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The Specific-Factors Model
[2012/5/3 23:29:02][阅读4277次]

The Specific-Factors Model 
Ronald W. Jones 
Most undergraduates in their first year in economics have been exposed to an important ingredient in the specific-factors model, a model in which each industry employs some factor used only in that particular industry.  What happens to total output when more of a variable factor is added in a production process to a fixed quantity of this specific factor?  The answer exemplifies the Law of Diminishing Returns, and this ingredient is basic in the general equilibrium context in which the specific factors model is set.  David Ricardo used this concept when referring to the differential rents that various qualities of land would receive, and Jacob Viner (1931) made use of it in his famous article in which he argued with Wong, his draftsman.


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