1. The Imitation Gap Theorem should be discarded as a practical explanation of trade pattern. Discuss. intext citation needed as well

Running Head: ECONOMICS                                1
ECONOMICS                                         2
DISCUSSING THAT THE IMITATION GAP THEOREM SHOULD BE DISCARDED AS A PRACTICAL EXPLANATION OF TRADE PATTERN
Table of Contents
Introduction    3
Imitation Gap Model    3
Product Cycle    3
Limitations    4
Conclusion    4
References    6
Introduction
The Heckscher-Ohlin hypothesis, like earlier trade theories, claimed that manufacturing practices were predetermined and fixed. Such an assumption has no place in real-world changing realities. A technical shift might manifest itself in new ways of manufacturing current items or the creation of new products (Swamy, Choudhury, Bagnell & Wu, 2021).
Imitation Gap Model
M.V. Posner proposed the technological gap concept in 1961, which states that technology development is an ongoing process. According to this concept, when a company produces a new product, the first market to test it is at home. In international commerce, the new items provide the manufacturing business or exporting country a brief monopolistic position. Until foreign manufacturers replicate new product variations or learn new manufacturing procedures, the exporting country has a competitive advantage over the rest of the globe (Swamy et al.,...