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Comparatively advantaged: economic diversity, unemployment, and international trade

Chidiac, Tom (2012) Comparatively advantaged: economic diversity, unemployment, and international trade. Undergraduate Thesis, University of Pittsburgh. (Unpublished)

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Abstract

Theoretical models of international trade suggest that countries will specialize in the industry that affords the greatest comparative advantage. Yet, many policy makers counsel diversification as a way to insulate national economies from exogenous shocks and reduce unemployment. This paper posits a hypothesis of how international trade affects economic diversity and steady-state unemployment, based on a dynamic interpretation of Ricardian and Hecksher-Ohlin models of trade. Subsequent data analysis provides evidence supporting our supposition, suggesting that there are strong links between the degree of specialization and the long run level of unemployment. Our findings lead us to question prevailing conventional wisdom, and we suggest alternative ways small countries can enjoy the benefits of economic diversification.

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Details

Item Type: University of Pittsburgh ETD
Status: Unpublished
Creators/Authors:
CreatorsEmailPitt UsernameORCID
Chidiac, Tomtchidiac@gmail.com
ETD Committee:
TitleMemberEmail AddressPitt UsernameORCID
Thesis AdvisorCassing, Jamesjcassing@pitt.edu JCASSING
Committee MemberMaloy, Jamesmaloy@pitt.eduMALOY
Committee MemberTokarick, StephenSTOKARICK@imf.org
Committee MemberGruver, Genegruver@pitt.eduGRUVER
Date: 24 May 2012
Date Type: Publication
Defense Date: 4 April 2012
Approval Date: 24 May 2012
Submission Date: 20 April 2012
Access Restriction: No restriction; Release the ETD for access worldwide immediately.
Number of Pages: 73
Institution: University of Pittsburgh
Schools and Programs: Dietrich School of Arts and Sciences > Economics
David C. Frederick Honors College
Degree: BPhil - Bachelor of Philosophy
Thesis Type: Undergraduate Thesis
Refereed: Yes
Uncontrolled Keywords: International trade, Unemployment, Diversification, Diversity, Capital intensity, Instability
Date Deposited: 24 May 2012 18:18
Last Modified: 15 Nov 2016 13:57
URI: http://d-scholarship.pitt.edu/id/eprint/11979

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