This paper studies, within an OLG framework, the role of relative factor intensities in determining the relation between the terms of trade and the capital stock. It shows that a diversified production equilibrium can be characterized by a positive association between these two variables if the...

This study examines convergence in real wages for hired farm labor in the U.S. agricultural sector over the period 1978-92, using the 'average farm' in each county as an observation. Convergence is investigated at the aggregate (or the entire U.S. level)and regional levels. Evidence supports...

NOTE: This is a description of the paper and is not the actual abstract. A condition formulated by Deardorff (1994) generalizes the "diversification cone" concept from the standard 2x2x2 Hecksher-Ohlin model to the general case of many goods, countries and factors. He shows that this condition...