General-equilibrium implications of international product-market competition for jobs and wages
This paper extends the insight that trade increases international product-market competition to show that in a world with an endogenous natural rate of unemployment, countries can benefit through a decline in the natural rate. When the number of firms in the integrated world market is greater than t...
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sg-smu-ink.soe_research-10932023-06-21T03:31:07Z General-equilibrium implications of international product-market competition for jobs and wages HOON, Hian Teck This paper extends the insight that trade increases international product-market competition to show that in a world with an endogenous natural rate of unemployment, countries can benefit through a decline in the natural rate. When the number of firms in the integrated world market is greater than the number of firms in each economy in autarky, all trading nations in a world of identical factor proportions experience a decline in equilibrium unemployment. When factor proportions differ, equilibrium unemployment must fall in the labor-abundant country but may rise or decline in the capital-abundant country. 2001-01-01T08:00:00Z text https://ink.library.smu.edu.sg/soe_research/94 info:doi/10.1093/oep/53.1.138 https://doi.org/10.1093/oep/53.1.138 http://creativecommons.org/licenses/by-nc-nd/4.0/ Research Collection School Of Economics eng Institutional Knowledge at Singapore Management University Economics International Economics |
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This paper extends the insight that trade increases international product-market competition to show that in a world with an endogenous natural rate of unemployment, countries can benefit through a decline in the natural rate. When the number of firms in the integrated world market is greater than the number of firms in each economy in autarky, all trading nations in a world of identical factor proportions experience a decline in equilibrium unemployment. When factor proportions differ, equilibrium unemployment must fall in the labor-abundant country but may rise or decline in the capital-abundant country. |
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HOON, Hian Teck |
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HOON, Hian Teck |
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HOON, Hian Teck |
title |
General-equilibrium implications of international product-market competition for jobs and wages |
title_short |
General-equilibrium implications of international product-market competition for jobs and wages |
title_full |
General-equilibrium implications of international product-market competition for jobs and wages |
title_fullStr |
General-equilibrium implications of international product-market competition for jobs and wages |
title_full_unstemmed |
General-equilibrium implications of international product-market competition for jobs and wages |
title_sort |
general-equilibrium implications of international product-market competition for jobs and wages |
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Institutional Knowledge at Singapore Management University |
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2001 |
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https://ink.library.smu.edu.sg/soe_research/94 https://doi.org/10.1093/oep/53.1.138 |
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