Pushing economies (and students) outside the factor price equalization zone

Journal article


Oslington, Paul and Towers, Isaac. (2009) Pushing economies (and students) outside the factor price equalization zone. The Journal of Economic Education. 40(4), pp. 422 - 436. https://doi.org/10.1080/00220480903238099
AuthorsOslington, Paul and Towers, Isaac
Abstract

Despite overwhelming empirical evidence of the failure of factor price equalization, most teaching of international trade theory (even at the graduate level) assumes that economies are incompletely specialized and that factor price equalization holds. The behavior of trading economies in the absence of factor price equalization is not well understood, and some major textbook treatments err. The authors map regions of specialization and diversification for standard competitive economies and show how outputs, goods, and factor prices change as economies move within and across different regions of diversification and specialization. Two examples of how the analysis can enrich graduate-level trade teaching are given: the substitutability of goods trade and factor movements, and debates over the trade and inequality.

Keywordsfactor price equalization; integrated equilibrium; teaching; trade
Year2009
JournalThe Journal of Economic Education
Journal citation40 (4), pp. 422 - 436
PublisherRoutledge
ISSN0022-0485
Digital Object Identifier (DOI)https://doi.org/10.1080/00220480903238099
Scopus EID2-s2.0-71049191946
Page range422 - 436
Research GroupPeter Faber Business School
Place of publicationUnited States of America
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https://acuresearchbank.acu.edu.au/item/8v414/pushing-economies-and-students-outside-the-factor-price-equalization-zone

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