Henry Thompson


Trade theory

Three factors of production

Simulated models of production

Tests of trade theory

Economic growth

Open economy macroeconomics

Energy economics

















Trade theory

Expanding the scope of general equilibrium production


The fixed factor proportions model of production and trade

Keio Economic Studies (2011)

Production and trade with fixed input coefficients and numerous inputs


Stolper-Samuelson production box

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

The production box in the history of economic thought


Breaks in the chain of comparative advantage

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

Abundant countries, intensive exports, full employment


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

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

Measures of factor abundance and intensity with any number of factors, products, countries


Endogenous trade and factor proportions production

International Journal of Economic Research (2007) 171-7

Production and offer curves


General equilibrium production with constant elasticity of substitution

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

General equilibrium production with CES production


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 in high dimensional production


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 measure of abundance


Aggregation and applied trade theory

Journal of Economic Integration (2005) 604-12

Intra-industry trade, substitution, factor intensity, and abundance under aggregation


Duopoly quotas and relative import quality

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

A general theory of quotas and quality


Factor intensity as Euclidean distance

Keio Economic Studies (2003) 1-7

Euclidean distance measure of factor intensity


Robustness of the Stolper-Samuelson intensity price pattern

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

Parametric relaxation of assumptions


Price taking monopolies in small open economies

Open Economies Review (2002) 205-9

Monopoly trader in a small open economy


Measuring factor abundance across many factors and many countries

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

Various measures of factor abundance versus mean weighted abundance


Definitions of factor abundance and the factor content of trade

Open Economies Review (1999) 385-93

Weak factor abundance and the Heckscher-Ohlin theorem


Production and the trade balance in a small open economy

Journal of Economic Integration (1999) 432-41

The trade balance with an export stockpile


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

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

Factor prices 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 in a competitive trade model


Global sensitivity of neoclassical and factor proportions models to production technology

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

Production frontiers and relative price curves


International capital and nontraded goods in the long run

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

Properties of nontraded goods and specific capital inputs


International differences in production functions and factor price equalization

Keio Economic Studies (1997) 43-54

Trade theorems with similar production functions


Quotas, quality, and output in an international duopoly

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

Quotas, import quality, and domestic quality


Factor price equalization: Theory and evidence

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

The relevance of factor price convergence  


Production and trade with international capital movements and payments

Southern Economic Journal (1992) 743-9

The balance of payments and international capital


Variable employment and income in general equilibrium

Southern Economic Journal (1989) 679-83

Aggregate unemployment with Okun’s law


Toward a theory of free trade zones

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

Price conditions for FTZs


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

Keio Economic Studies (1987) 43-62

Update of Chipman’s Econometrica 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

Intransitive friends, transitive enemies

































Trade theory with three factors of production

Classical assumption of labor, capital, and land (natural resources, energy)


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

Akira Takayama noted three is a magic number


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

With three inputs, maybe


Production and trade with sector specific international capital

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

Tariffs, international capital, two domestic inputs 


Foreign management, international capital, and income redistribution

International Economic Journal (1993) 33-41

Foreign managers migrate according to international demand and may carry capital


The magnification effect with three factors

Keio Economic Studies (1993) 57-64

Thirteen magnification effects


Industrial shutdowns and medium run factor intensity reversals

Canadian Journal of Economics (1990) 406-12

Factor intensity reversals and industrial shutdowns with three factors


Do tariffs protect specific factors?

Canadian Journal of Economics (1989) 406-12

Maybe not, with three factors


Free trade and factor price polarization

European Economic Review (1986) 419-25

Factor price polarization with three factors 


Complementarity in a simple general equilibrium production model

Canadian Journal of Economics (1985) 616-21

Complements in the three 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 two domestic factors
































Simulated Models of Production and Trade

Quantitative properties in general equilibrium


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 adjust 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 suggest potential trade between 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 beef price



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

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

Specific factors model of Alabama  


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

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

Croatia with 23 industries entering 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 and prices outrank 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 helps unskilled labor


Bolivia and South American free trade

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

Bolivian manufacturing, natural gas, agriculture, services, mining adjust to Mercosur


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

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

Eight 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 more influence on comparative static adjustments


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

Japan and the World Economy (1994) 375-88

Comparative static model, data at two digit industry level, 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 eight 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)

Cuba’s pre-Castro economic partner was the US


Estimating the Heckscher-Ohlin model: Inverting the inverse matrix

International Review of Economics and Finance (2011)

Estimated comparative static model and implied 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 when 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 from the mid-1960s on wages minor, 18% tariff would raise wages 1%


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, no exchange risk effects


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 elasticities


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 oversight


Separability of capital and labor in US manufacturing

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

Warning label for aggregating skill groups in US manufacturing
































Economic growth


Economic growth with a nonrenewable energy resource

Journal of Energy and Development (2012)

Economic growth with capital, labor, and a depleting nonrenewable resource


Economic growth and foreign capital

Review of Development Economics (2008) 694-701

separate foreign and domestic capital imply incomplete convergence, trade imbalance, steady state 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

Foreign investment contributes to growth along phase curve across 27 countries during the transition, 1997-2003


An analysis of the impact of freedoms on economic growth

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

In Nigeria 1970-2000, political freedom and investment stimulate growth, economic freedom and oil price do not


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 weaken argument for export subsidies



















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 real income per capita, while fiscal “expansion” is 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 but no effect on import spending or tourism trade balance, 1973-2010


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

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

The euro switch had no effect, depreciation slightly raises tourism revenue, 1974-2006


Exchange rates, exchange risk, and Asian export revenue

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

Any positive effect of depreciation on export revenue offset by exchange risk, Asian export markets behave differently


Third country news in the monetary model of the exchange rate

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

“News” on the dollar 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, or Thailand over 50 years


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 since 1970s 


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, 1990-2008 


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 for coming century


The applied theory of energy substitution in production

Energy Economics (2006) 410-25

Theory behind estimating 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

In the early 1900s competitive local utilities lobbied for state franchised 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 more utility capital than competition 


Retail competition and interstate electricity trade in the Southeast

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

Retail competition leads to substantial consumer gains in high price states and losses in low price states


Short circuits in energy markets: California and competition

The Electricity Journal (2001) 72-3

Was the California energy crisis caused by too little or 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 ratings


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

Do wages increase with an energy tax due to substitution in production?


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 substitutes 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 across 30 Alabama counties for 20 years


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 while labor intensive industries struggle


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 colleagues































International Economics: Global Markets and Competition 3rd edition World Scientific (2011)


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 O’Mahony

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)