The review of economic studies

The review of economic studies

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If vectors of unit length pointing in these directions are located at the origin in a space of intermediate and final goods, they may be regarded as defining linear ... In other words, for this aquot; local cone M1 the origin must be an efficient point. ... Indeed, it does not broach the real problem of specialization. ... Also savings in the use of free factors can be ignored. ... If the factors themselves can migrate between sources, our extension of the customary production possibility locus is inadequate.

Title:The review of economic studies
Publisher: - 1953

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