See general information about how to correct material in RePEc. imaginable degree, area of If relative prices go up on one good versus another, demand slips in one and rises in the other. If there's no demand for buggy wheels, why produce them? As more of it is produced, more labour is needed and the relative price … This has helped countries around the world raise real investment and improve living standards. For example, our crisps cost $1.50, but we earn $3.00 per hour. A double-soy-latte-no-foam-extra-shot is $6.00. You can test out of the the price of the labor-intensive good in the labor-abundant country will be bid down relative to the price of the good in the other country. As the access to this document is restricted, you may want to look for a different version below or search for a different version of it. He is an adjunct professor of computer science and computer programming. – Implies that Foreign is abundant in capital relative to labor compared to Home because Foreign has more capital per unit of labor than Home. If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. What is the relative price of cheese in France if it does not trade? ", Ginarte, Juan C. & Park, Walter G., 1997. As a result: the capital-abundant country will export the capital-intensive good, What Can You Do With a Master's in Economics? When requesting a correction, please mention this item's handle: RePEc:red:issued:19-26. If we told you that a bag of crisps cost $1.50, would you be able to state if this was a good price or not? (Copyright: Elsevier), http://dx.doi.org/10.1016/j.red.2020.01.004, The Relative Price of Capital and Economic Structure, Code and data files for "The Relative Price of Capital and Economic Structure", Boston University - Department of Economics - The Institute for Economic Development Working Papers Series, The Next Generation of the Penn World Table, Newer need not be better: evaluating the Penn World Tables and the World Development Indicators using nighttime lights, Newer Need Not be Better: Evaluating the Penn World Tables and the World Development Indicators Using Nighttime Lights, Finance and Growth: Schumpeter Might Be Right, Finance and growth : Schumpeter might be right, Structural Change in a Multisector Model of Growth, Structural Change in a Multi-Sector Model of Growth, Structural change in a multi-sector model of growth, LSE Research Online Documents on Economics, Structural change and financing constraints, Capital Goods Trade, Relative Prices and Economic Development, Capital goods trade, relative prices, and economic development, Capital Goods Trade, Relative Prices, and Economic Development, Code and data files for "Capital Goods Trade, Relative Prices and Economic Development", Investment-Specific Technical Change in the US (1947-2000): Measurement and Macroeconomic Consequences, Investment-specific technical change in the US (1947-2000): measurement and macroeconomics consequences, Determinants of patent rights: A cross-national study, Knowledge spillovers and intellectual property rights, International Journal of Industrial Organization, Barriers and the transition to modern growth, Barriers and the Transition to Modern Growth, Econometric Society World Congress 2000 Contributed Papers, Growth Accounting When Technical Change Is Embodied in Capital, The NBER Manufacturing Productivity Database, Investment-specific technological change and growth accounting, Growth Accounting When Technical Change is Embodied in Capital, Employment Protection and High-Tech Aversion, Capital-skill complementarity, sectoral labor productivity, and structural transformation, Eaton, Jonathan & Kortum, Samuel, 2001.

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