Specialization and product diversity

Article Abstract:

The degree of specialization is positively correlated with the variety of goods that are available in a particular economy. There is less variety of goods in a less-developed economy characterized by autarky, a low division of labor and a low level of specialization. A model of consumers and producers can estimate simultaneous rises in specialization and consumption variety. The model estimates that international trade and a domestic market are unnecessary under conditions of low transaction efficiency.

Consumer goods, Autarchy

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Continuum of equilibria and business cycles: a dynamic model of mesoeconomics

Article Abstract:

A model of a monopolistically competitive firm is used to represent the economy. The model allows the derivation of the conditions under which a continuum of equilibria exists, and several propositions are developed. One of these propositions states that transitory demand-side shock and a condition of linear cost could produce business cycles along the initial price level and output range of the equilibrium.

Monopolistic competition

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Price cycles and booms: dynamic search equilibrium

Article Abstract:

The persistence of price dispersion is explained by search theory. A dynamic search model that takes into consideration cyclical demand and prices is presented. The dynamic interaction between firms and buyers contributes to the model's cyclical features. The model shows that search theory can explain cyclical prices and demand even under stationary and deterministic conditions.

Prices, Search theory, Demand (Economics)

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