MILL'S LAW OF INTERNATIONAL VALUE.
u252Recently Chipman [2] has brought to light Mill's Law of International Value and has shown Mill's much discredited argument to be not only correct, but to contain "... a convincing proof (admittedly for a special case) of the existence of equilibrium ... in terms of what can today be recognized a...
| Publicado en: | Southern Economic Journal Vol. 36; no. 2; pp. 107 - 117 |
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| Formato: | Artículo |
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Wiley-Blackwell
Oct69
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| Acceso en línea: | Ver este registro en EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=hlh&AN=5170317&site=ehost-live header: @attributes: shortDbName: hlh uiTerm: 5170317 longDbName: Humanities International Complete uiTag: AN controlInfo: bkinfo: jinfo: jid: 00384038 SEJ jtl: Southern Economic Journal issn: 00384038 maglogo: N pubinfo: dt: Oct69 vid: 36 iid: 2 pid: 480 pub: Wiley-Blackwell artinfo: ui: 5170317 10.2307/1056427 ppf: 107 ppct: 10 formats: tig: atl: MILL'S LAW OF INTERNATIONAL VALUE. aug: au: Melvin, James R. su: Economic equilibrium Nonlinear programming Utility functions sug: subj: Economic equilibrium Nonlinear programming Utility functions ab: u252Recently Chipman [2] has brought to light Mill's Law of International Value and has shown Mill's much discredited argument to be not only correct, but to contain "... a convincing proof (admittedly for a special case) of the existence of equilibrium ... in terms of what can today be recognized as an ingenious and correct solution of a problem in nonlinear programming" [2, p. 484]. As Chipman suggests, Mill does treat a very special case; he assumes two countries, two goods, and utility functions for both countries of the form U = X<SUB1>X<SUB2>. The purpose of this paper is to extend Mill's Law by relaxing, in turn, all three of these assumptions. <BR> While Mill's model with its linear transformation curves is no longer widely used in either theoretical or empirical studies in international economics, some recent research suggests that this model may still have some practical importance. Johnson [5] has shown that only when factor intensities differ widely does the transformation locus differ markedly from a straight line. He suggests that it may be "... that the constant cost assumptions of Ricardo, Graham and the Leontief model are quite reasonable approximations for most practical purposes, and that the effort that has been devoted to refining the Heckscher-Ohlin model and investigating its complexities has been concerned with phenomena of trivial practical importance" [5, p. 679]. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: Y dt: @attributes: year: 1969 holdings: @attributes: islocal: N |
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