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An environmental and natural resource economics blog by Adam Bailey (below). For details and profile see About.
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A Fallacy about Trade
What determines the production quantities and relative prices of internationally-traded goods? Some textbooks suggest a misleading answer. An old textbook I have on my shelves (Wells 1969 (1)) has a diagram similar to Diagram 1 below, showing the production possibility … Continue reading
Posted in Trade
Tagged free trade price ratio, offer curve, production possibility frontier
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