On the Magic Behind David Ricardo's Four Mystical Numbers
AbstractBuilding on Ruffin's recent interpretation of Ricardo's four numbers as labour embodied in trade rather than domestic labour coefficients, I identify the magic behind these four mystical numbers. I show that the magic lies in Ricardo's underlying logic in predicting the pattern of international trade. Using a single graphical framework, I show that Ricardo's logic provides a device for a unified treatment of the commodity and the factor content predictions of international trade with an arbitrary number of goods, factors and countries.
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Bibliographic InfoPaper provided by University of Nottingham, GEP in its series Discussion Papers with number 07/02.
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Ricardo’s magic numbers; pattern of trade predictions; higher dimensional issues in trade theory.;
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- Daniel Bernhofen, .
"Predicting the Pattern of International Trade in the Neoclassical Model: A Synthesis,"
Discussion Papers, University of Nottingham, GEP
08/24, University of Nottingham, GEP.
- Daniel Bernhofen, 2009. "Predicting the pattern of international trade in the neoclassical model: a synthesis," Economic Theory, Springer, Springer, vol. 41(1), pages 5-21, October.
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