Gravity Models in International Trade: An Exploration in Econo-Physics

Iman Pal and Saibal Kar ()

South Asian Journal of Macroeconomics and Public Finance, 2021, vol. 10, issue 1, 72-104

Abstract: Several strands of the static and dynamic theoretical constructs and the empirical applications in the subject of economics owe substantially to the well-known principles of physical sciences. The present article explores as to how the development of the popular gravity models in international trade can be traced back to Newton’s law of gravitation, and to both Ohm’s Law and Kirchhoff’s Law of current electricity, as well as to the pattern recognition techniques commonly deployed in scientific applications. In addition to surveying these theoretical analogies, the article also offers numerical applications for observed trade patterns between India and a set of countries. JEL Classifications: F41, F42, C61, F47

Keywords: International trade; gravity models; Ohm’s Law; cross-country; India (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:sae:smppub:v:10:y:2021:i:1:p:72-104

DOI: 10.1177/2277978721989922

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