Technology is viewed by economists as a source of comparative advantage but technological advantage is often transitory. Use the Product Life Cycle (PLC) Theory to explain the role of technological innovation as a key determinant of the trade patterns in manufactured goods. Use a diagram to illustrate your explanation. What are the implications of the PLC Theory for an innovating country like the United States?
Technology is viewed by economists as a source of comparative advantage but technological advantage is often transitory.
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