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The Non-Substitution Theorem and International Trade Theory

In: Fundamental Issues in Trade Theory

Author

Listed:
  • Ian Steedman
  • J. S. Metcalfe

Abstract

The object of this brief essay is to suggest that recent work in the field of capital theory has an immediate significance for trade theory in a stationary equilibrium setting. Recent capital theory has emphasised the relationships between income distribution and relative commodity prices rather than any particular theory of the determination of distribution and prices. It may therefore provide the basis for studying important aspects of the theory of trade outside a full neo-classical general equilibrium theory and, indeed, outside any other general theory. We are able to see, for example, that even in the absence of specialisation there is no reason to expect a priori that free trade in commodities will ensure uniformity of real wage and interest rates.

Suggested Citation

  • Ian Steedman & J. S. Metcalfe, 1979. "The Non-Substitution Theorem and International Trade Theory," Palgrave Macmillan Books, in: Ian Steedman (ed.), Fundamental Issues in Trade Theory, chapter 10, pages 123-126, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-04378-1_10
    DOI: 10.1007/978-1-349-04378-1_10
    as

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