Technology and the Global Economy

Jonathan Eaton and Samuel Kortum

No 2385, Cowles Foundation Discussion Papers from Cowles Foundation for Research in Economics, Yale University

Abstract: Interpreting individual heterogeneity in terms of probability theory has proved powerful in connecting behaviour at the individual and aggregate levels. Returning to Ricardo's focus on comparative efficiency as a basis for international trade, much recent quantitative equilibrium modeling of the global economy builds on particular probabilistic assumptions about technology. We review these assumptions and how they deliver a unified framework underlying a wide range of static and dynamic equilibrium models.

Pages: 42 pages
Date: 2024-03
New Economics Papers: this item is included in nep-int and nep-opm
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Journal Article: Technology and the Global Economy (2024)
Working Paper: Technology and the Global Economy (2024)
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Persistent link: https://EconPapers.repec.org/RePEc:cwl:cwldpp:2385

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