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The Heckscher–Ohlin theorem is one of the four critical theorems of the Heckscher–Ohlin model, developed by Swedish economist Eli Heckscher and Bertil Ohlin (his student). In the two-factor case, it states: "A capital-abundant country will export the capital-intensive good, while the labor-abundant country will export the labor-intensive good."
The Heckscher–Ohlin model (/hɛkʃr ʊˈliːn/, H–O model) is a general equilibrium mathematical model of international trade, developed by Eli Heckscher and Bertil Ohlin at the Stockholm School of Economics.
New trade theory (NTT) is a collection of economic models in international trade theory which focuses on the role of increasing returns to scale and network effects, which were originally developed in the late 1970s and early 1980s.
Indeed, Feenstra called the Heckscher–Ohlin model "hopelessly inadequate as an explanation for historical and modern trade patterns". [4] As for the Stolper–Samuelson theorem itself, Davis and Mishra recently stated, "It is time to declare Stolper–Samuelson dead". [ 5 ]
In 1933, Ohlin published Interregional and International Trade. [1] [6] [7] [8] Ohlin built in it an economic theory of international trade from earlier work by Heckscher and his own doctoral thesis. [1] It is now known as the Heckscher–Ohlin model, one of the standard model economists use to debate trade theory.
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Heckscher–Ohlin can refer to: Heckscher–Ohlin model, a general equilibrium mathematical model of international trade; Heckscher–Ohlin theorem, one of the four ...
The Heckscher–Ohlin Theorem, which is concluded from the Heckscher–Ohlin model of international trade, states: trade between countries is in proportion to their relative amounts of capital and labor. In countries with an abundance of capital, wage rates tend to be high; therefore, labor-intensive products, e.g. textiles, simple electronics ...