Preface. Section I: World Trade and Competition. 1. A Coming Erosion of Advanced Nations' Well-Being from World Trade? P.A. Samuelson. 2. Free Trade vs. Strategic Trade, G.M. Grossman, G. Maggi. 3. Transport Costs and Patterns of International Trade, H. Hori. 4. Consequentialism and Procedural Evaluations in Social Welfare Judgements, K. Suzumura. 5. On the Efficiency and Stability of Networks, K. Kawamata. 6. Expanding the Purchase of a Foreign Intermediate Good, J. Ishikawa. Section II: Innovation and Growth. 7. Estimation of Biased Technical Progress, R. Sato, et al. 8. Imitation and Innovation in Complex Markets, J. Bessen, E. Maskin. 9. Hypotheses on Routinization of Innovation, W.J. Baumol. 10. Technology and Profit under Global Monopolistic Competition, T. Neghishi. 11. New Derivation of Conservation Laws, F. Mimura, et al. 13. Productivity Gap and Economic Growth under Increasing Returns, K. Mino. 13. Environmental Externalities and Growth, T. Ihori. Section III: Financial Markets and Globalization. 14. What Happened to Asia? P. Krugman. 15. International Factors in the Recessions of the Early Nineties, D.K. Backus, J. Gali. 17. Empirical Analyses of Exchange Rate Arrangements, M. Kawai, S. Akiyama. 18. The Structure of Risks and the Portfolio of Pension Funds, S. Ishida. 19. Emerging Markets in History: The United States, Japan, and Argentina, R. Sylla. Section IV: Regulation, Distribution and the Role of the Government. 20. Competition in Distribution Channels, K.G. Nishimura, Y. Nakayama. 21. The Deregulation of the Telephone Industry, L.J. White. 22. Exchange Rates, Retail Prices, and Market Structure, F. Goto, et al. 23. Population Aging and Dependency Burden, H. Sagaza. 24. Nation States and Multinational Business in the Global Reach, N. Suzuki, T. Kaizoji.