Comparative Advantage in International Trade.pdf

Comparative Advantage in International Trade PDF

Mirela Keuschnigg

Traditional trade theory explains trade only by differences between countries, notably differences in their relative endowments of factors of production. It suggests an inverse relationship between the similarity of countries and the volume of trade between them. The Heckscher-Ohlin (HO) factor propor­ tions theory derives the determinants of comparative advantage in a world of two-ness (two goods, two factors, two countries). It predicts that each country will export that good which uses the countrys abundant factor rel­ atively most intensively. The literature on trade offers an impressive number of studies based on the HO theory. The main methodological problems en­ countered in the literature are: first, the appropriate formulation of the HO theorem in a multi-factor, multi-good and multi-country framework

discussed international trade in brussels sprouts or used that vegetable to illustrate comparative advantage, but that surely does not raise any substantial question as to whether the conceptual apparatus of the theory of comparative advantage is applicable to brussels sprouts. BRIAN HINDLEY is Counsellor for Studies at the Trade Policy Marshallian Externalities, Comparative Advantage, and ...

3642502148 ISBN
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Comparative Advantage in International Trade.pdf


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