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From great depression to great recession

Name: From great depression to great recession
Creator: Jaroslav Vanek
Keywords: Free trade, Destructive trade, Comparative advantage, Second-best, Great recession, jel:J6, 8. Economic growth, 0502 economics and business, 05 social sciences, 1. No poverty, jel:F4, jel:F13

descriptionPublicationkeyboard_double_arrow_right Article 01 Apr 2011Publisher:Elsevier BVJournal:International Review of Economics & Finance, volume 20, pages 131-134 (issn: 1059-0560,

Authors: Jaroslav Vanek;

doi: 10.1016/j.iref.2010.11.002

From great depression to great recession

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Abstract

Abstract This paper presents an overview of the history of thought on the factor content of trade. It emphasizes that the conditions of factor price equalization do not hold. It describes a theory of destructive trade that is at the root of the Great Recession of 2008 and 2009. Jobs outsourced to low-wage countries may have long-run effects on unemployment in countries that are abundant in capital.

Related Organizations

Cornell University
United States

Keywords

Free trade, Destructive trade, Comparative advantage, Second-best, Great recession, jel: jel:J6, jel: jel:F4, jel: jel:F13

Impact byBIP!

	citations This is an alternative to the "Influence" indicator, which also reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).	6
	popularity This indicator reflects the "current" impact/attention (the "hype") of an article in the research community at large, based on the underlying citation network.	Average
	influence This indicator reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).	Average
	impulse This indicator reflects the initial momentum of an article directly after its publication, based on the underlying citation network.	Average