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Heckscher-Ohlin in Theory and Reality

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  • Adrian Wood (QEH)

Abstract

Most economists think that H-O works well in theory, but badly in reality, whereas the opposite is closer to the truth. After a long decline, H-O has recently experienced an empirical revival, but the standard Samuelsonian formalisation of the theory is still unsatisfactory. A modified formalisation of the theory, which gives trade costs more of a role, fits the evidence better. Appropriately interpreted, H-O is a useful part of the theory of economic development, as well as of international trade.

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  • Adrian Wood (QEH), "undated". "Heckscher-Ohlin in Theory and Reality," QEH Working Papers qehwps157, Queen Elizabeth House, University of Oxford.
    • Handle: RePEc:qeh:qehwps:qehwps157
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    File URL: http://workingpapers.qeh.ox.ac.uk/RePEc/qeh/qehwps/qehwps157r1.pdf
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    Cited by:

    1. Adrian Wood (ODID), "undated". "A practical Heckscher-Ohlin model," QEH Working Papers qehwps170, Queen Elizabeth House, University of Oxford.
    2. Adrian Wood & Jörg Mayer, 2011. "Has China de-industrialised other developing countries?," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 147(2), pages 325-350, June.

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