Third, the smaller the tradeable goods sector relative to the nontradeable
goods sector, the more difficult it is to expand exports.
The goods are exportable, importable, and nontradeable
, and the three factors of production are capital, skilled, and unskilled labor.
to the result with a rigid, nontradeable
During adjustment, prices of tradeable goods appear to have risen relative to those of nontradeable
goods, thus supporting the process whereby exports rose and imports declined.
Their unwillingness to recognise the time-specificity of reform measures can also be illustrated by considering other examples such as the Household Responsibility System in agriculture, the Dual Track System in industry, Special Economic Zones in foreign trade and investment, and the more recent use of nontradeable
shares in the equitisation of SOEs, etc.
Moreover, because organizational knowledge tends to be tacit, socially complex, embedded in firm-specific routines and processes, and nontradeable
in strategic factor markets, the knowledge-based advantage is difficult to copy and thus sustainable (Polanyi, 1967; Barney, 1986a; Reed & DeFillippi, 1990; Nonaka, 1994).
Indeed, an underdeveloped financial system is more likely to channel foreign capital not to potentially highly productive but hard-to-finance investment in the tradable manufacturing sector, but rather to easily collateralized nontradeable
investments such as real estate.
I believe Greenstone would be better off describing the items as nontradeable
items or negotiable but not provided, as taken from the Schlossberg article in the Spring 1996 issue of U.
Lo, Mamaysky, and Wang achieve this by giving agents a nontradeable
risky asset--a business, a job, et cetera.
To an audience question, he agreed that the Black-Scholes model of valuing stock options does appear to exaggerate swings in value, adding that the IASB is looking for better ideas and a focus on how to value long-term, nontradeable
13] Similarly, the reform of social security pensions (which are themselves nontradeable
survivor bonds) and the transfer of pension provision from the public to the private sector would be greatly eased by the existence of tradeable survivor bonds.
As workers have attempted to shift to other sectors, gains in nominal wages and increases in prices in nontradeable
goods industries have been held down as well.