The Neoclassical Theory of International Trade Works? The Case of Colombian Economy Between 1980 and 2007
Published:
2014-07-15
Keywords:
Heckscher-Ohlin Model, Neoclassical Theory of International Trade, Methodological Falsacionism, gravity model and panel dataArticle Sidebar
Main Article Content
In this work we address the debate about the validity of the neoclassical theory ofinternational trade. We estimate a trade gravity model for the Colombian economy withthe purpose of examining the empirical validity of this theory. Using a panel year-baseddata for trade and gravity variables for Colombia between 1980 and 2007, this paperfinds that relatively abundant factor’s endowments of Colombia (labor and land) havea positive effect on Colombia’s trade flows. As a result, we do not find enough empiricalsupport to reject the neoclassical theory of international trade, and it particular theHeckscher-Ohlin-Samuelson theorem.
1.
Díaz España VA. The Neoclassical Theory of International Trade Works? The Case of Colombian Economy Between 1980 and 2007. soc.eco [Internet]. 2014 Jul. 15 [cited 2026 Jan. 2];(27):177-205. Available from: https://sociedadyeconomia.univalle.edu.co/index.php/sociedad_y_economia/article/view/3945
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Revista sociedad y economía editada por la Facultad de Ciencias Sociales y Económicas de la Universidad del Valle se encuentra bajo una Licencia Internacional Creative Commons Atribución - No comercial 4.0
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