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A Geometric Comparison of the Transformation Loci with Specific and Mobile Capital

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Author Info
John Gilbert (Utah State University)
Reza Oladi () (Utah State University)

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Abstract

The authors show how the transformation loci in the specific factors model (capital specificity) and the Heckscher-Ohlin-Samuelson model (capital mobility) can be rigorously derived and easily compared by using geometric techniques on the basis of Savosnick geometry. The approach shows directly that the transformation locus with capital specificity has a greater degree of curvature than with capital mobility, given the same technology, and that the latter is an envelope of the former. It can also be used to show how incentives in the short run would lead to the long-run capital reallocation implied by the assumption of capital mobility.

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Publisher Info
Article provided by Helen Dwight Reid Foundation in its journal The Journal of Economic Education.

Volume (Year): 39 (2008)
Issue (Month): 2 ()
Pages: 145-152
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Handle: RePEc:jee:journl:v:39:y:2008:i:2:p:145-152

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Related research
Keywords: Heckscher-Ohlin-Samuelson model; specific factors model; transformation locus;

Find related papers by JEL classification:
A2 - General Economics and Teaching - - Economic Education and Teaching of Economics
D5 - Microeconomics - - General Equilibrium and Disequilibrium
F1 - International Economics - - Trade

References listed on IDEAS
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  1. Mayer, Wolfgang, 1974. "Short-Run and Long-Run Equilibrium for a Small Open Economy," Journal of Political Economy, University of Chicago Press, vol. 82(5), pages 955-67, Sept./Oct. [Downloadable!] (restricted)
  2. John Gilbert, 2004. "Using Nonlinear Programming in International Trade Theory: The Factor-Proportions Model," Journal of Economic Education, Helen Dwight Reid Foundation, vol. 35(4), pages 343-359. [Downloadable!]
  3. Soumaya M. Tohamy & J. Wilson Mixon Jr., 2003. "Lessons from the Specific Factors Model of International Trade," Journal of Economic Education, Helen Dwight Reid Foundation, vol. 34(2), pages 139-150. [Downloadable!]
  4. Ronald W. Jones, 1965. "The Structure of Simple General Equilibrium Models," Journal of Political Economy, University of Chicago Press, vol. 73, pages 557. [Downloadable!] (restricted)
  5. Neary, J Peter, 1978. "Short-Run Capital Specificity and the Pure Theory of International Trade," Economic Journal, Royal Economic Society, vol. 88(351), pages 488-510, September. [Downloadable!] (restricted)
  6. Mussa, Michael, 1979. "The two-sector model in terms of its dual : A geometric exposition," Journal of International Economics, Elsevier, vol. 9(4), pages 513-526, November. [Downloadable!] (restricted)
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