Technology and the Global Economy

Jonathan Eaton and Samuel Kortum

No 32062, NBER Working Papers from National Bureau of Economic Research, Inc

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.

JEL-codes: F0 O3 O4 (search for similar items in EconPapers)
Date: 2024-01
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Journal Article: Technology and the Global Economy (2024)
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