ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Economics of Technical Education

gestation period, whereas under a pure royalty agreement a flat rate of royalty, based upon expected maximum capacity sales, is usually paid to cover this period. Finally, no mention has been made of the classic "infant industry" argument in relation to export-oriented industries. Thus it may well be the case that, given an initial "sheltered" period, such an industry will in the long run generate foreign exchange through exports.

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