Abstract
The purpose of this chapter is to introduce the three concepts that broaden the traditional model and allow it to apply to a wider range of real-world problems. The three concepts are interrelated. Consequently, the order of their introduction is determined by expositional considerations rather than by any measure of the importance of the concepts. The three concepts are: an explicit time dimension; a three-part production function; and the integration into the model of three different types of goods.
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References
This process would correspond with the product cycle, see Raymond Vernon, ‘International Investment and International Trade in the Product Cycle’, Quarterly Journal of Economics 80, (May 1966), pp. 190–207.
Jacques Drèze emphasizes type 3B goods in ‘Les exportations intra-C.C.E. en 1958 et la position belge’, Recherches économiques de Louvain (1961), pp. 717–38.
See Nicholas Kaldor, ‘Market Imperfection and Excess Capacity’, Economica n.s. (1935), pp. 33–50.
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© 1976 H. Peter Gray
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Gray, H.P. (1976). The Concepts Underlying the Generalized Theory. In: A Generalized Theory of International Trade. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-02883-2_3
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DOI: https://doi.org/10.1007/978-1-349-02883-2_3
Publisher Name: Palgrave Macmillan, London
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