The Development and Testing of Heckscher-Ohlin Trade Models
By (author) Robert E. Baldwin
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Development and Testing of Heckscher-Ohlin Trade Models by Robert E. Baldwin
Book DescriptionNo 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.
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Book DetailsISBN: 9780262026567
(203mm x 136mm x 15mm)
Imprint: MIT Press
Publisher: MIT Press Ltd
Publish Date: 9-Dec-2008
Country of Publication: United States
Books By Author Robert E. Baldwin
Challenges to Globalization, Paperback (August 2007)
Evaluates the arguments of proglobalists and anti-globalists regarding issues such as globalization's relationship to democracy, its impact on the environment and on labor markets and wage levels, and the associated expansion of trade and its effects on prices.
Geography and Ownership as Bases for Economic Accounting, Hardback (October 1998)» View all books by Robert E. Baldwin
This text explores whether changes in the world economy have increased the usefulness of international accounts. It suggests that ownership-based national accounts are helpful in understanding trade and financial transactions among globalized enterprises.
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Author Biography - Robert E. Baldwin
Robert E. Baldwin is Hilldale Professor Emeritus in the Department of Economics at the University of Wisconsin-Madison. He is the author or coauthor of many books, including most recently The Decline of US Labor Unions and the Role of Trade. He is a Fellow of the American Academy of Arts and Sciences, a Research Associate at the National Bureau of Economic Research and a member of the Council on Foreign Relations.
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