A Generalized Theory of International Trade by H.Peter Gray

By H.Peter Gray

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Proprietary knowledge can be obtained by a nation through a licensing agreement or by having the foreign owners of the knowledge invest in production within its boundaries. 7 Of course, proprietary knowledge cannot be held unchanging in a timeless state. The essence of the role of P in the structure of international trade is that the amount available in any country can change over time both in This follows from Kenen, 'Nature, Capital and Trade'. The concept of private knowledge as a public good is developed in H.

Production Functions do not Vary Among Nations While aspects of this criticism of orthodox trade theory have been touched upon in some of the points made previously, this question of the identity of production functions in different nations is of paramount importance in its own right. Ignoring scale economies and limited supplies of specific factors, the identity of production functions is fundamental to the orthodox theory and therefore to derivative theories such as factor price equalization.

The generalized theory will incorporate a variant form of period analysis that is deemed to be better suited than the original version to clarifying the theory of international trade. The variant is a simplified version of the original and its adoption does not, in any way, preclude the use of the traditional form of period analysis in the generalized theory. The crux of the difference is the assumption about the progress made toward equilibrium in a single period. In the variant version, the length of the period is the time needed for an economy fully to adapt to a change in its factor endowment or in its production function in the preceding shift.

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