Beladi, Hamid; Chakrabarti, Avik; Marjit, Sugata - Leverhulme Centre for Research on Globalisation and … - 2014
We construct a generalized model of finite change whereby exogenous shocks such as international trade or technological change, not only contract, but totally shut down production in some sectors. In such cases even in a competitive structure and in absolute contrast to the conventional wisdom,...