English, Article, Journal or magazine article edition: The Stolper-Samuelson Theorem Reconsidered: An Example of Ricardian Dynamic Trade Effects Richard E. Baldwin

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Bookmark: http://trove.nla.gov.au/version/140275
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  • preprint
Language
  • English

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Title
  • The Stolper-Samuelson Theorem Reconsidered: An Example of Ricardian Dynamic Trade Effects
Author
  • Richard E. Baldwin
Physical Description
  • preprint
Notes
  • Standard trade theory views the capital stock as an endowment. However, trade policy can affect a country's steady-state capital stock. By ignoring the endogeneity of capital, standard analysis is incomplete and can be misleading. For instance, when capital in endogenous, the Stolper-Samuelson theorem incorrectly predicts the long-run impact of a tariff n factor rewards in a 2-by-2 trade modeL Moreover, the output effects of a trade policy can be greatly amplified by its indirect effect on the steady-state capital stock. Since this indirect effect may take a very long time to be fully realized, trade policy can have a long-lasting effect on growth. Ricardo first studied this link between trade and steady-state factor supplies.
  • RePEc:nbr:nberwo:3110
Language
  • English
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