IN CONTEXT
Global economy
Paul Krugman (1953–)
1817 David Ricardo says that countries have comparative advantages due to physical factors.
1920s and 1930s Eli Heckscher and Bertil Ohlin argue that capital-abundant countries export capital-intensive goods.
1953 Wassily Leontief finds an empirical paradox: the US, a capital-abundant country, has relatively labor-intensive exports, in violation of existing trade theories.
1994 Gene Grossman and Elhanan Helpman analyze the politics of trade policy, examining the effect of lobbying on the level of protection given to firms.
Economists used to believe that nations traded with each ...
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