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Persistent link: https://www.econbiz.de/10001561945
We show that even in the absence of diminishing returns in production and technological spillovers, international trade leads to a stable world income distribution. This is because specialization and trade introduce de facto diminishing returns: Countries that accumulate capital faster than...
Persistent link: https://www.econbiz.de/10014139207
We show that even in the absence of diminishing returns in production and techno-logical spillovers, international trade leads to a stable world income distribution. This is because specialization and trade introduce de facto diminishing returns: countries that accumulate capital faster than...
Persistent link: https://www.econbiz.de/10013249141
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propagated abroad. In previous work, we built on the theory of rational bubbles to develop a framework to think about the origins …
Persistent link: https://www.econbiz.de/10013028542
propagated abroad. In previous work, we built on the theory of rational bubbles to develop a framework to think about the origins …
Persistent link: https://www.econbiz.de/10012457733
We show that even in the absence of diminishing returns in production and techno-logical spillovers, international trade leads to a stable world income distribution. This is because specialization and trade introduce de facto diminishing returns: countries that accumulate capital faster than...
Persistent link: https://www.econbiz.de/10012470646