In 1933 Ohlin published a work that won him world renown, Interregional and International Trade. In this Ohlin built upon earlier work by Heckscher and on the approach in his own doctoral thesis to provide a theory of the basis of international trade; it is now known as the Heckscher-Ohlin theory and has become standard. It also provided the basis for later work on the effects of protection on real wages. As a member of the "Stockholm school" of economists, Ohlin developed, from the foundations laid by Knut Wicksell, a theoretical treatment of macroeconomic policy and the importance of aggregate demand which anticipated that of Keynes. Ohlin served as head of the Liberal Party in Sweden from 1944 to 1967.
He was a member of the Riksdag (parliament) from 1938 to 1970 and was
minister of commerce (1944-45) in Sweden's wartime government.
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