Unemployment,tariffs and the theory of international trade |
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Authors: | Raveendra N Batra Avinash C Seth |
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Institution: | Southern Methodist University, Dallas, TX, U.S.A.;Office Systems Division, Xerox Corporation, Dallas, TX, U.S.A. |
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Abstract: | In this paper, we introduce diminishing returns to scale in Brecher's model of international trade with unemployment and then investigate some issues embodied in the theory of international trade. Our principal results are that tariffs need not improve a country's terms of trade and that capital accumulation also need not result in a predictable change in the terms of trade. |
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