Econometrica: May 1976, Volume 44, Issue 3

A Small Open Economy with More Produced Commodities than Factors

https://doi.org/0012-9682(197605)44:3<561:ASOEWM>2.0.CO;2-1
p. 561-573

Wolfgang Mayer

A general equilibrium trade model with more produced commodities than factors is specified under the assumption that industry production functions are homothetic. The main issue under consideration is that of local and global determinateness of the economy's production pattern. The paper also examines the impact of exogenous commodity price and endowment changes on output levels and factor returns.

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