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Adjustment in General Equilibrium: Some Industrial Evidence

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  • Rassekh, Farhad
  • Thompson, Henry

Abstract

The link between output changes and factor-mix adjustments in general equilibrium is examined for each of nine industries using pooled data from 12 developed countries over the years 1970-85. Specifications of the Stolper-Samuelson theorem and the specific-factors model of production are built on the assumptions and structure of theory with each industry isolated in turn. In their simplest version with only capital and labor input, these competitive general-equilibrium models explain a good deal of the observed variations in industrial factor mixes. The specific-factors model performs better. Copyright 1997 by Blackwell Publishing Ltd.

Suggested Citation

  • Rassekh, Farhad & Thompson, Henry, 1997. "Adjustment in General Equilibrium: Some Industrial Evidence," Review of International Economics, Wiley Blackwell, vol. 5(1), pages 20-31, February.
  • Handle: RePEc:bla:reviec:v:5:y:1997:i:1:p:20-31
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    Citations

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    Cited by:

    1. Guillo, Maria Dolores & Perez-Sebastian, Fidel, 2007. "The curse and blessing of fixed specific factors in small-open economies," Journal of Development Economics, Elsevier, vol. 82(1), pages 58-78, January.
    2. Akay, Gokhan H., 2012. "Trade and factor returns: Empirical evidence from U.S. economy," International Review of Economics & Finance, Elsevier, vol. 21(1), pages 77-86.
    3. Nevin Cavusoglu & Bruce Elmslie, 2005. "The Chain Version of Comparative Advantage: An Empirical Investigation," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 141(3), pages 404-421, October.
    4. Gokhan Akay, 2009. "Trade, wages, and the specific factors model: empirical evidence from manufacturing industries in Ghana," Journal of Productivity Analysis, Springer, vol. 31(1), pages 47-55, February.
    5. Kim, Hyeongwoo & Thompson, Henry, 2014. "Wages in a factor proportions model with energy input," Economic Modelling, Elsevier, vol. 36(C), pages 495-501.
    6. Sebastian Benz & Mario Larch & Markus Zimmer, 2014. "The structure of the German economy," Applied Economics, Taylor & Francis Journals, vol. 46(27), pages 3274-3283, September.
    7. Kang, Myeongjoo & Malki, Mostafa & Rassekh, Farhad & Thompson, Henry, 2007. "Empirical factor abundance with many factors and countries," International Review of Economics & Finance, Elsevier, vol. 16(2), pages 287-299.
    8. Kim, Hyeongwoo & Thompson, Henry, 2009. "Factor Proportions Wages in a Structural Vector Autoregression," MPRA Paper 17798, University Library of Munich, Germany.
    9. Bittencourt, Maurício Vaz Lobo, 2003. "Does The Stolper-Samuelson Theorem Hold With Less Trade Distortion?: A Computable General Equilibrium," 2003 Annual meeting, July 27-30, Montreal, Canada 22173, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).

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