Abstract
Abstract The Heckscher–Ohlin (HO) model was generalized by Jaroslav Vanek (1968) into a theory of the factor content of trade. It is called the Heckscher–Ohlin–Vanek (HOV) model in this context. The HO–HOV framework offers testable predictions about who exports what, who imports what and the factor content of trade. Incorporating some additional assumptions produces testable predictions about international factor rewards. The framework has naturally become, for many years, the support of a large body of empirical work on the determinants and effects of international trade. The evidence about international trade patterns shows, though, that the HOV model pre- dictions about the factor content of trade are frequently at odds with the data. In the early nineties, the HOV model seemed to be on the way out as an empirical tool.
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