International Factor Price Equalization in a limited-substitutability technology framework |
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| Authors: | Erkko Etula |
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| Affiliation: | 1. UniSA Business School, University of South, Australia;2. LKY School of Public Policy, National University of Singapore, Singapore;3. School of Public Policy, George Mason University, United States;1. Department of Economics, Iowa State University, Ames, IA 50011, United States;2. City University of Hong Kong, Hongkong;1. School of Natural Sciences, National University of Sciences and Technology, Islamabad, Pakistan;2. DBS&H CEME, National University of Sciences and Technology, Islamabad, Pakistan;1. Department of Economics — FEA-RP USP, Brazil;2. Department of Economics — UFRGS, Brazil |
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| Abstract: | This paper generalizes the Heckscher–Ohlin trade theory summarized in Samuelson's [Samuelson, P.A., 1949, International Factor Price Equalization Once Again, The Economic Journal 59, 181–197.] calculus treatment to the domain of non-differentiable technologies characterized by discrete alternative Leontief–Sraffa techniques. Demonstrated here is how the close qualitative parallelisms between limited-substitutability technologies and neoclassical marginal-productivity models permit the validity of the theorems of international factor price equalization and their well-known extensions even when smooth marginal productivities cannot obtain. |
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