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The authors develop a framework for studying trade in horizontally and vertically differentiated products. In their model, consumers with heterogeneous incomes and tastes purchase a homogeneous good and make a discrete choice of quality and variety of a differentiated product. The distribution of preferences generates a nested-logit demand structure such that the fraction of consumers who buy a higher-quality product rises with income. The model features a home-market effect that helps to explain why richer countries export higher-quality goods. It provides a tractable tool for studying the welfare consequences of trade and trade policy for different income groups in an economy.

Models of Trade with Imperfect Competition and Scale Economies • Fragmentation

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The rise of America from a colonial outpost to one of the world's most sophisticated and productive economies was facilitated by the establishment of a variety of economic enterprises pursued within the framework of laws and institutions that set the rules for their organization and operation. To better understand the historical processes central to American economic development, Enterprising America brings together contributors who address the economic behavior of American firms and financial institutions-and the associated legal institutions that shaped their behavior-throughout the nineteenth and early twentieth centuries. Collectively, the contributions provide an account of the ways in which businesses, banks, and credit markets promoted America's extraordinary economic growth. Among the topics that emerge are the rise of incorporation and its connection to factory production in manufacturing, the organization and operation of large cotton plantations in comparison with factories, the regulation and governance of banks, the transportation revolution's influence on bank stability and survival, and the emergence of long-distance credit in the context of an economy that was growing rapidly and becoming increasingly integrated across space.

Business enterprises --- Commercial credit --- Bank loans --- History --- Finance --- Bankruptcy. --- Banks. --- Governance. --- Growth. --- Incorporation. --- Manufacturing. --- Plantations. --- Scale economies.

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The analysis of this volume represents an attempt to apply modern mathematical techniques to the problems arising from large and significant indivisibilities. While the classical microeconomic theory refers to assumptions about the convexity of production sets and consumer preferences, this book directs the attention to indivisible commodities. It investigates the influence of the assumed indivisibilities of factors and goods on the results of the microeconomic theory of the firm, the theory of the household and market theory.

Economies of scale --- Equilibrium (Economics) --- Mathematical models. --- Microeconomics. --- Price theory --- Economics --- Economies of size --- Increasing returns --- Scale, Economies of --- Size, Economies of --- Big business --- Costs, Industrial --- Diminishing returns

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This Round Table examines the structure and performance of the road haulage industry, whether there are any economies of scale within it, and the influence of demand on its structure and operations.

Transport --- Transportation, Automotive --- Economies of scale --- Economic specialization --- Business & Economics --- Transportation Economics --- Specialization, Economic --- Economics --- Division of labor --- Economies of size --- Increasing returns --- Scale, Economies of --- Size, Economies of --- Big business --- Costs, Industrial --- Diminishing returns --- Automotive transportation --- Highway transportation --- Motor carriers --- Motor transportation --- Road transportation --- Automobiles --- Social aspects --- 656.1 --- 656.1 Road transport --- Road transport

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A key obstacle to fundamental tariff reform in many developing countries is the revenue loss that it ultimately implies. This paper establishes a simple and practicable strategy for realizing the efficiency gains from tariff reform without reducing public revenues, showing that for a small open economy, a cut in tariffs combined with a point-for-point increase in domestic consumption taxes increases both welfare and public revenues. Increasingly stringent conditions are required, however, to ensure unambiguously beneficial outcomes from this reform strategy when allowance is made for such important features as nontradeable goods, intermediate inputs, and imperfect competition.

Macroeconomics --- Taxation --- Models of Trade with Imperfect Competition and Scale Economies --- Trade Policy --- International Trade Organizations --- Taxation, Subsidies, and Revenue: General --- Price Level --- Inflation --- Deflation --- Business Taxes and Subsidies --- Macroeconomics: Consumption --- Saving --- Wealth --- Public finance & taxation --- Tariffs --- Consumption taxes --- Consumer prices --- Producer prices --- Consumption --- Taxes --- Prices --- National accounts --- Tariff --- Spendings tax --- Economics --- Ethiopia, The Federal Democratic Republic of