English, Article edition: Neoclassical Growth and Commodity Trade Alejandro Cunat; Marco Maffezzoli

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Physical Description
  • article
Language
  • English

Edition details

Title
  • Neoclassical Growth and Commodity Trade
Author
  • Alejandro Cunat
  • Marco Maffezzoli
Physical Description
  • article
Notes
  • We construct a dynamic Heckscher-Ohlin model in which the initial distribution of production factors across economies makes factor price equalization impossible. The model produces dynamics similar to those of the neoclassical growth model. However, free trade prevents identically parameterized economies from achieving identical steady states. Although poor economies grow faster than rich economies during the transition to the steady state, the former do not catch up with the income per capita levels of the latter. A many-country version of the model exemplifies the open-economy neoclassical growth model's ability to produce interesting distribution dynamics of income per capita. (Copyright: Elsevier)
  • International trade; Heckscher-Ohlin; Economic growth; Convergence
  • RePEc:red:issued:v:7:y:2004:i:3:p:707-736
Language
  • English
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