Abstract
Give Heckscher and Ohlin a Chance! — This paper argues that criticism of the empirical inaccuracy of Heckscher-Ohlin theory has been much exaggerated. Most tests have mis-specified the theory, particularly in their treatment of capital, a factor of production which is internationally mobile and therefore generally does not influence the pattern of trade. The argument is illustrated by a review of empirical studies of North-South trade in manufactures, which is well explained by a skill-only Heckscher-Ohlin model.
Zusammenfassung
Gebt Heckscher und Ohlin eine Chance! – Der Verfasser ist der Ansicht, daß das Heckscher-Ohlin-Theorem mit der Wirklichkeit besser übereinstimmt, als viele Kritiker behaupten. In den meisten Tests wurde nämlich die Theorie falsch spezifiziert, insbesondere im Fall des Produktionsfaktors Kapital, der international mobil ist und deshalb im allgemeinen die Struktur des Außenhandels nicht beeinflußt. Belegt wird dieses Argument durch eine Reihe empirischer Untersuchungen des Nord-Süd-Warenhandels, der durch ein Heckscher-Ohlin-Modell ohne Kapital gut erklärt wird.
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Wood, A. Give Heckscher and Ohlin a chance!. Weltwirtschaftliches Archiv 130, 20–49 (1994). https://doi.org/10.1007/BF02706008
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DOI: https://doi.org/10.1007/BF02706008