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International Factor Mobility, Minimum Wage Rates, and Factor-Price Equalization: A Synthesis

J. Peter Neary
The Quarterly Journal of Economics
Vol. 100, No. 3 (Aug., 1985), pp. 551-570
Published by: Oxford University Press
Stable URL: http://www.jstor.org/stable/1884369
Page Count: 20
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International Factor Mobility, Minimum Wage Rates, and Factor-Price Equalization: A Synthesis
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Abstract

This paper examines the behavior of a small open economy facing perfectly elastic supply curves for some of its productive factors. In particular, the paper derives some comparative statics properties of such economies, compares them with the properties of otherwise identical economies in which all factor prices are determined endogenously, and investigates the relationship between factor-price rigidities, factor-price equalization, and the pattern of specialization. Among the new results which are proved, it is shown that, as more and more factor-price rigidities are imposed on an economy, it comes "closer" to a state of factor-price equalization.

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