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The direct negative price effect of the depreciation on the balance of trade is outweighed by the indirect positive quantity effect. This pattern of a short run worsening of the trade balance after depreciation or devaluation of the currency (because the short-run elasticities add up to less than one) and long run improvement (because the long ...
Balance of trade is the difference between the monetary value of a nation's exports and imports over a certain time period. [1] Sometimes a distinction is made between a balance of trade for goods versus one for services. The balance of trade measures a flow variable of exports and imports over a given period of time. The notion of the balance ...
On the Balance of Trade is an economic text on monetary economics that was written by David Hume and published in 1752. In the book, Hume examines various mistakes committed by nations regarding trade and suggests better alternatives.
Modern trade analysis moves away from the restrictive assumptions of the H-O theorem and explores the effects upon trade of a range of factors, including technology and scale economies. It makes extensive use of econometrics to identify from the available statistics, the contribution of particular factors among the many different factors that ...
The balance of trade in the United States has been a concern among economists and business people. Warren Buffett , founder of Berkshire Hathaway , was quoted in the Associated Press (January 20, 2006) as saying "The U.S. trade deficit is a bigger threat to the domestic economy than either the federal budget deficit or consumer debt and could ...
The United Nations Conference on Trade and Development (UNCTAD) notes that this means that “even small changes in agricultural employment opportunities, or prices, can have major socio-economic effects in developing countries”. Thus whatever the development strategy a particular country adopts, the role of agriculture will often be crucial.
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The trade-offs between local food production and distant food production are controversial, with limited studies comparing environmental impact and scientists cautioning that regionally specific environmental impacts should be considered. [15]