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Factor Prices (factor + price)
Selected AbstractsCOMMENTS ON FACTOR PRICES AND INCOME DISTRIBUTION IN LESS INDUSTRIALISED ECONOMIES, 1870,1939: REFOCUSING ON THE FRONTIERAUSTRALIAN ECONOMIC HISTORY REVIEW, Issue 3 2007Knick HarleyArticle first published online: 7 OCT 200 economic institutions; factor prices; frontier; globalisation A great deal of the current research into nineteenth- and twentieth-century globalisation has been focused through a neoclassical trade theory lens. Applying the Stopler-Samuelson paradigm from Heckscher-Ohlin trade theory, the result is an approach that sees price convergence as pivotal in defining, identifying, and measuring globalisation. This focus, however, obscures the implications of frontier incorporation and other insights achieved by viewing nineteenth-century globalisation as a mechanism whereby peripheral economies were incorporated into the core of organised economic activity. A frontier-centred perspective also reintroduces the role of economic institutions as a crucial element of economic growth and development. [source] Can Comparative Advantage Explain the Growth of us Trade?,THE ECONOMIC JOURNAL, Issue 520 2007Alejandro Cuņat We present a dynamic comparative advantage model in which moderate reductions in import tariffs can generate sizable increases in trade volumes over time. A fall in tariffs has two effects. First, for given factor endowments, it raises the degree of specialisation, leading to a larger volume of trade in the short run. Second, it raises the factor price of each country's abundant factor, leading to diverging paths of relative factor endowments and a rising degree of specialisation. A simulation exercise shows that a fall in tariffs produces a disproportional increase in the trade share of output as in the data. [source] DUALITY WITH SECTOR-SPECIFIC EXTERNALITIES UNDER SOCIAL CONSTANT RETURNS,THE JAPANESE ECONOMIC REVIEW, Issue 4 2006KAZUO NISHIMURA We develop dual approaches to quantity and price relationships of production in a general multisectoral model with sector-specific externalities. The production of each good exhibits socially constant returns to scale but privately decreasing returns. We find that the Stolper-Samuelson theorem holds for factor intensity ranking from the social perspective and that the Rybczynski theorem holds for factor intensity ranking from the private perspective. The price-output dual fails to hold in general. Moreover, we re-establish the Heckscher-Ohlin theorem in the two-sector case, as well as the factor endowment,factor price and price-output comparative statics in the high-dimension case under proper conditions. [source] MEASURING INEQUALITY TRENDS IN COLONIAL AUSTRALIA USING FACTOR,PRICE RATIOS: THE IMPORTANCE OF BOUNDARIESAUSTRALIAN ECONOMIC HISTORY REVIEW, Issue 1 2007Martin P. Shanahan Australia; factor price; inequality; nineteenth century; globalisation Previous research on nineteenth century globalisation argues that during the second half of that century wage,rental ratios in labour scarce, land-abundant new world economies decreased. This suggests inequality rose in the new world. Australia has been cited as a conspicuous example of this trend. The paper re-examines this argument using disaggregated land and wage data for four Australian colonies. We reveal large regional differences in both factor,price levels and trends , something that has been overlooked when discussing Australian colonial inequality and we suggest that regional disparities in other nineteenth century economies are also likely to be important. [source] International outsourcing and factor prices with multistage production*THE ECONOMIC JOURNAL, Issue 494 2004Wilhelm Kohler We develop a dual representation of the technology of international fragmentation for an industry using 2 factors in a continuum of stages. We then derive a generalised factor price frontier which incorporates an endogenous adjustment of the margin of fragmentation. Using this frontier in a 2 × 2 general equilibrium model, we investigate the role of outsourcing in the adjustment to a decline in the final output price of the multistage industry, and the attendant factor price effects. We also explore the implications of an improved technology of international fragmentation on the margin of fragmentation and on domestic factor prices. [source] Rich and Poor Countries in Neoclassical Trade and GrowthTHE ECONOMIC JOURNAL, Issue 470 2001Alan V. Deardorff A neoclassical growth model provides an explanation for a ,poverty trap', ,club convergence', or ,twin peaks', in terms of specialisation and international trade. The model has many countries with identical linearly homogeneous technologies for producing three goods using capital and labour. With diverse initial endowments, initial equilibrium has unequal factor prices and two diversification cones. With savings out of wages, following Galor (1996), there may easily be multiple steady states. Poor countries converge to a low steady state while rich countries converge to a high one, even though all share identical technological and behavioural parameters. [source] COMMENTS ON FACTOR PRICES AND INCOME DISTRIBUTION IN LESS INDUSTRIALISED ECONOMIES, 1870,1939: REFOCUSING ON THE FRONTIERAUSTRALIAN ECONOMIC HISTORY REVIEW, Issue 3 2007Knick HarleyArticle first published online: 7 OCT 200 economic institutions; factor prices; frontier; globalisation A great deal of the current research into nineteenth- and twentieth-century globalisation has been focused through a neoclassical trade theory lens. Applying the Stopler-Samuelson paradigm from Heckscher-Ohlin trade theory, the result is an approach that sees price convergence as pivotal in defining, identifying, and measuring globalisation. This focus, however, obscures the implications of frontier incorporation and other insights achieved by viewing nineteenth-century globalisation as a mechanism whereby peripheral economies were incorporated into the core of organised economic activity. A frontier-centred perspective also reintroduces the role of economic institutions as a crucial element of economic growth and development. [source] | ||||||||||