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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 ...
Raymond Vernon (September 1, 1913 – August 26, 1999) was an American economist. He was a member of the group that developed the Marshall Plan after World War II and later played a role in the development of the International Monetary Fund and the General Agreement on Tariffs and Trade .
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] The degree of maturity of the technology became the new key of the dynamic economic trade. Vernon's theory resonances with the technology gap theory.
Arrays of large turbines, known as wind farms, have become an increasingly important source of renewable energy and are used in many countries as part of a strategy to reduce their reliance on fossil fuels. Wind turbine design is the process of defining the form and specifications of a wind turbine to extract energy from the wind. [181]
The law is derived from the principles of conservation of mass and momentum of the air stream flowing through an idealized "actuator disk" that extracts energy from the wind stream. According to Betz's law, no wind turbine of any mechanism can capture more than 16/27 (59.3%) of the kinetic energy in wind.
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Life-cycle assessment (LCA or life cycle analysis) is a technique used to assess potential environmental impacts of a product at different stages of its life. This technique takes a "cradle-to-grave" or a "cradle-to-cradle" approach and looks at environmental impacts that occur throughout the lifetime of a product from raw material extraction, manufacturing and processing, distribution, use ...
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