Heckscher-Ohlin theory: Has it a future?

During the last half century, that is, during my own professional lifetime, economic theorists of the general-equilibrium persuasion have worked in an intellectual environment dominated by two bodies of thought. The first body of thought is based on the pioneering work of Léon Walras, Kenneth Arrow, Gérard Debreu and Lionel McKenzie. The second body of thought is based on the work of Eli Heckscher, Bertil Ohlin, Abba Lerner and Paul Samuelson. For brevity, but un-historically, unfairly and ungrammatically, I will refer to these two bodies of thought as ‘Walrasian’ and ‘Heckscher-Ohlin’.