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Trade and Economic Growth - Growth and Welfare Effects of Trade and Comparative Advantage (Paperback)
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Trade and Economic Growth - Growth and Welfare Effects of Trade and Comparative Advantage (Paperback)
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Bachelor Thesis from the year 2010 in the subject Economics -
Foreign Trade Theory, Trade Policy, grade: 1,0, Vienna University
of Economics and Business (Institut fur Aussenwirtschaft und
Entwicklung), language: English, comment: Mit LaTex erstelltes
PDF., abstract: The following paper relates two of the most
important economic phenomena, namely economic growth and
international trade. Before analysing the relationship between two
economic phenomena in detail, an overview of some of the most
prominent empirical empirical studies concerning the relationship
between openness to international trade and economic growth in
general is provided. As most of them seem to have reached the
conclusion that trade influences growth in a positive way, the
question for the reasons of this presumably positive relationship
arises. Factors which cause or influence economic growth in general
as well as various channels through which trade might have an
influence on growth are presented in the third and forth section.
The importance of various sources of economic and the Solow-Model
and the AK-Model are introduced in order to distinguish between
long-run and short-run effects of capital accumulation, learning by
doing and R&D on economic growth. The remaining analysis
concentrates on one channel in particular, namely on how trade
determines a country's import and export structure. The importance
of the range of products a country produces is enormous and affects
economic growth and welfare. The fifth section introduces the
static Ricardian model of comparative advantage in order to show
how productivity levels dictate the patterns of trade and determine
which products a country produces depending on static productivity
levels at the time a country opens up to trade. Since productivity
levels do, however, not remain constant but are influenced by
learning by doing and specialisation, dynamic effects of
specialisation on comparative advantage should not be neglected.
For this pur
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