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The Product Life Cycle Theory is an economic theory that was developed by Raymond Vernon in response to the failure of the Heckscher–Ohlin model to explain the observed pattern of international trade. The theory suggests that early in a product's life-cycle all the parts and labor associated with that product come from the area where it was ...
Vernon was born Raymond Visotsky in New York; his parents were Russian Jewish immigrants and he and his siblings changed their family name to Vernon. [1] He earned a B.A. cum laude from the City College of New York in 1933 and a Ph.D. in economics from Columbia University in 1941; [2] all three of his siblings also earned doctorates.
The theory originates from the work of Raymond Vernon, who described the development of international trade in terms of product life-cycle – a period of time during which the product circulates in the market. Vernon stated that some countries specialize in the production and export of technologically new products, while others specialize in ...
Fig.1 The International Product Life Cycle by Raymond Vernon. The development of an explicit technology gap model started with Ponser. The key for the theory is the rate of diffusion of technology. Moving on to 1966, Vernon further extended the technology gap model into the product life-cycle theory. [2]
Most business cycle theories focused on a single factor, [9] such as monetary policy or the impact of weather on the largely agricultural economies of the time. [8] Although business cycle theory was well established by the 1920s, work by theorists such as Dennis Robertson and Ralph Hawtrey had little impact on public policy. [ 11 ]
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This page was last edited on 27 October 2022, at 03:03 (UTC).; Text is available under the Creative Commons Attribution-ShareAlike 4.0 License; additional terms may apply.
Apple on Thursday reported earnings per share of $2.40 on revenue of $124.3 billion — higher than the EPS of $2.35 and revenue of $124.1 billion analysts had anticipated, according to Bloomberg ...