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| Author: | Camera, G. Reed, R.R. Waller, C.J. |
| Title: | Jack of all trades or a master of one? Specialization, trade, and money |
| Journal: | International Economic Review
2003 : NOV, VOL. 44:4, p. 1275-1294 |
| Index terms: | Money Specialization Trading |
| Language: | eng |
| Abstract: | A model of decentralized exchange where individuals choose the set of goods they produce is considered in this paper. Specialization involves producing a smaller set of goods and doing it more proficiently. In doing so, agents reduce production costs, but also reduce the ease of trading their output. The authors derive the equilibrium degree of specialization and examine how it is affected by underlying fundamentals. |
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