Heterodox
Summary:
I have written up this result here Abstract: Paul A. Samuelson extends the Ricardian theory of foreign trade to a model of small open economies in which countries can trade semi-finished capital goods on international markets, as well as trade in produced consumer goods. He argues that this extension provides an additional gain from trade, which he labels the Sraffian bonus. This article demonstrates that trade in consumer and capital goods can result in a loss for an economy, given positive rates of profits in the trading countries, as compared with trade in consumer goods only. In other words, the Sraffian bonus can be negative.
Topics:
Robert Vienneau considers the following as important:
This could be interesting, too:
I have written up this result here Abstract: Paul A. Samuelson extends the Ricardian theory of foreign trade to a model of small open economies in which countries can trade semi-finished capital goods on international markets, as well as trade in produced consumer goods. He argues that this extension provides an additional gain from trade, which he labels the Sraffian bonus. This article demonstrates that trade in consumer and capital goods can result in a loss for an economy, given positive rates of profits in the trading countries, as compared with trade in consumer goods only. In other words, the Sraffian bonus can be negative.
Topics:
Robert Vienneau considers the following as important:
This could be interesting, too:
Jeremy Smith writes UK workers’ pay over 6 years – just about keeping up with inflation (but one sector does much better…)
Robert Vienneau writes The Emergence of Triple Switching and the Rarity of Reswitching Explained
Lars Pålsson Syll writes Schuldenbremse bye bye
Robert Skidelsky writes Lord Skidelsky to ask His Majesty’s Government what is their policy with regard to the Ukraine war following the new policy of the government of the United States of America.
I have written up this result here
Abstract: Paul A. Samuelson extends the Ricardian theory of foreign trade to a model of small open economies in which countries can trade semi-finished capital goods on international markets, as well as trade in produced consumer goods. He argues that this extension provides an additional gain from trade, which he labels the Sraffian bonus. This article demonstrates that trade in consumer and capital goods can result in a loss for an economy, given positive rates of profits in the trading countries, as compared with trade in consumer goods only. In other words, the Sraffian bonus can be negative.