plagued by seemingly interminable semantic confusion. By focusing on the simple and intuitive concept of relative prices of outputs, expressed in a common currency, economists can do much to dispel this rhetorical fog. Tracing this notion of international competitiveness to its sources in costs of capital and labor and, most critically, the yen-dollar exchange rate can help illuminate trade policy issues on both sides of the Pacific.
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"Technology, Productivity, and the Competitiveness of U.S. and Japanese Industries."
Japan's Growing Technological Capability: Implications for the U.S. Economy.
Washington, DC: The National Academies Press, 1992.
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