A world trade model based on comparative advantage with m regions, n goods, and k factors
This paper describes the World Trade Model, a linear program that determines world prices, scarcity rents, and international trade flows based on comparative advantage in a world economy with m regions, n goods, and k factors. The new model generalizes the World Model of Leontief et al. (1977) in ways that make it particularly useful for analyzing scenarios about sustainable development. Major properties of the model are demonstrated, and sources of the gains from trade are identified for the world as a whole and for individual regions. Illustrative results are reported for a 10-region, 8-good, 3-factor model of the world economy.
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Volume (Year): 17 (2005)
Issue (Month): 2 ()
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References listed on IDEAS
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- Leontief, Wassily, 1977. "The future of the world economy+," Socio-Economic Planning Sciences, Elsevier, vol. 11(3), pages 171-182.
- Trefler, Daniel, 1993. "International Factor Price Differences: Leontief Was Right!," Journal of Political Economy, University of Chicago Press, vol. 101(6), pages 961-87, December.
- Duchin, Faye & Lange, Glenn-Marie, 1995. "The choice of technology and associated changes in prices in the U.S. economy," Structural Change and Economic Dynamics, Elsevier, vol. 6(3), pages 335-357, August.
- Trefler, Daniel, 1995. "The Case of the Missing Trade and Other Mysteries," American Economic Review, American Economic Association, vol. 85(5), pages 1029-46, December.
- Takayama,Akira, 1985. "Mathematical Economics," Cambridge Books, Cambridge University Press, number 9780521314985, December.
- Anders Hammer Strømman & Faye Duchin, 2006.
"A world trade model with bilateral trade based on comparative advantage,"
Economic Systems Research,
Taylor & Francis Journals, vol. 18(3), pages 281-297.
- Anders Hammer Strømman & Faye Duchin, 2005. "A World Trade Model with Bilateral Trade Based on Comparative Advantage," Rensselaer Working Papers in Economics 0509, Rensselaer Polytechnic Institute, Department of Economics, revised Jun 2006.
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