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We show that in a fully integrated economy, in which there is free mobility of goods and factors, each member’s share of total output will equal its shares of total stocks of productive factors (i.e., physical and human capital). We label this result the equal-share relationship. This...
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The paper builds an argument that international trade can be one explanation behind polarization of employment in the … workforce. The effects off-shoring on wages and job composition are also studied. That of low-skill and high-skill tasks, not … ; hollowing out ; skill biased technical change ; terms of trade ; off-shoring …
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Small and young businesses are essential for job creation, innovation, and economic growth. Even most of the superstar firms start their business life small and then grow over time. Small firms have less internal resources, which makes them more fragile and sensitive to macroeconomic conditions....
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