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Bertil Ohlin,[object Object],The student of Eli Heckscher,[object Object],The Nobel Prize Winner,[object Object],With Special Reference To ,[object Object],“Interregional and International Trade”.,[object Object],Presented By:-,[object Object],Ajay umarAmandeep Singh,[object Object],KabirSandhuSandeep Singh Grewal,[object Object]
AKA Bertil Gotthard Ohlin,[object Object],Born:  23-April-1899,[object Object],Birthplace:  Klippan, Sweden,[object Object],Died: 3-Aug-1979,[object Object],Location of death: Vålädalen, Sweden,[object Object],Cause of death: unspecified,[object Object],Gender: Male,[object Object],Race or Ethnicity: White,[object Object],Occupation: Economist ,[object Object]
Childhood,[object Object],Ohlin was born into an upper-middle class family in a village in the South of Sweden in April, 1899.,[object Object],It was a large family with seven children, a large house and a home which was very hospitable and open to friends and relatives,[object Object]
Early Education ,[object Object],There was a private school which was not very particular about the knowledge entering children had acquired.,[object Object], Normally, they should have had three years of preparatory studies but many of the children had only two years. ,[object Object]
Cont/……,[object Object],Ohlin  was given only a little private teaching and prep. school for one year before entering the school at the age of seven.,[object Object], Hence, he passed the "baccalaureat" in the classical line in the city of Hälsingborg rather early.. ,[object Object]
The journey of the economist,[object Object],As mathematics had been his best subject at school, his parents proposed – and he accepted - studies at the University of Lund in mathematics, statistics and economics,[object Object],The choice of the latter subject is said to be due to the fact that at the age of five years, he was very fond of calculating the cost of the various cakes his mother used to bake.,[object Object]
Year:-1917,[object Object],After two years, Ohlin obtained the degree of fil. kand. with the highest mark in “Economics”.,[object Object], His teacher, Professor “SmilSommarin”, was a fine pedagogue, a very generous person and a great admirer of “Kurt Wicksell”.,[object Object]
Finding Of A true Teacher,[object Object],Having seen in a newspaper a review of a book about the “Economic aspects of the world war” - written by professor “Eli Heckscher”, who was professor at the “Stockholm Business School” – he suggested to his parents, that he should take up studies there. ,[object Object]
Heckscher’s Teaching Method,[object Object],Great,[object Object],Helpful & friendly. ,[object Object],With the aid of differential calculus he solved a fairly obvious profit-maximization problem.,[object Object]
Life After Graduation(A comparison among Teachers),[object Object],Ohlin  moved to the philosophical faculty of Stockholm University where his teachers were Gustav Casseland GöstaBagge,[object Object],Cassel andBagge were not quite so stimulating lecturers as Heckscher,[object Object],But they sacrificed a great deal of time for private discussion, which was exceedingly fine teaching.,[object Object], Like Heckscher, they did not discuss his thesis before its first version was ready.,[object Object]
Learning And Earning,[object Object],Bertil Ohlin  took up work for the “State Tariff Committee”. ,[object Object]
A Stimulating Club,[object Object],1918:- He became a member of the "Political Economy Club" which had been created a year before.,[object Object],This was a small gathering of trained economists who were interested in scientific work in economics.,[object Object]
A Stimulating Club,[object Object],Important members:-Heckscher, Cassel, Gosta, Professor Sven Brisman, Knut Wicksell, David Davidson and half a dozen "docents" were members,[object Object],The total membership was about 20 of which 4 were graduate students. One of the latter was Per Jacobson who later became head of the International Monetary Fund. ,[object Object]
Year:-1919,[object Object],He presented a paper on the theory of inflation in the “Political Economy Club” which differed from that of CasselandWicksell. ,[object Object],It said:- “Even in a state of balance between total demand and supply - the volume of purchasing power could rise when some prices go up.”,[object Object],     “Consequently, the fact that a limitation of supply during the war could lead to higher prices of many commodities would not automatically bring about a fall in the prices of other commodities.” ,[object Object]
Year:-1920,[object Object],Ohlin served for one year as assistant secretary to the “Economic Council” which, under the “chairmanship of the Minister of Finance”, included nine economic leaders from banking, industry and agriculture, and Gustav Cassel as representative of economic science.,[object Object], One of the bankers was Mr. Marcus Wallenberg, who played a great role in Sweden's economic life.,[object Object]
Year:-1921-1922,[object Object],One year of military service in the Navy.,[object Object],Three months studies at Grenoble, France, in  friendliness of the teachers and many other local people.,[object Object],1922:-He presented his thesis about “international trade theory” to “Gustav Cassel”  to obtain the degree  “licentiatusphilosophiae”. ,[object Object]
Visits to the Two Cambridges,[object Object],1922:-Bertil Ohlin got a small stipend from the Swedish-American Foundation and went to Cambridge, England, for a few months and thereafter to Harvard University. ,[object Object]
Year:-1924,[object Object],Ohlin  completed his “doctor's thesis” in 1924 from the University of  Stockholm,[object Object],His thesis was based on “international trade theory” .,[object Object]
International trade problem,[object Object],He  soon found that the approach in Heckscher's pioneer paper on “The Influence of Foreign Trade on the Distribution of Income (1919)” could profitably be used in a mutual interdependence price system for a realistic analysis of international trade by analyzing facts behind the differences in comparative costs,[object Object]
Difference in opinion,[object Object],While Heckscher regarded his reasoning as a kind of supplement to the classical comparative cost analysis, Ohlin insisted on the use of a consistent reasoning in terms of prices. ,[object Object],Thereby, the price system of the different national economies could be joined together and the trade between them.,[object Object]
Cont/....,[object Object],He sent a paper containing a brief version of his thesis to Professor Edgeworthwho was then co-editor with Keynes for the Economic Journal.,[object Object], It presented equation systems as a basis for an analysis of the causes and effects of international trade,[object Object]
Cont/...,[object Object], At that time, equations were not so popular as diagrams.,[object Object],Edgeworth sent his paper to Keynes and asked for his opinion. ,[object Object],Keynes wrote on a piece of paper via Edgeworth back to him: "This amounts to nothing and should be refused. J.M. Keynes.",[object Object]
Five Years in Copenhagen,[object Object],By Christmas time, 1923, Heckscherhad written, telling Ohlin that the chair in economics which had been held by the famous statistician HaraldWestergaard in the University of Copenhagen was open for applications. ,[object Object],HE hinted him to apply for the post.,[object Object]
The Danish universities have a system of arranging a "competition" when there are different applicants and no one is clearly superior.,[object Object],Two Danes, one Norwegian and two Swedes - the other one was Erik Lindahl- were given three months to write a thesis on "the economic effect of the 48 hours week",[object Object]
They also had to give a lecture on "guild socialism" after 48 hours preparation, and two lectures on a freely-chosen subject, which, in my case was "Monetary Stabilisation".,[object Object]
Result of the competitionyear:-1925,[object Object],A majority of the seven judges voted for BertilOhlin, the minority for Erik Lindahl. ,[object Object],So Bertil Ohlin was appointed and took up his new duties in Copenhagen in January 1925.,[object Object]
Year:-1928,[object Object],Ohlin sent a version of  “LOCATION THEORY” to Harvard in the competition for the David Well's prize. ,[object Object],The prize was granted  to another economist but that authority was willing to print his long manuscript in the   “Harvard Economic Studies”. ,[object Object]
Writing of a book,[object Object],The book on “interregional and international tarde” was finished in January 1931, when he had returned to Sweden as successor to Heckscher in the Stockholm School of Business. ,[object Object],But after a lots of critical evaluation the book was released in Spring 1933. ,[object Object]
Specialty of the book,[object Object],The book was characterized by an attempt to pay more attention to how “factor supply reactions”, “location”,“taxation”,“social policy”, and riskaffect international division of labour.,[object Object],The static factor proportion model was only a beginning.,[object Object]
Lectures Delivered,[object Object],From January to the end of August 1931  he was busy at “Geneva” making a report about "The Course and Phases of the World Economic Depression". ,[object Object],He  also gave a lecture on a “combined deficit financial policy and monetary policy as a remedy for the world depression” at the Nordic Economic Conference in June 1931.,[object Object]
Monetary Theory and Employment,[object Object],Bertil Ohlin  concentrated on his attention chiefly on monetary theory and economic expansion. ,[object Object],He tried to construct a model for “an analysis of a process of expansion in a state of large unused resources”. ,[object Object],After writing some papers in the  “EkonomiskTidskrift”  he finished his report on “measures against unemployment” in the spring of 1934.,[object Object]
Lecture in Cambridge:-1936,[object Object],The offer for the lecture gave Ohlin  an opportunity to summarize the Swedish theory and make some comparisons with Keynes' work. ,[object Object],A  considerable part of the lectures was published in the  “Economic Journal”, 1937, under the title, ”The Stockholm Theory of Saving and Investment”. ,[object Object]
Year:-1938,[object Object],Ohlin became a member of the Swedish Riksdag. ,[object Object],The unlimited scope in politics during world war – II attracted him towards politics.,[object Object]
Lectures in universities,[object Object],lecture at Columbia University in Jan. 1947. ,[object Object],A somewhat modified series of lectures was given at Oxford in the autumn of the same year.,[object Object], The lectures were published in 1949 under the title, “The Problem of Employment Stabilization”.,[object Object]
Political Activity,[object Object],Ohlin became leader of the Liberal Party from 1944 - and for the rest of the war, a member of the government .,[object Object],He  continued to teach from 1945 to 1965 and remained party leader until 1967. ,[object Object],From 1946 until his resignation from the leadership, the Liberal Party was the leading opposition party,[object Object]
Cont/-...,[object Object],During the greater part of the time as party leader, he  contributed articles to one or two leading Swedish newspapers. ,[object Object],All in all he published about 1200newspaper articles in the years 1919-1977, of which around 700 appeared in the years from 1931 to 1943.,[object Object]
Work after retirement,[object Object],Bertilohlin  left the Riksdag in 1970,[object Object],Ohlin then wrote newspaper articles based on some research into “monetary theory” and  “the distribution of income” as well as "inflation-protected taxation" and “international economic problems”.,[object Object]
Nobel Symposium,[object Object],1974:-Nobel foundation decided to add a symposium in economic science to the symposia in natural sciences, international peace problems, and literature which had been organized in the preceding decades. ,[object Object]
Cont/-...,[object Object],The "Prize Committee" in economic science decided to choose as subject,  “The International Allocation of Economic Activity”. ,[object Object],As chairman of the organizing committee, Bertil Ohlin  was grateful for the friendly reception of their invitations. ,[object Object]
Nobel prize,[object Object], Oct 14, 1977 - STOCKHOLM, Sweden :-The 1977 “Nobel Economics Prize” was awarded to James Meade of England and Bertil Ohlin of Sweden for their contributions to the theory of “International trade and international capital movements." ,[object Object]
Important works of OHLIN,[object Object],The Course and Phases of the World Economic Depression (1931),[object Object],The German Reparations Problem (1930),[object Object],Protection and Non-Competing Groups (1931),[object Object],Interregional and International Trade (1933),[object Object],Mechanisms and Objectives of Exchange Controls (1937),[object Object]
Cont/...,[object Object],The Problem of Employment Stabilization (1949),[object Object],The Equilibrium Rate of Exchange (1921),[object Object],Theory of Trade (1924),[object Object],Equilibrium in International Trade (1928),[object Object],The Reparation Problem: A discussion (1929) Bertil Gotthard Ohlin shared the 1977 Nobel Prize for Economics with James Meade,[object Object]
Books by Bertil Ohlin,[object Object],Problem of Employment Stabilization,[object Object],The future of the world price level,,[object Object],Interregional and International Trade,[object Object]
Interregional And International Trade,[object Object],It is this expanded theory of Ohlin on “foreign trade” which became popular in economics as the “Hecksher-Ohlin” model.,[object Object]
1 Introduction,[object Object],We will study:-,[object Object],[object Object]
 Factor intensity and factor abundance
 H-O model
 Effect of international trade on factor earnings and income distribution
 Empirical test of H-O model,[object Object]
Same technology
X is L-intensive and Y is K-intensive
Constant returns to scale
Incomplete specialization
Equal tastes
Perfect competition
Internal factor mobility
No transportation costs
All resources are fully employed
Exports equal imports.,[object Object]
3.1 Factor Intensity,[object Object]
3.2 Factor Abundance,[object Object],<,[object Object],<,[object Object],Nation 1 ,[object Object],TK/TL,[object Object],Nation 1 ,[object Object],TK/TL,[object Object], Nation 2 ,[object Object],TK/TL ,[object Object],Nation 2 ,[object Object],TK/TL ,[object Object],[object Object],In Relative Factor Prices,[object Object],PK/PL <PK/PL ,[object Object], In terms of physical units, the definition of factor abundance considers only the supply of factors. But in terms of relative prices, the definition considers not only the supply of factor but also the demand for factor.,[object Object]
3.3 Factor Abundance and the Shape of the PPF,[object Object]
4 Heckscher-Ohlin Theory,[object Object],[object Object],It deals with and predicts the pattern of trade.,[object Object],[object Object],It deals with the effect of international trade on factor prices.,[object Object]
4.1 H-O Theorem,[object Object],A nation will export the commodity whose production requires the intensive use of the nation's relatively abundant and cheap factor and import the commodity whose production requires the intensive use of the nation's relatively scarce and expensive factor.,[object Object],       The relatively labor-rich nation exports the relatively labor-intensive commodity and imports the relatively capital intensive commodity.,[object Object]
4.2 Factor Endowments,[object Object],      Of all the reasons for differences in relative commodity prices and comparative advantage among nations, the H-O theorem isolates the difference in relative factor endowments among nations as the basic cause of comparative advantage and international trade. For this reason, the H-O model is often referred as the factor-proportions or factor-endowment theory. ,[object Object],      Each nation should specialize in the production of and export the commodity intensive in its relatively abundant and cheap factor and imports the commodity intensive in its relatively scarce and expensive factor.,[object Object]
4.3 Illustration of H-O Theory,[object Object]
4.4 General Equilibrium Analysis,[object Object], It discusses all economic forces that jointly determine the price of the final commodities.,[object Object],Which is the most important for trade? THE SUPPLY OF FACTORS !,[object Object]
4.5 Illustration of H-O Model,[object Object]
Explanation,[object Object],Autarky –Nation 1 produces @A and more of X-Labour intensive good,[object Object],-Nation 2-produces at A’ and more of Y capital intensive good,[object Object],[object Object]
PA less than PA’
With trade
Nation1 specialises in X and moves from A to B
Nation2 specailises in Y and moves from A’ to B’,[object Object]
New IC  both nations will benefit.
If ratio of Px/Py greater than Pb then Nation 1 wants to export more of commodity X than what Nation2 wants at a higher relative priceof X and then Px/Py falls toward Pb,[object Object]

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