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- W1846605228 abstract "Following an extensive literature on the choice of techniques in underdeveloped countries, some writers have considered the more particular question of whether such countries should augment their capital with new or second-hand imported machinery. From a theoretical point of view, the most important contributions are Sen (1962), Schwartz (1973), Smith (1974) and Thoumi (1975).1 In his seminal contribution, Sen showed that a low-wage underdeveloped country would benefit most by importing the oldest available second-hand machines from the high-wage advanced country. If market and shadow wage rates are equal, this socially preferred allocation coincides with the market allocation. Sen's partial equilibrium analysis, however, deals only with the case of machines having a pre-specified physical lifespan. His advocacy of imports of second-hand machines is echoed by Schwarz who uses a simple neoclassical approach to criticise the prohibition that some underdeveloped countries have applied to such imports. The most general theoretical approaches, however, are those of Smith and Thoumi who employ vintage capital models. In Smith's model, machine trade between two 'large' countries is analysed in the 'Heckscher-Ohlin tradition'. In the spirit of Sen, he concludes that the high-wage country will use only young machines, the low-wage country will use only old machines. Thoumi's analysis is directed towards estimating the welfare costs to a small country of not following an optimum age-pattern of imports. The purpose of this paper is to develop a more explicitly classical analysis of inter national trade in machinery, taking advantage of Sraffa's model of fixed capital (1960, ch. X). For the most part we shall also reflect the spirit of Sen's conclusions, though we shall see that the precise age-pattern of machine trade depends on a number of factors which do not appear in previous discussions. We shall also consider some implications of technological progress in machine-using processes. Unlike Smith, we follow the other writers in the assumption that the machine-importing country is 'small'. Thus all machine prices are determined domestically in the large export ing economy. Apart from making the analysis immeasurably easier, this assumption is" @default.
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- W1846605228 date "1986-09-01" @default.
- W1846605228 modified "2023-09-25" @default.
- W1846605228 title "International trade in new and used machines" @default.
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- W1846605228 doi "https://doi.org/10.1093/oxfordjournals.cje.a034998" @default.
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