Are you teaching international economics next spring? Or just want to learn more about the field? Consider adopting/purchasing this new textbook, by myself and Douglas Irwin (available around December 2024, from Cambridge University Press).
Endorsements from Avinash Dixit, Barry Eichengreen, and Jeffrey Frankel:
“At a time when globalization is under threat everywhere, a clear and simple analysis of the effects of international trade and finance – who gains, who loses, what risks are created and reduced, and what policies are best on balance – grounded in good theory, and supported by data relevant to today’s world, is essential. Chinn and Irwin provide that in this outstanding new textbook. I wish it was required reading for the general public, not just for classroom
use.”
— AVINASH DIXIT, Princeton University
“Two outstanding international economists have brought us a first-rate new textbook. Written very clearly, it will be highly accessible to the typical student. It is chock-full of historical examples, as recent as the effect of Russia’s war in Ukraine on global wheat prices. The historical cases introduce each chapter and then illustrate the theory afterwards.”
— JEFFREY FRANKEL, Harvard University
“Chinn and Irwin’s International Economics is definitive but also accessible. Economic theory is brought alive with a combination of practical applications, historical examples, and real-world applications. Students are sure to be engaged.”
— BARRY EICHENGREEN, University of California
A general description:
The globalized world economy is more important than ever before. This book provides a clear and up-to-date look at the economic foundations of international economics. Attractively presented, with abundant full-color diagrams and graphs incorporating contemporary trade data, the authors explain the principal concepts in an engaging and accessible manner open to students from any discipline. Economic models are discussed in the context of
recent international trade issues to ensure students gain a concrete understanding of how various frameworks help us make sense of the real world. Written for undergraduate students taking their first course in international economics, the book includes feature
boxes that show how theory can be applied in practice, a featured real-world application for every chapter, and over 240 end-of-chapter questions to help students fully engage with and consolidate their learning. Online resources for instructors include a solutions manual, lecture slides, and the figures and tables from the book as JPEGs.
Separate International Trade and International Finance texts are available, as are ancillary materials (slide decks, test bank).
Some real world applications in the textbook include past and recent episodes – Shoguns, Trump tariffs, China’s industrial policies, washing machine tariffs, the twin deficits of 2018, US inflation 2021-22, and Zimbabwe’s hyperinflation.
Cambridge University Press website for the textbook here.
Chinn&Irwin. It has been terrific and those endorsements from some of the best seals it!
I just heard Trump say “tariff” is a “beautiful word”. Can’t wait to see what your textbook says about this “beautiful” word!
Love the cover. Hope the text is a huge success (both commercially and in preparing students for their great futures). I can think of no person more deserving than Professor Chinn in having a high selling text after having shared his deep and broad knowledge with us joe six-packs for FREE over these many years. The knowledge and dry humor have enriched our lives.
Bear with this story as it is a crack up. I guess Trump and Vance go shopping with Dr. Oz!
Trump says eggs are $5 under Kamala – and claims salmon was $4.99 when he was president
https://www.msn.com/en-us/news/politics/trump-says-eggs-are-5-under-kamala-and-claims-salmon-was-4-99-when-he-was-president/ar-AA1r8rL9?ocid=msedgdhp&pc=U531&cvid=cc078f81ba13482fbf50d300ee08363b&ei=19
‘Former President Donald Trump shared an infographic on Truth Social claiming that various items are more expensive with Kamala Harris as vice president than they were during Trump’s time in the White House. “The cost of Kamala” infographic alleges, without sharing any sources, that a cup of coffee is $9.99 “under Kamala” but was $6.99 “under Trump.” A single salmon fillet was supposedly $4.99 when Trump was in charge while it’s now $9.99. Potatoes, meanwhile, are apparently up $2, the price of milk is claimed to have risen $1.50, ham is also up $2, chicken has allegedly gone from $1.99 to $2.98, cheese is another item that has gone up by $2, the same is supposedly the case for eggs, which the graphic states are up $2 to $4.99 from $1.99. Meanwhile, Walmart is selling two pounds of salmon fillets for $10.48.’
Let’s stop here for a moment. I’m sure Moses knows how to shop for salmon but please catch what an utter clown Vance is!
“Trump’s post came after his running mate, Ohio Senator JD Vance, claimed eggs cost $4 while standing in front of a display selling a dozen for $2.99 at a grocery store in Reading, Pennsylvania.”
Vance blamed Harris for the fact that Vance is an utter moron! One of his kids tried to get daddy to check out the actual price but JD kept babbling on. But back to the story:
‘Bureau of Labor Statistics figures show the average price of a dozen eggs in August was $3.20. In January last year, it was $4.82.’
I bet JD turned on the BLS for spreading communist lies. MAGA!
For the record $!0.24 for the last salmon I purchased, maybe 3 weeks ago?? Roughly on the time purchased, exactly on the price. A Wal Mart competitor based out of Idaho. The sharper among you won’t have difficulty figuring out which chain.
Aldi is also a good place to go for salmon, but I can’t tell you the price today because the last time I went to Aldi it was just a quick stop for apple juice and a loaf of white bread. But I would say 75% Aldi have a better price on salmon than my favorite supermarket does. Depends on if it’s “Alaskan” because I think they add on another $3 for that claim.
To cherry-pick specific food products that have a higher price at a later timepoints than an earlier timepoints is not that difficult – but remarkably effective with your average unthinking and uninformed voter. The best counterpoint is to come up with opposite examples. Cherry-pick food products that cost more sometime during the Trump years and now cost less. It is a bit more difficult because inflation gives you a 20-25% headwind (instead of their 20-25% tailwind) – but it can be done. Helping counter the inflation bias would be by normalizing to average hourly salary and express it in “hours of work needed to purchase”.
Did you give McConnell an advanced copy?
McConnell slaps at Trump’s tariff proposals, warns of higher prices
https://www.msn.com/en-us/news/politics/mcconnell-slaps-at-trump-s-tariff-proposals-warns-of-higher-prices/ar-AA1r8G33?ocid=msedgdhp&pc=U531&cvid=f9324b8e8af341d2864e5113c9a208d6&ei=8
Senate Republican Leader Mitch McConnell (R-Ky.) on Tuesday declared he’s “not a fan of tariffs” and warned they tend to increase costs for American consumers, taking a shot at former President Trump’s plans to levy heavy tariffs on imports. “I’m not a fan of tariffs. They raise the prices for American consumers. I’m more of a free-trade kind of Republican that remembers how many jobs are created by the exports that we engage in. So, I’m not a tariff fan,” McConnell told reporters when asked he’s concerned about the potential economic impact of Trump’s proposed tariffs. The Senate GOP leader made his comments after Trump threatened to slap 200-percent tariffs on John Deere tractors made in Mexico, an idea that prominent businessman Mark Cuban called “insane.” Trump threatened to hit John Deere with huge tariffs if it moved manufacturing facilities to Mexico. “They’ve announced a few days ago that they’re going to move a lot of their manufacturing business to Mexico,” Trump said at a rally with farmers in Pennsylvania. “I’m just notifying John Deere right now, if you do that, we’re putting a 200 percent tariff on everything you want to sell into the United States.”
I actually enjoyed reading John Boehner’s autobiography about 30 times more than I thought I would (got it free from public library). Now you got me wondering if I should read McConnell’s. Something in my gut tells me not.
Congratulations! A tremendous amount of work goes into writing a book like this, and then a tremendous amount of work goes into getting it published. Best if luck with sales.
Mean question: What’s next?
Nobel Prize for some currency or exchange rates paper. I was hoping Menzie and Gita Gopinath would “team up” on some paper/project. Anywayz. we’re all still waiting for this something special from Menzie, aren’t we??? Or would Rick Stryker scold me for letting my Menzie “fan boy” to bias me again??
The central banks reserves papers Menzie has been doing lately with Hiro Ito & Friends is also underrated in our current context. I believe those papers aren’t quite getting their “just due” yet/
Fantastic. First a big congratulations with a finished project. Also a big thank you for doing this. We need great textbooks with up-to-date information from fact-based true intellectuals like you.