Current Issues in International Trade by David Greenaway (eds.)

By David Greenaway (eds.)

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Is simple. The four basic theorems of the modem theory of international trade ... 8 Alternative interest rates, capital intensity and the product price ratio 36 Capital Goods and the Pure Theory of Trade (p. 236). In fact Ethier's paper constitutes a striking confirmation of our negative conclusion, because in order to maintain the appearance that capital has no influence on H-0-S trade theorems, Ethier finds himself compelled to replace the familiar theorems, which predict trade outcomes on the basis of exogenous data, by entirely different theorems, which merely describe trade outcomes in terms of trade equilibrium prices, etc.

8 that neither k1 nor k2 is monotonically related to r, but that k 1 > k 2 at all r on the left we see that, the absence of factorintensity reversal notwithstanding, the price ratio (p/p 2) is not monotonically related to r. It follows at once that the 'factor price' equalisation theorem, the Stolper-Samuelson theorem and the price form of the H-0-S theorem on the pattern of trade are not of general logical validity. But if the pattern of trade theorem is not valid in its price form, then it will not be valid in its quantity form either, even if it is the case (which it may not be) that the economy with the higher capital:labour endowment ratio has the lower autarchy interest rate.

S. Metcalfe 27 In brief, then, capital theory discussions have alerted us (or re-alerted us, for in 1901 Wicksell (1967) was well aware of some of these complications) to the distribution-relative nature of relative commodity prices; to the fact that capital-intensity depends on distribution as well as on technical conditions; to the possibility that both capital-intensities and land:labour ratios may respond in 'unexpected' ways to changes in interest, wage and rent rates; to the fact that supply responses can differ from those traditionally supposed; and to the possibility that competitive technique choice need not be optimal with respect to the c/g tradeoff.

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