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A technique for decomposing the change in a country's trade into components that correspond to holding its market shares constant in various markets. Introduced to international trade by Tyszynski (1951), it is an application of shift and share analysis of Creamer (1943).
Industry:Economy
A property of a production function such that scaling all inputs by any positive constant also scales output by the same constant. Such a function is also called homogeneous of degree one or linearly homogeneous. CRTS is a critical assumption of the H-O Model of international trade. Contrasts with increasing returns and decreasing returns.
Industry:Economy
A consortium of public and private funding organizations working to expand access to financial services in poor countries.
Industry:Economy
A price index for the goods purchased by consumers in an economy, usually based on only a small sample of what they consume. Commonly used to measure inflation. Contrasts with the implicit price deflator.
Industry:Economy
A graph of the maximum quantities of goods (usually two) that an economy can consume in a specified situation, such as autarky and free trade. Used to illustrate the potential benefits from trade by showing that it can expand consumption possibilities.
Industry:Economy
A market that, even though it has only a single or a small number of sellers, could readily admit more, so that the pricing behavior of current sellers is constrained by the potential for entry. Term introduced by Baumol et al. (1982)
Industry:Economy
A model in which some entities that are normally discrete and exist in finite numbers are modeled instead by a continuous variable. This can sometimes simplify the treatment of large numbers of entities. In trade theory, the most notable example is the continuum-of-goods model.
Industry:Economy
A class of trade models in which goods are indexed by a continuous variable, approximating the case of very large numbers of goods. The classic, original examples are Dornbusch, Fischer, and Samuelson (1977, 1980).
Industry:Economy
1. In an Edgeworth Box for consumption, the allocations of 2 goods to 2 consumers that are Pareto efficient. Starting with an allocation that may not be on the contract curve, it shows the ways that the consumers might contract to exchange the goods with each other. 2. In an Edgeworth Box for production, this name is sometimes also used for the efficiency locus.
Industry:Economy
A country that has signed the GATT. The term Contracting Parties with both words capitalized means all Contracting Parties acting jointly.
Industry:Economy
