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2017-01-01

Paul A. Samuelson’s “factor-price equalization theorem” - In a perfect world, people don’t have to move to another country to get a higher wage. Robert J. Shiller

In 1948, Paul A. Samuelson’s “factor-price equalization theorem” lucidly showed that under conditions of unlimited free trade without transportation costs (and with other idealized assumptions), market forces would equalize the prices of all factors of production, including the wage rate for any standardized kind of labor, around the world. 

In a perfect world, people don’t have to move to another country to get a higher wage. 


Ultimately, they need only be able to participate in producing output that is sold internationally.


Robert J. Shiller, a 2013 Nobel laureate in economics, Project Syndicate 19 September 2016

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