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Factor price equalization in a Ricardian framework

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  • Cláudio Gontijo
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    Abstract

    One important piece of the modern neo-classical theory of international trade is the celebrated Factor Price Equalization Theorem, developed independently by Lerner (1952, though written in 1932) and Samuelson (1948, 1949, 1953). This Theorem states that under certain conditions free trade leads to complete equalization of production factor rewards independently of factor mobility. A similar result - a tendency towards equalization of the profit rate - was obtained by Mainwaring (1978) in a Ricardian-Sraffian framework, but under the assumption that all trading countries share the same technology. The objective of this article is to discuss this result assuming technological differences among trading countries.

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    File URL: http://www.cedeplar.ufmg.br/pesquisas/td/TD%20149.doc
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    Paper provided by Cedeplar, Universidade Federal de Minas Gerais in its series Textos para Discussão Cedeplar-UFMG with number td149.

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    Length: 14 pages
    Date of creation: 2000
    Date of revision:
    Handle: RePEc:cdp:texdis:td149

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    Keywords: factor price equalization; Ricardian economics;

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    1. Samuelson, Paul A., 1975. "Trade pattern reversals in time-phased Ricardian systems and intertemporal efficiency," Journal of International Economics, Elsevier, vol. 5(4), pages 309-363, November.
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