exchange rates may play havoc with the comparisons; and fourth, because adjustments of existing differences in earnings through migration are very slow, what with the risky investment in moving expenses and the psychological obstacles to moving to a foreign country.

Expressed in a slightly modified way: all inputs are considered eligible to compete for uses in the production of all conceivable outputs, and all outputs are considered eligible to compete for allocations of all conceivable inputs. In this interrelatedness and interdependence among all economic activities I see the essence of general economic integration. This is the principle, and it applies equally to a single country, a group of countries, or the whole world. 6 FREEDOM FROM RESTRICTIONS VERSUS SELECTIVE ACTIVISM While unrestricted movements of all kinds of labour, capital, and products may be necessary conditions of general integration of any economy or combination of economies, the freedom of travel and migration, capital transfer, and trade may not be sufficient for the attainment of full integration.

4 Gunnar Myrdal, An International Economy: Problems and Prospects (New York: Harper, 1956) pp. 1-4. : Free Press, 1952) p. 65. 4 The Main Strands of the Idea Every serious discussion of economic integration, national, multinational, or worldwide, is based on concepts and issues of international-trade theory. Movements of goods, services, people, capital funds, and moneys across natural or political frontiers are what interregional and international economic relations are all about - and all of these movements are part and parcel of economic integration.

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A History of Thought on Economic Integration by Fritz Machlup (auth.)

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