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Keynes' User Cost and the Theory of International Trade

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  • Kazuo Shimomura

    (Kobe University)

Abstract

A unit-cost function is generated from the constant-returns technology in which exhaustible resources are indispensable as factors of production. It depends on expected as well as current factor prices. By using the unit-cost function, we construct a general equilibrium model involving exhaustible resources in terms of cost functions and examine how the expected variables may affect factor price, the outputs and the pattern of international trade.

Suggested Citation

  • Kazuo Shimomura, 1988. "Keynes' User Cost and the Theory of International Trade," Kobe Economic & Business Review, Research Institute for Economics & Business Administration, Kobe University, vol. 33, pages 63-73.
    • Handle: RePEc:kob:review:1988::v:33:p:63-73
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