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International trade theory. International trade theory is a sub-field of economics which analyzes the patterns of international trade, its origins, and its welfare implications. International trade policy has been highly controversial since the 18th century. International trade theory and economics itself have developed as means to evaluate the ...
Product life-cycle theory. The Product Life Cycle Theory is an economic theory that was developed by Raymond Vernon in response to the failure of the Heckscher–Ohlin model to explain the observed pattern of international trade. The theory suggests that early in a product's life-cycle all the parts and labor associated with that product come ...
Linder proposed an alternative theory of trade that was consistent with Leontief's findings. The Linder hypothesis presents a demand based theory of trade in contrast to the usual supply based theories involving factor endowments. Linder hypothesized that nations with similar demands would develop similar industries.
e. International trade is the exchange of capital, goods, and services across international borders or territories [1] because there is a need or want of goods or services. [2] (see: World economy) In most countries, such trade represents a significant share of gross domestic product (GDP). While international trade has existed throughout ...
The gravity model of international trade in international economics is a model that, in its traditional form, predicts bilateral trade flows based on the economic sizes and distance between two units. [2] Research shows that there is "overwhelming evidence that trade tends to fall with distance." [3]
Essays on flexible exchange rates (1977) Paul Robin Krugman (/ ˈkrʊɡmən / ⓘ KRUUG-mən; [ 4 ][ 5 ] born February 28, 1953) [ 6 ] is an American economist who is the Distinguished Professor of Economics at the Graduate Center of the City University of New York and a columnist for The New York Times. [ 7 ] In 2008, Krugman was the sole ...
This period of his life was characterized by hard work and comparatively little recognition of his massive two-volume book Business Cycles. However, Schumpeter persevered, and in 1942 published what became the most popular of all his works, Capitalism, Socialism and Democracy , reprinted many times and in many languages in the following decades ...
This theory explains the nature and causes of economic cycles from the viewpoint of life-cycle of marketable goods. [55] The theory originates from the work of Raymond Vernon, who described the development of international trade in terms of product life-cycle – a period of time during which the product circulates in the market. Vernon stated ...