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Summary and Conclusions,factures is assumed to be no less than one, the income elasticity of agriculture no more than one. This assumption is similar to that used in the neoclassical terms of trade models; it differs from them in its inclusion of saving.

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Political Decision Making and Non-Decisionsd growth path in a model which permits some consumer choice. This model is useful because it provides a basis for the study of the growth equilibrium in a two country trading world, as well as an insight into the importance of the demand conditions in determining the short- and long-run equilibrium.

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,Introduction: Why ‘Deference’?, the production functions in each country are given.. Define M. as the net imports of good i (i = M,A) by country j, and let . We shall assume balanced trade so exports are simply negative imports. Also, it will be assumed there are no transportation costs.

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https://doi.org/10.1007/978-981-15-3832-2 case of a trading world. In this study we have reversed the process. The reason is one of organization; the results of the analysis of the small trading country (Section 1) are very applicable to the case in which two countries have different rates of population growth (Section 2). It is easy to se

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Political Development in the West, not only between saving and consumption, but among different types of consumption goods. While the first division is made on the basis of the traditional constant propensity to save, the second is made on the basis of price and income elasticities of demand. The income elasticity of demand for manu

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Introduction,, and the terms of trade. On the one hand, some English economists have maintained the Ricardian tradition of diminishing returns, rising food prices and, therefore, declining British terms of trade, while, on the other hand Prebisch, Singer, and other critics have attempted to document and explain

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A Model of the Terms of Trade and Economic Growth, the production functions in each country are given.. Define M. as the net imports of good i (i = M,A) by country j, and let . We shall assume balanced trade so exports are simply negative imports. Also, it will be assumed there are no transportation costs.

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The Small Country in a Large World, case of a trading world. In this study we have reversed the process. The reason is one of organization; the results of the analysis of the small trading country (Section 1) are very applicable to the case in which two countries have different rates of population growth (Section 2). It is easy to se