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Dynamic effects |
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Dynamic effectsRefers to certain poorly understood effects of trade and trade liberalization, including both multilateral and preferential trade agreements, that extend beyond the static gains from trade. Such dynamic effects are thought to make the gains from trade substantially larger than in the static model.Similar MatchesDynamic modelDynamic modelAny model with an explicit time dimension. To be meaningfully dynamic, however, it should include variables and behavior that, at one time, depend on variables or behavior at another time. Models may be formulated in discrete time or in continuous time. Contrasts with a static model. Dynamic Web pageDynamic Web pageA Web page that is customized on the server (based on results of a script, user input, information about the user's browser, etc.) before being delivered to the user's browser. Dynamic comparative advantageDynamic comparative advantageA changing pattern of comparative advantage over time due to changes in factor endowments or technology. Dynamic economies of scaleDynamic economies of scaleA form of increasing returns to scale in which average cost declines over time as producers accumulate experience, so that average product rises with total output of the firm or industry accumulated over time. See learning by doing, infant industry protection. Dynamical NoiseDynamical NoiseWhen the output of a dynamical system becomes corrupted with noise, and the noisy value is used as input during the next iteration. Also called System Noise. See: Observational Noise. Further SuggestionsDynamic gains from trade |
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