Exchange and Specialisation as a Discovery Process

Sean Crockett, VernonL. Smith and BartJ. Wilson

Economic Journal, 2009, vol. 119, issue 539, pages 1162-1188

Abstract: In this article we study the performance of an economy that can support specialisation if the participants develop and follow some system of exchange. We define a closed economy in which the participants must discover the ability to exchange, implement it, and ascertain what they are comparatively advantaged in producing. Many of our participants demonstrate the ability to find comparative advantage, capture gains from trade and effectively choose production that is consistent with the choices of others. We explore various treatments to provide insight into the conditions that foster the growth of specialisation and exchange within this weak institutional framework. Copyright © The Author(s). Journal compilation © Royal Economic Society 2009.

Date: 2009

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