By Robert C. Feenstra
Brand new and extremely transparent presentation of the mainstream concept of overseas alternate.
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Additional info for Advanced International Trade: Theory and Evidence
Before moving on, you are encouraged to complete the problems at the end of this chapter. 1 Rewrite the production function y1 = f1(L1,K1) as y1 = f1(v1), and similarly, y2 = f2(v2). Concavity means that given two points y1a = f1 ( v1a ) and y1b = f1 ( v1b ) , and 0 < λ < 1, then f1 (λv1a + (1 − λ ) v1b ) ≥ λy1a + (1 − λ ) y1b . Similarly for the production function y2 = f2(v2). Consider two points y a = ( y1a , y a2 ) and y b = ( y1b , y b2 ) , both of which can be produced while satisfying the full-employment conditions v1a + v a2 ≤ V and v1b + v b2 ≤ V , where V are the endowments.
11. With the initial endowments (L, K ) , the equilibrium outputs are y1 and y2. Now suppose that the labor endowment increases to L’ > L, with no change in the capital endowment. Starting from the endowments (L’,K), the only way to add up multiples of (a1L, a1K) and (a2L, a2K) and obtain the endowments is to 12 As an exercise, show that L1 / K1 > L / K > L 2 / K 2 ⇔ λ1L > λ1K and λ 2 K > λ 2 L . This is done by multipying the numerator and denominator in the first set of inequalities by like terms.
The test that Leamer proposed relies on the “factor content” version of the Heckscher-Ohlin model, developed by Vanek (1968), which we turn to next. ,M. We will continue to assume that technologies are identical across countries, and that factor-price equalization prevails under free trade. In addition, we assume that tastes are identical and homothetic across countries. 4 Notice that this matrix applies in any country. The rows measure the different factors k, l =1,…,M, while the columns of this matrix measure the different industries j=1,…,N.