An Extension of the Structural Change Model to International Economic Relations
In this paper Pasinetti's model of structural economic dynamics (1981) is extended to consider international economic relations. Conditions for full employment, full expenditure of income and equilibrium of the trade balance are established for an open economy that requires capital goods to produce final commodities. Analytical results concerning the benefits from free trade and international learning are formally studied. In addition, static and dynamic aspects of the 'principle of comparative cost advantage' are analysed considering the determinants of the specialization level. Copyright Blackwell Publishing Ltd 2003.
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Volume (Year): 54 (2003)
Issue (Month): 4 (November)
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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Ricardo Azevedo Araujo & Joanilio Rodolpho Teixeira, 2004. "A Pasinettian approach to international economic relations: the pure labor case," Review of Political Economy, Taylor & Francis Journals, vol. 16(1), pages 117-129.
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- Pasinetti, Luigi L, 1988. "Growing Subsystems, Vertically Hyper-integrated Sectors and the Labour Theory of Value," Cambridge Journal of Economics, Oxford University Press, vol. 12(1), pages 125-134, March.
- Reati, Angelo, 1998. "Technological revolutions in Pasinetti's model of structural change: productivity and prices," Structural Change and Economic Dynamics, Elsevier, vol. 9(2), pages 245-262, June. Full references (including those not matched with items on IDEAS)