The Pros And Cons Of The Heckscher-Ohlin Theory
For which theory was your economist awarded the Nobel Prize?
Bertil Gotthard Ohlin was born on the 23rd of April 1899 in Klippan, Sweden. While studying in the Stockholm Business school, he met Gustav Cassel and Eli Heckscher, both his professors and the latter of which he would later develop the Heckscher-Ohlin model with.
After years of work in the field of economics in 1977 Bertil Ohlin, along with James E. Meade, was awarded the Nobel Prize in Economics Sciences (Bertil Ohlin - Facts). Both were awarded for their “path breaking contribution to the theory of international trade and international capital movements” in the field of international economics (Bertil Ohlin - Facts). The core theory for which Ohlin was awarded this prestigious prize was his theory of factor-proportions, better known as the Heckscher-Ohlin Theorem, and his work on Exchange Controls. For this paper, we will be focusing specifically on the Heckscher-Ohlin theory.
What is the seminal paper in which your economist described the Nobel Prize winning theory for the first time?
The Heckscher-Ohlin theory was a result of Ohlin’s earlier work. The idea was first introduced in his seminal book Interregional and International Trade published in 1933. Though written individually, many of the ideas followed from Heckscher’s work on The Influence of Foreign Trade on the Distribution of Income published in 1919 (Bertil Ohlin - Biographical). Some key topics covered in the book include, but are not limited
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