Lessons from the Specific Factors Model of International Trade
AbstractThe Specific Factors model is an excellent learning tool. It provides insights into the meaning of economic efficiency, how complex economies simultaneously determine prices and quantities (and that it is relative prices that matter), and how changes in demand conditions or technology can affect income distributions among owners of factors of production. The authors develop this model using spreadsheets. Spreadsheets help students deal with “what-if” questions within prepared spreadsheets. They also give students the chance to look into the workings of the model and to change its structure. The exercise spreadsheets provide important advantages over using “black-box” presentations. Moreover, using spreadsheets gives students an opportunity to practice their use of spreadsheet software.
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Bibliographic InfoArticle provided by Taylor & Francis Journals in its journal The Journal of Economic Education.
Volume (Year): 34 (2003)
Issue (Month): 2 (January)
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- Amy Peng, 2009. "Introducing CGE Models to the Classroom Using EXCEL," Working Papers 013, Ryerson University, Department of Economics.
- John Gilbert, 2009.
"A 'Live' Version of the Specific Factors Model in Excel,"
2009-12, Utah State University, Department of Economics, revised 11 Oct 2009.
- John Gilbert, 2009. "A 'Live' Version of the Specific Factors Model in Excel," Working Papers 200906, Utah State University, Department of Economics and Finance, revised 11 Oct 2009.
- William Hamlen & Kevin Hamlen, 2012. "An Interactive Computer Model of Two-Country Trade," International Review of Economic Education, Economics Network, University of Bristol, vol. 11(2), pages 91-101.
- Reza Oladi & John Gilbert, 2006. "A Simulation Experiment of a Customs Union," Computers in Higher Education Economics Review, Economics Network, University of Bristol, vol. 18(1), pages 29-33.
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