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The Le Châtelier Principle and the Demand for Imports in the Short Run and the Medium Run: Australia, 1959–60–1978–79*

The Le Châtelier Principle and the Demand for Imports in the Short Run and the Medium Run:... This paper examines the role of prices and factor endowments in the determination of Australian imports. We consider two factors, labour and capital. The supply of capital is assumed fixed, labour is assumed fixed in the short run. and variable in the medium run, Direct as well as indirect estimates of short‐run and medium‐run import price and quantity elasticities are derived. Allowance is made for technological change, and various separability hypotheses are tested. As predicted by the Le Châtelier Principle. the own price elasticity of imports is larger in the medium run than in the short run. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png The Economic Record Wiley

The Le Châtelier Principle and the Demand for Imports in the Short Run and the Medium Run: Australia, 1959–60–1978–79*

The Economic Record , Volume 59 (2) – Jun 1, 1983

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References (25)

Publisher
Wiley
Copyright
Copyright © 1983 Wiley Subscription Services, Inc., A Wiley Company
ISSN
0013-0249
eISSN
1475-4932
DOI
10.1111/j.1475-4932.1983.tb00590.x
Publisher site
See Article on Publisher Site

Abstract

This paper examines the role of prices and factor endowments in the determination of Australian imports. We consider two factors, labour and capital. The supply of capital is assumed fixed, labour is assumed fixed in the short run. and variable in the medium run, Direct as well as indirect estimates of short‐run and medium‐run import price and quantity elasticities are derived. Allowance is made for technological change, and various separability hypotheses are tested. As predicted by the Le Châtelier Principle. the own price elasticity of imports is larger in the medium run than in the short run.

Journal

The Economic RecordWiley

Published: Jun 1, 1983

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