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By Robert C. Feenstra

Brand new and intensely transparent presentation of the mainstream idea of overseas exchange.

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Example text

S. was capital-abundant in 1956, this appears to contradict the HO Theorem. S. S. S. was not engaged in free trade, as the HO model assumes. These reasons are all quite valid criticisms of the test that Leontief performed, and research in the years following his test aimed to re-do the analysis while taking into account land, skilled versus unskilled labor, checking other years, etc. This research is well summarized by Deardorff (1984a), and the general conclusion is that the paradox continued to occur in some cases.

Indeed, it is only very recently that researchers have begun to use data on foreign technologies to test the HO model, as we will describe later in the chapter. S. technology to calculate the amount of labor and capital used in imports. Does this invalidate the test of the HO model? Not really, because recall that an assumption of the HO model is that technologies are the same across countries. S. technology to measure the labor and capital used in imports. If we find that this null hypothesis is rejected, then one explanation would be that the assumption of identical technologies is false.

This occurred because resources were attracted away from these industries and into those that were intensive in oil, as the Rybczynski Theorem would predict. Our final task for this chapter is to trace through the changes in the outputs, induced by changes in endowments, on the equilibrium of the production possibilities frontier. 11, the PPF will shift out. 12, where the outputs will shift from point A to point A’ with an increased of good 1 and reduction of good 2, at the unchanged price p. As the endowment of labor rises, we can join up all points such as A and A’, where the slopes of the PPFs are equal.

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