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Samuelsonian Economics and the Twenty-First Century$
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Michael Szenberg, Lall Ramrattan, and Aron A. Gottesman

Print publication date: 2006

Print ISBN-13: 9780199298839

Published to Oxford Scholarship Online: January 2009

DOI: 10.1093/acprof:oso/9780199298839.001.0001

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Paul Samuelson's Contributions to International Economics

Paul Samuelson's Contributions to International Economics

Chapter:
(p.212) 14 Paul Samuelson's Contributions to International Economics
Source:
Samuelsonian Economics and the Twenty-First Century
Author(s):

Kenneth Rogoff

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199298839.003.0015

This chapter evaluates Samuelson's trade contributions such as the Stolper–Samuelson and factor-prices equalization theorems, as vital in today's globalization debate. The ideas that gain from trade can be modeled through side-payment, that Samuelson added intuitive understanding and easy testing of the Stolper–Samuelson Theory, and that the simple ‘iceberg-cost’ metaphor helped our understanding of transit cost and friction in trade, are very active in the modern scientific and development views of modern trade theory. This chapter spans a wide range of thought from the ‘iceberg-cost’ concepts to a Ricardian ‘continuum of goods’ trade model. In between are financial analysis models, such as the Harrod–Balassa–Samuelson Theorem, according to which the exchange rate increases faster for growing countries, and which has led to the development of the Heston–Summer database for world comparison of income and prices. The chapter also presents a contribution to the transfer problem.

Keywords:   Stolper–Samuelson Theorem, factor-price equalization, side-payment game, continuum of goods, transfer problem

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