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Two papers often cited as having critical contributions to strategic trade policy (or theory) are by Spencer and Brander, one from 1983 and the other from 1985. Both papers picture an international duopoly in which a domestic and a foreign firm compete in a third-country market where the market is in a state of oligopoly.
Giovanni Facchini and Gerald Willmann, 2001. "Pareto Gains from Trade," Economia Politica, pp. 207-216. 1999 preprint version. Murray C. Kemp, 1995. The Gains from Trade and the Gains From Aid: Essays in International Trade Theory. Paul R. Krugman, 1987. "Is Free Trade Passé?" Journal of Economic Perspectives, 1(2), pp. 131-144. doi:10.1257 ...
Transaction cost as a formal theory started in the late 1960s and early 1970s. [13] And refers to the "Costs of Market Transactions" in his seminal work, The Problem of Social Cost (1960). Arguably, transaction cost reasoning became most widely known through Oliver E. Williamson's Transaction Cost Economics. Today, transaction cost economics is ...
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)
The expression terms of trade was first coined by the US American economist Frank William Taussig in his 1927 book International Trade.However, an earlier version of the concept can be traced back to the English economist Robert Torrens and his book The Budget: On Commercial and Colonial Policy, published in 1844, as well as to John Stuart Mill's essay Of the Laws of Interchange between ...
Internalization theory is related to transaction cost theory through common dependence on the seminal work of Ronald Coase. [15] They are not the same however. Internalization theory focuses on links between R&D and production whereas transaction cost theory focuses on links between one production facility and another. [16]
In microeconomics, a production–possibility frontier (PPF), production possibility curve (PPC), or production possibility boundary (PPB) is a graphical representation showing all the possible options of output for two goods that can be produced using all factors of production, where the given resources are fully and efficiently utilized per unit time.
A Robinson Crusoe economy is a simple framework used to study some fundamental issues in economics. [1] It assumes an economy with one consumer, one producer and two goods. The title "Robinson Crusoe" is a reference to the 1719 novel of the same name authored by Daniel Defo