By C.J. Rijnvos
Seen from a methodological perspective, the perform of monetary technology comprises serious and theoretical pondering. the categorical nature of those fields of analysis, their barriers and mutual adjustment were coated by means of us l in different places. It turned obvious that severe considering goals at achieving a logical information description, simplifying social fiscal truth. in accordance with those information, it's the job of conception to find logical legislation in financial task, if this is often discovered in a rational demeanour - and this can be certainly a theoretical analytical . monetary technology in line with this constitution should be noticeable within the diagram less than. A extra vast precis is supplied within the synopsis of 'valuation of financial science', on the finish of this learn. 1. appraisal of monetary truth; 2. a logical constant description of information as a foundation to thought; three. formula of developments in financial procedure. A technology pursued with this goal may well fall brief in methods. within the first example, it really is attainable that the serious considering is just too a ways divorced from truth. the information from which during this example conclusions are made, are un lifelike; they're most likely too idealistic. during this approach a foundation is laid for the 1. See our examine Waardering van het economisch denken. extra specific bankruptcy IV. 2 creation futile formula of legislation in a presupposed financial strategy, as the conclusions of technology are very faraway from reality.
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Extra info for A new approach to the theory of international trade
31- 317! 18 20 40 30 20 10 10 20 30 40 tains data for the construction of the concave transformation curves. These are shown in figure 12. The labour/capital ratio in the various countries differs according to the Heckscher/Ohlin principle. Furthermore, when a change in production is made from a certain point on the transformation curves, the law of the non-proportional returns will occur. This is apparent when one considers that originally labour and capital are exclusively applied in the C1 sector, after which there is a gradual displacement to the C2 sector.
Substitution offinal products; equal price ratios and technical progress. 2. Unequal price ratios The above para contains the details of a general theoretical description of international trade when the production means cannot be re-allocated. A dual starting point always applies. The one country - in our approach country I - only produces the consumption commodity Cl and the other - country II - exclusively produces C 2• Consequently, there is initially in country I a relatively high assessment for C2 ; in country II this is the case with regard to Cl' A construction of the 'rd' curves in accordance with the method by Marshall, assumes this situation.
The line of thought developed above presents favourable possibilities for this purpose, as after all, limiting the explanation to country II, each part of the 'rd' II-curve, for example Bh, indicates marginal costs expressed in C 2, whereas when these costs are made, the line section Bi represents the corresponding marginal returns expressed in Cl' Naturally, the space between costs and returns decreases to the point of intersection of the 'rd' line and the commercial substitution curve. Consequently point C indicates an equality of marginal costs and returns for the two countries.