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Economics

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Government, trade, and comparative advantage

Article Abstract:

Government spending on social programs improves productivity in the private sector, but some economic sectors benefit more than others from these expenditures. A 'free-rider' problem exists when 'nonrival' and 'nonexcludable' goods are considered. This means that firms have no incentive to contribute and that the state provides public inputs. A model of international trade, optimal government policy and endogenous comparative advantage in an economic system with two tradable goods is developed.

Expenditures, Public, Public expenditures, Trade policy, Commercial policy, Comparative advantage (Commerce), Comparative advantage

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Trade, technology, and wages: a tale of two countries

Article Abstract:

The economies of 19th-century Great Britain and 20th-century US are compared to determine the effect of labor flows, international capital and trade on the relative income of skilled and unskilled workers. A general equilibrium model commonly used by economists for trade analysis is used. Results show that Great Britain did not use the technology applied by the US textile industry. Moreover, the US was more affected with import-competing prices.

United Kingdom, United States economic conditions, Wages, Wages and salaries, Comparative economics

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Input trade and the location of production

Article Abstract:

In honor of economist Stanley Engerman, the authors of this paper have researched his theory that trade growth exists when there are sufficient resources in a location to create raw products or manufactured goods in plentiful supply. Trade barriers are developed when the resources dwindle.

United States, Research and Development in the Social Sciences and Humanities, Economists, Appreciation, Natural resources, International trade, Engerman, Stanley

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