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Article

Преимущества свободной торговли: динамический анализ

Гальченко Е. А.

Notwithstanding plenty of concepts and opportunity to apply modern analysis techniques, within the economic papers and expert reports arguments based on relatively simple static models are commonly used whilst assessing the influence of international trade on welfare. Those models vastly lack features of the dynamic models, which take into account long-term effects of innovations and protectionist trade measures.

The article successively reviews current international trade trends and traditional concepts concerning its regulation. It is noted that American protectionist policy, new wave of which emerged in 2017 resulted in tense foreign economic relations between the USA and its partners, crucially the EU and China. This led to debates on new trade wars among academics and experts.

In order to suggest models of international trade which are persuasive for general public and politicians, drawbacks of the static approach, and benefits of the dynamic analysis involving various aspects of long-term economic growth and technological progress are considered. The analysis of international trade embedded into J. Schumpeter’s concepts of innovations and creative destruction is carried out. The conclusion is made regarding the need to develop dynamic models for international trade analysis. Compared to static models, dynamic ones are more precise in terms of estimating public losses due to protectionist measures and on the contrary, gains due to free trade