Titlebook: International Trade; Causes and Consequen J. Borkakoti Textbook 1998Latest edition Palgrave Macmillan, a division of Macmillan Publishers L

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The Ricardian Hypothesis,e pattern of international trade. In evidence, it points out that the assumption of labour being the only factor of production is a direct implication of the classical labour theory of value. The role of ‘capital’ is complementary to labour, and ‘capital’ is not defined as ‘capital goods’ but rather

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Two Comparative Static Theorems,come distribution when, under full employment, the sectoral levels of production change. The proposition put forward by the SS theorem is of immense importance as it has rendered deep insights into the problems of income distribution. The paper by Stolper and Samuelson (1941) is a precursor. to the

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The Ricardo-Viner Model,via new investment. Such an analytical framework has more relevance to the problems of the real world. If, as a result of international trade, a country produces, say, more of motor vehicles but less of textiles, then clearly capital equipment producing textiles cannot be used to produce more cars.

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Empirical Tests of the HOS Hypothesis: The Factor Content Studies,(ii) factor-intensity determined by internationally identical technology, and (iii) direction of trade (exports and imports). A valid procedure of empirical test should incorporate all the three variables. As we will see, it is not so easy to accomplish this desired goal.

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Empirical Tests of the Ricardian Hypothesis,e the first attempts to test the Ricardian hypothesis. His work was followed by several other economists. In this chapter, we discuss the methods used to test the Ricardian hypothesis, summarise the important results, and form an overall opinion about whether the hypothesis is empirically valid or not.