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Chapter7GrowthandTrade
What’sthesourcesoflong-runeconomicgrowth?BalancedversusbiasedgrowthGrowthinonlyonefactorChangesinthecountry’swillingnesstotradeEffectsonthecountry’stermoftradeTechnologyandtrade
Economicgrowthexpansionovertimeinthecapabilitiesofaneconomytoproducegoodsandservices.
What’sthesourcesoflong-runeconomicgrowth?Increaseincountries’endowmentsofproductionfactorsImprovementsinproductiontechnologies
BalancedversusbiasedgrowthBalancedgrowththeppcshiftsoutproportionallysothatitsrelativeshapeisthesameBiasedgrowtheconomicgrowththatfavorsproducingrelativelymoreofoneoftheproducts,sothattherelativeshapeofthenewproductionpossibilitycurvesskewstowardthefaster-growingproduct.Whatcancausebiasedgrowth?FromfactorsFromtechnologies
Figure7.1–BalancedandBiasedGrowth
Howaboutthechangeoftradetriangleinthreefigures?
GrowthinonlyonefactorRybczynskitheorem:(1)anincreaseintheoutputquantityoftheproductthatusesthegrowingfactorintensively,and(2)adecreaseintheoutputquantityoftheotherproduct.?
Figure7.2–Single-FactorGrowth:TheRybczynskiTheorem
Changesinthecountry’swillingnesstotradeWhathappenofthesizeoftradetriangleinfigure6.1whentheconsumptionofwheatdecrease?Whathappenofthesizeoftradetriangleinfigure6.1whentheconsumptionofwheatincrease?
Effectsonthecountry’stermoftradeSmallcountryAcountrywhosetrade(orrealisticchangesinitstrade)doesnotaffectinternationalproductpricelargecountryacountrywhosetrade(orrealisticchangesinitstrade)affectsinternationalproductprice
SmallcountryIsitasmallcountryorbigcountryinFigure6.1?
LargecountryCase1:thereductioninthecountry’sdemandforimports.Seefigure6.3Howabouttermoftradeincase1?Improveordeteriorate?Termoftradeimproves
Figure7.3–GrowthBiasedTowardReplacingImports
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