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# 经济代写|国际经济学代写International Economics代考|General Equilibrium Framework of the Heckscher–Ohlin Theory

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## 经济代写|国际经济学代写International Economics代考|General Equilibrium Framework of the Heckscher–Ohlin Theory

The general equilibrium nature of the $\mathrm{H}-\mathrm{O}$ theory can be visualized and summarized with the use of Figure 5.3. Starting at the lower right-hand corner of the diagram, we see that tastes and the distribution in the ownership of factors of production (i.e., the distribution of income) together determine the demand for commodities. The demand for commodities determines the derived demand for the factors required to produce them. The demand for factors of production, together with the supply of the factors, determines the price of factors of production under perfect competition. The price of factors of production, together with technology, determines the price of final commodities. The difference in relative commodity prices between nations determines comparative advantage and the pattern of trade (i.e., which nation exports which commodity).

Figure 5.3 shows clearly how all economic forces jointly determine the price of final commodities. This is what is meant when we say that the $\mathrm{H}-\mathrm{O}$ model is a general equilibrium model.

However, out of all these forces working together, the $\mathrm{H}-\mathrm{O}$ theorem isolates the difference in the physical availability or supply of factors of production among nations (in the face of equal tastes and technology) to explain the difference in relative commodity prices and trade among nations. Specifically, Ohlin assumed equal tastes (and income distribution) among nations. This gave rise to similar demands for final commodities and factors of production in different nations. Thus, it is the difference in the supply of the various factors of production in different nations that is the cause of different relative factor prices in different nations. Finally, the same technology but different factor prices lead to different relative commodity prices and trade among nations. Thus, the difference in the relative supply of factors leading to the difference in relative factor prices and commodity prices is shown by the double lines in Figure 5.3.

Note that the $\mathrm{H}-\mathrm{O}$ model does not require that tastes, distribution of income, and technology be exactly the same in the two nations for these results to follow. It requires only that they be broadly similar. The assumptions of equal tastes, distribution of income, and technology do simplify the exposition and graphical illustration of the theory. They will be relaxed in Section 6.2.

## 经济代写|国际经济学代写International Economics代考|Illustration of the Heckscher-Ohlin Theory

The $\mathrm{H}-\mathrm{O}$ theory is illustrated in Figure 5.4. The left panel of the figure shows the production frontiers of Nation 1 and Nation 2, as in Figure 5.2. As indicated in Section 5.3C, Nation 1 ‘s production frontier is skewed along the $X$-axis because commodity $\mathrm{X}$ is the $L$-intensive commodity, Nation 1 is the $L$-abundant nation, and both nations use the same technology. Furthermore, since the two nations have equal tastes, they face the same indifference map. Indifference curve $I$ (which is common for both nations) is tangent to Nation 1’s production frontier at point $A$ and to Nation 2’s production frontier at $A^{\prime}$. Indifference curve $I$ is the highest indifference curve that Nation 1 and Nation 2 can reach in isolation, and points $A$ and $A^{\prime}$ represent their equilibrium points of production and consumption in the absence of trade. Note that although we assume that the two nations have identical tastes (indifference map), the two nations need not be on the same indifference curve in isolation and end up on the same indifference map with trade. We only did so in order to simplify the figure.
The tangency of indifference curve $I$ at points $A$ and $A^{\prime}$ defines the no-trade, or autarky, equilibrium-relative commodity prices of $P_A$ in Nation 1 and $P_{A^{\prime}}$ in Nation 2 (see the figure). Since $P_A<P_{A^{\prime}}$, Nation 1 has a comparative advantage in commodity $\mathrm{X}$, and Nation 2 has a comparative advantage in commodity Y.

The right panel shows that with trade Nation 1 specializes in the production of commodity $\mathrm{X}$ and Nation 2 specializes in the production of commodity $\mathrm{Y}$ (see the direction of the arrows on the production frontiers of the two nations). Specialization in production proceeds until Nation 1 has reached point $B$ and Nation 2 has reached point $B^{\prime}$, where the transformation curves of the two nations are tangent to the common relative price line $P_B$. Nation 1 will then export commodity $\mathrm{X}$ in exchange for commodity $\mathrm{Y}$ and consume at point $E$ on indifference curve $I I$ (see trade triangle $B C E$ ). On the contrary, Nation 2 will export $\mathrm{Y}$ for $\mathrm{X}$ and consume at point $E^{\prime}$, which coincides with point $E$ (see trade triangle $B^{\prime} C^{\prime} E^{\prime}$ ). Note that Nation 1’s exports of commodity X equal Nation 2’s imports of commodity $\mathrm{X}$ (i.e., $B C=C^{\prime} E^{\prime}$ ). Similarly, Nation 2’s exports of commodity $\mathrm{Y}$ equal Nation 1’s imports of commodity $\mathrm{Y}$ (i.e., $B^{\prime} C^{\prime}=C E$ ). At $P_X / P_Y>P_B$, Nation 1 wants to export more of commodity $\mathrm{X}$ than Nation 2 wants to import at this high relative price of $\mathrm{X}$, and $P_X / P_Y$ falls toward $P_B$. On the contrary, at $P_X / P_Y<P_B$, Nation 1 wants to export less of commodity $\mathrm{X}$ than Nation 2 wants to import at this low relative price of $\mathrm{X}$, and $P_X / P_Y$ rises toward $P_B$. This tendency of $P_X / P_Y$ could also be explained in terms of commodity Y.

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