concentrates labor to surviving firms through recruiting process and induces the division of labor. An increase in the number of …

This paper argues that there is an important benefit from the division of labor that Adam Smith failed to mention, that … is, the division of labor shortens the time required for capital formation and makes continuous roundabout production …€œvalue of time†benefit of the division of labor. …

shows that the level of the division of labor and trade increases as transaction conditions improve. When a high level of … the division of labor occurs in general equilibrium, all countries prefer Nash tariff bargaining game that would result in … multilateral free trade. If a medium level of the division of labor occurs in general equilibrium, then unilateral protection …

shows that the level of the division of labor and trade increases as transaction conditions improve. When a high level of … the division of labor occurs in general equilibrium, all countries prefer Nash tariff bargaining game that would result in … multilateral free trade. If a medium level of the division of labor occurs in general equilibrium, then unilateral protection …