The Development and Testing of Heckscher-Ohlin Trade Models: A Review (Ohlin Lectures) Book PDF, ePub eBook

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Book Descriptions:

No names are more closely associated with modern trade theory than Eli
Heckscher and Bertil Ohlin. The basic Heckscher-Ohlin proposition, according to
which a country exports factors in abundant supply and imports factors in scarce
supply, is a key component of modern trade theory. In this book, Robert Baldwin
traces the development of the HO model, describing the historical twists and turns
that have led to the basic modern theoretical model in use today. Baldwin not only
presents a clear and cohesive view of the model's evolution but also reviews the
results of empirical tests its various versions. Baldwin, who published his first
theoretical article on the HO model in 1948, first surveys the development of the HO
model and then assesses empirical tests of its predictions. Most discussions of
empirical work on HO models confine themselves to the basic theorem, but Baldwin
devotes a chapter to empirical tests of three related propositions: the
Stolper-Samuelson theorem; the Rybczynski theorem; and the factor price equalization
theorem. He concludes that the formulation and testing of these later models have
improved economists' understanding of the forces shaping international trade, but
that many empirical trade economists (himself included) were so enamored of the
elegant but highly unrealistic factor price equalization models developed from the
insights of Heckscher and Ohlin that they have neglected investigation of other
models without this relationship.

The Development and Testing of Heckscher-Ohlin Trade Models: A Review (Ohlin Lectures) by Robert E. Baldwin

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