Exchange and Specialisation as a Discovery Process

• 成果类型: Article
• 署名作者: Crockett, Sean; Smith, Vernon L.; Wilson, Bart J.
• 署名单位: City University of New York (CUNY) System; Baruch College (CUNY); Chapman University System; Chapman University
• 刊物名称: ECONOMIC JOURNAL
• ISSN/ISSBN: 0013-0133
• DOI: 10.1111/j.1468-0297.2009.02254.x
• 发表日期: 2009
• 页码: 1162-1188
• 关键词: markets

摘要

In this article we study the performance of an economy that can support specialisation if the participants develop and follow some system of exchange. We define a closed economy in which the participants must discover the ability to exchange, implement it, and ascertain what they are comparatively advantaged in producing. Many of our participants demonstrate the ability to find comparative advantage, capture gains from trade and effectively choose production that is consistent with the choices of others. We explore various treatments to provide insight into the conditions that foster the growth of specialisation and exchange within this weak institutional framework.