In the early 1900s a theory of international trade was developed by two Swedish economists, Eli Heckscher and Bertil Ohlin.

The most well known scholars of the Stockholm School of Economics are arguably the economists Eli Heckscher ( professor of economics and statistics 1909 – 1929, professor of economic history 1929 – 1945 ), Gunnar Myrdal and Bertil Ohlin ( professors of economics ).

* Bertil Ohlin, a Nobel laureate economist, politician and co-developer of the Heckscher – Ohlin model.

Ohlin's name lives on in one of the standard mathematical model of international free trade, the Heckscher – Ohlin model, which he developed together with Eli Heckscher.

In 1930 Ohlin succeeded Eli Heckscher, his teacher, as a professor of economics, at the Stockholm School of Economics.

In this Ohlin built an economic theory of international trade from earlier work by Heckscher and his own doctoral thesis.

It is now known as the Heckscher – Ohlin model, one of the standard model economists use to debate trade theory.

The model provided a basis for later work on the effects of protection on real wages, and has been fruitful in producing predictions and analysis ; Ohlin himself used the model to derive the Heckscher – Ohlin theorem, that nations would specialize in industries most able to utilize their mix of national resources efficiently.

The Heckscher – Ohlin Theorem, which is concluded from the Heckscher – Ohlin model of international trade, states: trade between countries is in proportion to their relative amounts of capital and labor.

* Chapter 60 The Heckscher – Ohlin ( Factor Proportions ) Model

Professor Ohlin developed, together with professor Eli Heckscher, the world-wide standard economic model of international trade, the Heckscher-Ohlin theory.

" Knut Wicksell, Gustav Cassel, Eli Heckscher, Bertil Ohlin and Gunnar Myrdal on the Role of the Economist in Public Debate " ( Sept 2006 ).

The Heckscher-Ohlin model ( H-O model ), also known as the factors proportions development, is a general equilibrium mathematical model of international trade, developed by Eli Heckscher and Bertil Ohlin at the Stockholm School of Economics.

In a model of international trade based on resource endowments as the Heckscher – Ohlin / Heckscher – Ohlin-Vanek, the Dutch disease can be explained by the Rybczynski theorem.

The Stolper – Samuelson theorem is a basic theorem in Heckscher – Ohlin type trade theory.

It was derived in 1941 from within the framework of the Heckscher – Ohlin model by Wolfgang Stolper and Paul Samuelson, but has subsequently been derived in less restricted models.

The original Heckscher – Ohlin model was a two factor model with a labour market specified by a single number.

Charles Heckscher has developed an ideal type, the post-bureaucratic organization, in which decisions are based on dialogue and consensus rather than authority and command, the organization is a network rather than a hierarchy, open at the boundaries ( in direct contrast to culture management ); there is an emphasis on meta-decision making rules rather than decision making rules.

Heckscher is best known for a model explaining patterns in international trade ( Heckscher-Ohlin model ) that he developed with Bertil Ohlin at the Stockholm School of Economics.

The Heckscher – Ohlin model ( H – O model ) is a general equilibrium mathematical model of international trade, developed by Eli Heckscher and Bertil Ohlin at the Stockholm School of Economics.

The standard Heckscher – Ohlin model ignores all these vital factors when one wants to consider development of less developed countries in the international context.

Heckscher and Ohlin didn't require production technology to vary between countries, so ( in the interests of simplicity ) the H-O model has identical production technology everywhere.

Underconsumption theory dates to the earlier economic theory of mercantilism, and an early history of underconsumptionism is given in Mercantilism, by Eli Heckscher, vol.

Daniel Trefler and Susan Chun Zhu summarises their paper that " It is hard to believe that factor endowments theory note: in other words, Heckscher – Ohlin – Vanek Model could offer an adequate explanation of international trade patterns.

Even when the HOV formula fits well, it does not mean that Heckscher – Ohlin theory is valid.

Indeed, Heckscher – Ohlin theory claims that the state of factor endowments of each country ( or each region ) determines the production of each country ( respectively of each region ) but Bernstein and Weinstein found that the factor endowments have little predictive power.

Heckscher – Ohlin theory is badly adapted to the analyze South-North trade problems.

Heckscher – Ohlin theory excludes unemployment by the very formulation of the model, in which all factors ( including labour ) are employed in the production.

Standard Heckscher – Ohlin theory assumes the same production function for all countries.

The classical trade theory ( i. e. the Heckscher – Ohlin model ) has no enterprises in mind.

The standard Heckscher – Ohlin model assumes that the production functions are identical for all countries concerned.

In the context of the Heckscher – Ohlin model of international trade, open trade between regions means changes in relative factor supplies between regions, that can lead to an adjustment in quantities and types of outputs between those regions, that would return the system toward equality of production input prices like wages across countries ( the state of factor price equalization ).

Heckscher and Ohlin considered the Factor-Price Equalization theorem an econometric success because the large volume of international trade in the late 19th and early 20th centuries coincided with the convergence of commodity and factor prices worldwide.

The validity of the Heckscher – Ohlin model has been questioned since the classical Leontief paradox.

An advanced course textbook writer estimated that " the Heckscher – Ohlin model is hopelessly inadequate as an explanation for historical and modern trade patterns.

Heckscher is also known as the founder of economic history as an independent academic discipline and his work Svenskt Arbete och Liv is a fundamental work within this subject.

** Celeste de Longpré Heckscher, American composer ( d. 1928 )

They rented modest quarters for the new museum in the Heckscher Building at 730 Fifth Avenue ( corner of Fifth Avenue and 57th Street ) in Manhattan, and it opened to the public on November 7, 1929, nine days after the Wall Street Crash.

First housed in six rooms of galleries and offices on the twelfth floor of Manhattan's Heckscher Building, on the corner of Fifth Avenue and 57th Street, the museum moved into three more temporary locations within the next ten years.

In 1816 Heine moved to Hamburg to become an apprentice at Heckscher & Co, his uncle Salomon's bank, but he displayed little aptitude for business.

His mansion, Islip Grange, named after his family's ancestral estate at Northampshire, England, stood near the shoreline of what is now Heckscher State Park.

In 1843 the August Heckscher family from New York acquired the Payne brothers holding, and changed the name to Heckscherville.

With Patri and O ' Ryan's encouragement he began to take acting lessons at a drama school that was part of The Heckscher Foundation and began to appear in their productions.

Other Long Island landmarks named in honor of Chapin include a graduate student apartment complex at Stony Brook University, a theater in Heckscher Park, and a playground at the intersection of Columbia Heights and Middagh Street in Brooklyn Heights.

* Heckscher Museum of Art ( Huntington, N. Y .)