Henry Thompson


Trade theory

Three factors of production

Simulated models of production

Tests of trade theory

Economic growth

Open economy macroeconomics

Energy economics




International trade theory

Focused on general equilibrium models of production


A tariff on a productive factor with import competing supply

Journal of International Trade and Economic Development (2016) 71-9

The effect of energy tariffs, for instance, with domestic energy resources


Tariffs and wages in trade theory

Review of Development Economics (2016) 399-405

A review of one of the oldest issues in trade theory


Tourism demand and wages in a general equilibrium model of production

Tourism Economics (2016) 81-91

Rising tourism demand may raise or lower wages


Regional trade in a three country model

in The Region and Trade: New Analytical Directions (2010)

edited by Amit Batabyal and Peter Nijkamp, World Scientific Publishing

Comparative advantage and country size determine regional trade


Energy tariffs in a small open economy

Energy Economics (2014) 63-7

Energy tariffs, wages, and the pattern of production


The fixed factor proportions model of production and trade

Keio Economic Studies (2011)

Fixed input coefficients with numerous inputs


Stolper-Samuelson production box

Famous Figures in Economics (2010) edited by Peter Lloyd and Marc Blaug, Edward Elgar

History of the production box


Breaks in the chain of comparative advantage

with Kwan Choi, International Review of Economics and Finance (2009) 346-8

Full employment can break a chain


Bilateral factor abundance and intensity with many factors, products, and countries

with Dajun Tuo, The CJU Journal of Business and Economics (2009) 6-16

Factor abundance and intensity in high dimensions


Endogenous trade and factor proportions production

International Journal of Economic Research (2007) 171-7

Production theory meets offer curves


General equilibrium production with constant elasticity of substitution

with Hugo Toledo, Keio Economic Studies (2007) 27-36

CES limits the range of adjustments


An empirical measure of factor intensity when there are many factors and many products

The International Trade Journal (2007) 109-19

Mean weighted factor intensity


A distance measure of factor abundance with many factors and many countries

with Myeongjoo Kang, Mostafa Malki, Farhad Rassekh

International Review of Economics and Finance (2007) 287-99

Euclidean distance


Aggregation and applied trade theory

Journal of Economic Integration (2005) 604-12

Distorted intra-industry trade, substitution, factor intensity, abundance


Duopoly quotas and relative import quality

with Randy Beard, International Review of Economics and Finance (2003) 275-81

A more general theory of quality reaction to quotas


Factor intensity as Euclidean distance

Keio Economic Studies (2003) 1-7

Euclidean distance


Robustness of the Stolper-Samuelson intensity price pattern

in Handbook of International Trade (2003) edited by Kwan Choi, Blackwell

Relaxing assumption parametrically


Price taking monopolies in small open economies

Open Economies Review (2002) 205-9

Monopoly in a small open economy


Measuring factor abundance across many factors and many countries

with Farhad Rassekh, Open Economies Review (2002) 237-49

Mean weighted abundance outperforms alternatives


Definitions of factor abundance and the factor content of trade

Open Economies Review (1999) 385-93

Factor abundance measures


Production and the trade balance in a small open economy

Journal of Economic Integration (1999) 432-41

Trade balance with real debt


Micro and macro convergence: Factor price equalization and per capita income

with Farhad Rassekh, Pacific Economic Review (1998) 3-11

Wages, rents, and per capita income


Production with two factors and many goods: Large firms in a small open economy

International Economic Journal (1998) 93-102

Product differentiation with competitive trade


Global sensitivity of neoclassical and factor proportions models to production technology

with Jon Ford, International Economic Journal (1997) 61-74

Production frontiers and relative prices


International capital and nontraded goods in the long run

International Review of Economics and Finance (1997) 379-90

Nontraded goods with specific capital inputs


International differences in production functions and factor price equalization

Keio Economic Studies (1997) 43-54

A theory of similarity for production functions


Quotas, quality, and output in an international duopoly

with Randy Beard, George Sweeney, Journal of Economic Integration (1997) 180-205

Quotas and quality responses


Factor price equalization: Theory and evidence

with Farhad Rassekh, Journal of Economic Integration (1993) 1-32

Factor price convergence


Production and trade with international capital movements and payments

Southern Economic Journal (1992) 743-9

International capital and the BOP


Variable employment and income in general equilibrium

Southern Economic Journal (1989) 679-83

Unemployment based on Okuns law


Toward a theory of free trade zones

with Jafar Alavi, International Trade Journal (1988) 203-17

Price conditions


A review of advancements in the general equilibrium theory of production and trade

Keio Economic Studies (1987) 43-62

Updates the Chipman survey


International migration, non-traded goods, and economic welfare in the source country: A comment

Journal of Development Economics (1984) 321-4

Migration and real incomes


Factor migration and income redistribution in international trade

Keio Economic Studies (1983) 65-70

Friends are intransitive but enemies transitive






Trade theory with 3 factors of production

Capital, labor, and land (natural resources, energy)


International trade with three factors, goods, or countries, Keio Economic Studies (2001) 43-52

Akira Takayama noted 3 is a magic number


Do oil tariffs lower wages?  Open Economies Review (1994) 191-202

Maybe with 3 inputs


Production and trade with sector specific international capital

International Review of Economics and Finance (1994) 93-105

Tariffs, international capital, and 2 domestic inputs


Foreign management, international capital, and income redistribution

International Economic Journal (1993) 33-41

Foreign managers may carry capital


The magnification effect with three factors

Keio Economic Studies (1993) 57-64

13 magnification effects


Industrial shutdowns and medium run factor intensity reversals

Canadian Journal of Economics (1990) 406-12

Factor intensity reversals and industrial shutdowns with 3 factors


Do tariffs protect specific factors?

Canadian Journal of Economics (1989) 406-12

Maybe not with 3 factors


Free trade and factor price polarization

European Economic Review (1986) 419-25

Polarization with 3 factors


Complementarity in a simple general equilibrium production model

Canadian Journal of Economics (1985) 616-21

Complements and the 3 factor model


International capital mobility in a specific factor model

Atlantic Economic Journal (1985) 76-9

Sector specific capital and perfectly elastic international capital supply


Trade and international factor mobility

Atlantic Economic Journal (1983) 45-8

International capital with 2 domestic factors





Simulated Models of Production and Trade

Properties of general equilibrium models of production


Alabama forest products and the potential impacts of FTAA price changes

with Mostafa Malki, Osei Yeboah, Journal of Economic Integration (2010) 130-43

Alabama forest products in a specific factors model with labor and energy inputs


Labor skills and factor proportions trade in the Gulf Cooperation Council

with Hugo Toledo, International Review of Economics and Finance (2010) 407-11

Skill intensity and abundance, modern and traditional economies


Tariff elimination and the wage gap in an industrial specific factors model

with John Francis, Review of International Economics (2009) 447-60

Tariffs and skilled wage gap with 458 industries


A specific factor model of FTAA and North Carolina textile and apparel

with Mostafa Malki, Osei Yeboah, International Economic Journal (2009) 227-36

Impact of FTAA on returns to industry specific capital, output, skill wages


The impact of a BSE outbreak in a specific factors model

with Osei-Agyeman Yeboah, Victor Ofori-Boadu, International Journal of Applied Economics (2010) 47-57

Collapse in the price of beef



Free trade with Cuba: The effects of a lifted embargo in Alabama

with Curtis Jolly, Southern Economics and Business Journal (2008) 83-92

A specific factors model of Alabama


The industrial wage effects of Croatias accession to the EU in an applied specific factors model of production

with Josip Funda, Mia Mikic, International Economics and Finance Journal (2006) 157-69

Croatia and its 23 industries enter EU


Income redistribution, trade prices, and international capital in simulated trade models

in WTO and World Trade: Challenges in a New Era eds Geunter Heiduk, Kar-yiu Wong, Springer-Verlag (2005)

Factor intensity outperforms substitution and foreign capital


FTAA and Colombia: Income distribution across labor groups

with Hugo Toledo, International Review of Economics & Finance (2005) 203-12

Income redistribution in Colombia due to FTAA


Bolivia and South American free trade

with Hugo Toledo, International Trade Journal (2001) 113-26

Bolivia enters Mercosur


Free trade and income redistribution across labor groups:  Comparative statics for the US economy

International Review of Economics and Finance (1997) 181-92

8 labor skills, factor intensify


Free trade and income redistribution in a three factor model of the US economy

Southern Economic Journal (1997) 1074-83

Trade lowers unskilled wage but raises the skilled wage and capital return


NAFTA and industrial adjustment:  A specific factors model of production in Alabama

Growth and Change (1996) 3-28

Specific factors model, unskilled labor loses relative to skilled


Free trade and income redistribution in some developing and newly industrialized countries

Open Economies Review (1995) 265-80

Free trade helps labor and capital but hurts skilled labor


Factor intensity versus factor substitution in a specified general equilibrium model

Journal of Economic Integration (1995) 283-97

Factor intensity has most influence


An investigation of the quantitative properties of the specific factors model of production and trade

Japan and the World Economy (1994) 375-88

2 digit industry data with skilled versus unskilled labor


Factor migration and income distribution in some developing countries

with Don Clark, Bulletin of Economic Research (1990) 131-40

Foreign investment and emigration raise unskilled wages


International factor migration in the US

with Don Clark, Atlantic Economic Journal (1990) 74-8

Capital and skilled labor are helped by unskilled immigration


Simulating a multifactor general equilibrium model of production

International Economic Journal (1990) 21-34

Comparative static model with capital and 8 labor skills


Immigration, international capital flows, and long run income distribution in Canada

with Don Clark, Atlantic Economic Journal (1986) 24-9

Factor migration and factor prices


Factor movements with three factors and two goods in the US economy

with Don Clark, Economics Letters (1983) 53-60

Unskilled immigrants raise skilled wages and capital return






Empirical trade theory


Stolper-Samuelson time series: Long term US wage adjustment

Review of Development Economics (2012)

US wage adjustments 1949-2006


The history and potential of trade between Cuba and the US

with Cassandra Copeland, Curtis Jolly, Journal of Economics and Business (2012)

US was and will become the main economic partner of Cuba


Estimating the Heckscher-Ohlin model: Inverting the inverse matrix

International Review of Economics and Finance (2011)

Properties of substitution and intensity


The Cuban embargo and Southeastern agricultural exports

with Cassandra Copeland, Southern Economics and Business Journal (2010)

Agricultural exports from US Southeast if embargo is lifted


Wages in a factor proportions time series model of the US

Journal of International Trade and Economic Development (2010) 241-56

Estimated wage effects, 1949-2006


Productivity, imports, and the softwood lumber dispute

with Venkatarao Nagubadi, Daowei Zhang, The International Trade Journal (2009) 301-29

US protection lowers productivity


Lost protection and wages: Some time series evidence for the US

with Cassandra Copeland, International Review of Economics and Finance (2007) 603-6

Effect of falling US tariffs on wages minor


Exchange rates and commodity markets: Global trade in corn, cotton, poultry, and soybeans

with Abdul Almarwani, Curtis Jolly, Agricultural Economics Review (2007) 77-86

Effects of bilateral exchange rates inconsistent


Free trade and a case of local tomato production

with Abdul Almarwani, Curtis Jolly, Agricultural Economics Review (2007) 69-78

Estimated loss of $17 million in Alabama tomato output during early NAFTA


Substitution elasticities with many inputs

Applied Mathematics Letters (1997) 123-27

Bilateral elasticity as alternative to McFadden and Morishima


Adjustment in general equilibrium:  Some industrial evidence

with Farhad Rassekh, Review of International Economics (1997) 20-31

Stolper-Samuelson estimate for OECD countries 1970-1985


An empirical analysis of intraindustry trade and multinational firms

with Elizabeth Wickham, in Intraindustry Trade: Theory, Evidence, and Extensions, ed Peter Tharakan, MacMillan (1989)

Unique in economics, an empirical result uncovers a theoretical mistake


Separability of capital and labor in US manufacturing

with Don Clark and Richard Hofler, Economics Letters (1988) 197-201

Warning label for aggregating labor skills












Economic growth


Economic growth with a nonrenewable energy resource

Journal of Energy and Development (2012)

Economic growth with capital, labor, depleting nonrenewable resource


Economic growth and foreign capital

Review of Development Economics (2008) 694-701

Incomplete convergence, trade imbalance, perpetual capital flow


Foreign investment and transition in Central/Eastern Europe along the phase curve

with Valentina Hartarska, Applied Econometrics and International Development (2008) 67-78

Growth along phase curve for 27 countries during the transition


An analysis of the impact of freedoms on economic growth

with John Kagochi, Nii Tacki, Journal of African Development (2007) 13-29

Political freedom and investment stimulate growth, not economic freedom or price of oil


Exports, imports, and income in Taiwan: An examination of the export led growth hypothesis

with Tsangyao Chang, Wenshwo Fang, and Wenrong Liu, International Economic Journal (2000) 151-60

Weak influence of exports on growth in Taiwan








Open economy macroeconomics



Weak policy in an open economy: The US with a floating exchange rate, 1974-2009

Economic Analysis and Policy (2012)

Monetary expansion weakly raises income, fiscal expansion counterproductive


The real exchange rate and the balance of trade in US tourism

with Ka Ming Cheng, Hyeongwoo Kim, International Review of Economics and Finance (2012) 122-8

Depreciation raises tourism revenue, no effect on import spending


The exchange rate, euro switch, and tourism revenue in Greece

with Alexi Thompson, Tourism Economics (2010) 733-6

No effect of euro switch, depreciation slightly raises tourism revenue


Exchange rates, exchange risk, and Asian export revenue

with WenShwo Fang and YiHao Lai, International Review of Economics and Finance (2007) 237-54

Positive effects of depreciation on export revenue offset by exchange risk


Third country news in the monetary model of the exchange rate

with John Jackson and Juliet Zheng, Applied Financial Economics (2005) 757-64

Dollar news affects cross exchange rates


Exchange rate risk and export revenue in Taiwan

with WenShwo Fang, Pacific Economic Review (2003) 117-29

Exchange risk reduces export revenue, erasing any positive effect of deprecation


Fiscal policy in South Korea, Taiwan, and Thailand: Cointegration analysis

with Tsangyao Chang and Wen Rong Liu, ASEAN Economic Bulletin (2002)

Fiscal expansion does not stimulate output in South Korea, Taiwan, Thailand


The impact of the exchange rate on local industries

with Kamal Upadhyaya, Economia Internationale (1998) 101-13

Strong local effects of depreciation on Alabama industrial exports


Devaluation and the trade balance in India:  Stationarity and cointegration

with Kamal Upadhyaya, Murli Buluswar, Applied Economics (1996) 429-32

Devaluations have little impact on the trade balance in India












Energy economics


Retail electric competition in Alabama?


A note on the oil price trend and GARCH shocks

with Jing Li, The Energy Journal (2010) 185-91

Long term monthly persistence in the variance of oil price shocks, deterministic trend 


Oil depletion and terms of trade, Keio Economic Studies (2007) 19-25

Offer curves with optimal depletion, backward bending offer curve, price and extraction paths


The applied theory of energy substitution in production

Energy Economics (2006) 410-25

Theory of substitution between energy and other inputs


The first step in restructuring the US electric industry

with Andy Barnett, Keith Reutter, Energy Economics (2005) 225-35

Competitive local utilities lobbied for state franchises, unnatural monopoly power


Clean air stranded costs: How big?

with Andy Barnett, Justin Isaacs, The Electricity Journal (2002) 64-8

Clean Air Act promises to strand utility capital


Retail competition and interstate electricity trade in the Southeast

with Andy Barnett and Justin Isaacs, The Electricity Journal (2002) 68-74

Retail competition means substantial consumer gains in high price states, losses in low price ones


Short circuits in energy markets: California and competition

The Electricity Journal (2001) 72-3

California energy crisis was caused by too much regulation


A note on vertical integration and stock ratings of oil companies

with John Jackson, Kenneth Edwards, The Energy Journal (2000) 145-51

Vertical integration of refineries back into pipelines and oil fields raises stock returns


Energy taxes and wages in general equilibrium, OPEC Review (2000) 185-94

Do wages increase with an energy tax?


Electricity substitution and deregulation: Some local industrial evidence

with Andy Barnett, Keith Reutter, Energy Economics (1998) 411-9

Increased Alabama exports of electricity would raise the demand for capital and labor


Industrial energy substitution during the 1980s in the Greek economy

with Yannis Caloghiro, Alexi Mourelatos, Energy Economics (1997) 476-91

Moderate substitution between electricity and other inputs in Greece


Efficient versus "popular" prices for regulated monopolies

with Randy Beard, Journal of Business (1996) 75-88

Bottom feeding as well as cream skimming possible for regulated monopolies





Other articles






Book reviews















Other articles


News and volatility of food prices

with Yuqing Zheng, Henry Kinnucan, Applied Economics (2007) 1-7

Unexpected changes and volatility impact commodity prices


Industrial subsidies in Alabama: Economic impact across counties

with Anthony Gadzey, Osei Yeboah, Southern Economics and Business Journal (2005) 130-6

1% rate of return on industrial relocation subsidies


State economic incentives: Stimulus or reallocation?

with Pete Cacalgno, Public Finance Review (2004) 651-65

Reallocation with no net stimulus across US states


Aftershocks of NAFTA:  How is US industry adjusting to freer trade in North America? 

The Financial Survey (1998)

Capital intensive export industries doing well


Globalization and income distribution: Across and within countries

Business and Economics for the 21st Century (1997) 168-72

Income distribution within and across countries


Privatization and deregulation of the electricity industry

with Andy Barnett, Business and Economics for the 21st Century (1997) 350-58

Efficiency and privatization, nationalized to regulated to deregulated industries


Akira Takayama: A memoir

Review of International Economics (1996) 371-81

A collection of memories from students and colleagues














International Economics: Global Markets & Competition, 4th ed, World Scientific (2017)


International Economics: A Microeconomic Approach, Longman (1993)


Instructor's Manual, International Economics, Longman (1993)


Instructor's Manual for Principles of Economics Ruffin & Gregory, 6 editions


Instructor's Manual for Economics Gregory & Ruffin (1993)


Instructor's Manual for Essentials of Economics Gregory & Ruffin, 3 editions


Instructor's Manual for Basic Economics Gregory & Ruffin (1989, 1995)


Workbook for Modern Price Theory Ruffin (1988)







Book reviews


Trade, Growth, and Poverty Reduction by T.N. Srinivasan

International Review of Economics and Finance (2010)


Handbook on International Trade Policy edited by Kerr and Gaisford

American Journal of Agricultural Economics (2009)


Economics of International Trade and the Environment by Batabyal and Beladi

American Journal of Ag Economics (2004)


Globalization and the Theory of Input Trade by Jones

Southern Economic Journal (2001)


Productivity, Innovation and Economic Performance by Barrell, Mason, and OMahony

International Trade Journal (2001)


Managerial Economics by Salvatore

International Trade Journal (1994)


International Trade and Trade Policy by Helpman & Razin

International Review of Economics and Finance (1994)


International Economic Policy:  Beyond the Trade and Debt Crisis by Pool & Stamos

International Trade Journal (1992)


Canadian-American Trade and Investment under the Free Trade Agreement by Crookell

Growth and Change (1991)


International Economics: Theory and Policy by Enders & Lapan

International Trade Journal (1988)


The New Protectionist Threat to World Welfare by Salvatore

Southern Economic Journal (1988)


The Structure and Evolution of Recent U.S. Trade Policy by Baldwin & Krueger

Wall Street Review of Books (1987)


A Retrospective on the Classical Gold Standard, 1821-1931 by Bordo & Schwartz

Wall Street Review of Books (1985)


Problems in International Finance by Black & Dorrance

Wall Street Review of Books (1985)