International Business

Fundamental Issues in Trade Theory by Ian Steedman

By Ian Steedman

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It is not the general case, cf. 1. 18. Although the two curves must have maxima and minima for the same values of z, the curves must otherwise be of different shape. If curve 2 were a parallel contraction of curve 1, then a primary input intensity for both commodities together could appear more than once with respect to z, contradicting the fact that techniques never reswitch with respect to variations in z. 19. 14 will, in general, be associated with different levels of 'social utility'. It follows immediately that a solution can be suboptimal in welfare terms.

In the standard analysis, with a zero rate of profit, it is not important whether one assumes that the factors produce the commodities directly or that there are produced means of production (see Samuelson [ 4], Vanek [7] ). We shall assume that all productive processes do use produced means of production as inputs, in addition to the inputs of land and labour. For simplicity, we shall also assume that all processes of production take exactly one year, that all the produced inputs are completely used up within that year and that those inputs consist of the same two commodities as are used for consumption purposes.

Then p* (IX, 1) ~ k as IX~ 1, which is the expected result from the theory of factor market distortions. 52 Fundamental Issues in Trade Theory (c) No distortion in the labour market and a positive rate of interest. Again from (1) and (5), p* (1, /3) ¥- k. That is, a positive rate of interest generates a divergence between the switching price ratio and the domestic marginal rate of transformation akin to that generated by a factor market distortion. The explanation of these results is straightforward.

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