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By Elhanan Helpman, Paul Krugman

Market constitution and international alternate provides a coherent conception of exchange within the presence of marketplace buildings except excellent festival. the speculation it develops explains alternate styles, particularly of commercial international locations, and offers an integration among exchange and the function of firm organisations. touching on present theoretical paintings to the most physique of exchange idea, Helpman and Krugman overview and restate recognized effects and likewise provide completely new fabric on contestable markets, oligopolies, welfare, and multinational organisations, and new insights on exterior economies, intermediate inputs, and exchange composition. Elhanan Helpman is Professor of Economics at Tel Aviv collage. Paul Krugman is Professor of Economics at MIT

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In some cases we may want to assume that in the absence of trade only domestic variables should appear in ξ, so that if country j does not engage in foreign 42 43 trade, it faces a vector of external effects ξAj which is country specific. Note, however, that though this is plausible in many cases, it is possible that worldwide variables affect a country that does not trade. For example, even a country committed to autarky may learn from the production experience of other countries. Two examples may help clarify our formulation.

As we saw in chapter 1, however, the precise pattern of trade in goods is hard to predict even in a constant returns world when there are many goods and factors. Our analysis there focused instead on the possibility of factor price equalization and, given this equalization, on the net trade in factor services embodied in goods. This turned out to be possible to predict. A natural question is whether the same change of question will lead to useful results under increasing returns. 7 Factor Price Equalization In investigating the possibility of factor price equalization, we restrict ourselves to a particular type of external effect: industry-specific, country-specific effects of output.

Take a two-sector, two-country example. In the trading equilibrium ξ is the same in both countries, and the relative costs that are perceived by home-country firms are The relative costs that are perceived by foreign firms are Hence the country that has a lower ratio has a comparative advantage in the production of the first commodity and is expected to export it. However, contrary to the traditional Ricardian model, here it is not necessarily true that the country with the lower ratio, which is the exporter of good 1, has a  < previous page < previous page page_56 page_57 next page > next page > Page 57 lower relative cost of good 1 in autarky.

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