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Factor market distortions the shape of the locus of com
Trade and factor prices in a multicommodity world
The generalized theory of distortions and welfare
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analysis assumed assumption autarky average Bhagwati blankets Brazil Brazilian capital accumulation capital-labor capital/labor ratio closed economy Cobb-Douglas coefficients commodity prices competitive outputs constant cost currency curve demand devaluation distortions domestic effective rates efficiency elasticity emigration equations equilibrium exchange rate export export-led factor endowments factor intensities factor prices factor-price equalization factors of production Figure fixed flat segment foreign exchange free trade gains from trade given growth rate hence IBRD imports increase indifference curve industry initial inputs International Trade investment isoquant labor force locus of competitive marginal product monetary optimal policy-imposed positive price ratio problem production functions production possibility production possibility frontier propensity to save Proposition rate of growth reduce relationship relative price result returns to scale seigniorage slope solution subsidy substitution supply surplus tariff tax-cum-subsidy technical terms of trade theorem theory tion wage rate welfare world production zero