Write a summary of the following article Krugman, Paul THE INCREASING RETURNS REVOLUTION IN TRADE AND GEOGRAPHY

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Write a summary of the following article: Krugman, Paul;"THE INCREASING RETURNS REVOLUTION IN TRADE AND GEOGRAPHY", Nobel Prize Lecture, December 8, 2008

Author P. Krugman (2008) provides us with a valuable overview of how trade theory has changed throughout the years. He explains the way in which new models of trade have emerged at different times and received critical reviews. Yet, some of these theories are merely meant to supplement existing theories. These supplementations have in return received the name of "the old new trade theory". His article's purpose is to clear the air regarding these theories and provide an overview to determine their relevance. The text is valuable for those interested in trade theory or doing business global or long-distance...

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