An Extension of the Structural Change Model to International Economic Relations

Ricardo Azevedo Araujo and JoanÌlio Rodolpho Teixeira
Authors registered in the RePEc Author Service: Ricardo Azevedo Araujo () and Ricardo Azevedo Araujo ()

Metroeconomica, 2003, vol. 54, issue 4, pages 458-473

Abstract: In this paper Pasinetti's model of structural economic dynamics (1981) is extended to consider international economic relations. Conditions for full employment, full expenditure of income and equilibrium of the trade balance are established for an open economy that requires capital goods to produce final commodities. Analytical results concerning the benefits from free trade and international learning are formally studied. In addition, static and dynamic aspects of the 'principle of comparative cost advantage' are analysed considering the determinants of the specialization level. Copyright Blackwell Publishing Ltd 2003.

Date: 2003
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