This is a verbatim quote from the HK Ministerial Declaration, under Agricultural Negotiations: "On domestic support, there will be three bands for reductions in Final Bound Total AMS and in the overall cut in trade-distorting domestic support, with higher linear cuts in higher bands. In both cases, the Member with the highest level of permitted support will be in the top band, the two Members with the second and third highest levels of support will be in the middle band and all other Members, including all developing country Members, will be in the bottom band. In addition, developed country Members in the lower bands with high relative levels of Final Bound Total AMS will make an additional effort in AMS reduction."
Econblogger: WTF? ROFLMAO - I think this was mistakenly written in Mandarin, not English. Help me out here, LOL. Anyway I'll take a SWAS at translating it:
"Let there be three classifications of aggregate market support. Highest, next-highest, rest of the world. The jerk in the highest band makes the biggest cut, followed by the two jerks in the next higher bands. Yeah, I'm talking to you, EU, US, Japan, fork-tongued pale-faces. And you other rich tightwads in the third band better think about making deep cuts too. How deep? What are you looking for a number? Jeez, didn't you hear Hong Kong was a slightly less big fat dud than Cancun and Seattle?"
IMNSHO, it is not that worthwhile passing thus through all this turgid text. I am still sick, and this soporific prose is turning me into a cynical bastard. (I'd like to think I haven't turned to that yet.)
I'll stick to the summaries made by healthy people, like here. Meanwhile, let me take amateurish revenge as follows:
"The basic model is set in a closed economy. There is a continuum of goods within the interval [0, 1], indexed by i. There is a representative consumer with symmetric Cobb-Douglas utility; hence, price elasticity of demand is –1 for every good. The quantity produced of good i is denoted by q(i); production uses only one factor of quantity l(i). The factor is perfectly mobile within the economy. The factor price is normalized at unity..." Wipe your faces in that, trade-neg dweebs.
If you can't dig that, PM me, or RTFM!!!!!