Explanation:
Friedman’s restatement treats the demand for money as a stable function of permanent income, interest rates and other variables, implying that velocity, while not constant, is predictable.
Explanation:
In the specific-factors (Ricardo-Viner) model, each industry has a factor that is specific to it (immobile) while at least one factor (usually labour) is mobile between industries, generating clear distributional predictions of trade.
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