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- W2018977308 abstract "Recently in this journal Maneschi (1985) calculated shadow prices of factors for a small country that produces and consumes many goods, all of which are traded at fixed world prices and are produced using intersectorally mobile labour and a sector-specific capital stock. All factors are fixed in supply, and the distortions considered consist of fixed import tariffs and/or export subsidies, sector-specific wage differentials, and minimum wages. The work is closely related to that of Srinivasan and Bhagwati (1978), henceforth SB, who calculate shadow prices of factors for a country which produces two goods using two intersectorally mobile factors of production. The analysis is similar in that both papers calculate the shadow price of a factor of production as the fall in the value of the country's output measured at world prices resulting from governmental withdrawal of a unit of the factor from the private sector for use in a hypothetical project. This is always legitimate in the SB model, because fixed import tariffs, fixed export subsidies, and fixed world prices serve to freeze all product and factor prices in the domestic economy, in the face of altered factor supplies to the private sector. This means that when the government withdraws a unit of a factor from the private sector to use in a project, each individual's utility and consumption bundle will be left unchanged, and the only cost to the government will be the increase in the rate at which its foreign exchange reserves are used up, which will just equal the change in the value of domestic output at world prices. Thus, in this case, the social cost or shadow price of a unit of the factor in foreign exchange numeraire is just the change in domestic output valued at world prices." @default.
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- W2018977308 date "1987-05-01" @default.
- W2018977308 modified "2023-09-26" @default.
- W2018977308 title "Shadow Pricing in a Specific-Factors Model: Comment" @default.
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- W2018977308 doi "https://doi.org/10.2307/135369" @default.
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