本文將效率工資假說納入一個包含特定生產要素的兩部門（貿易財及非貿易財）模型，藉以探討不同部門的成長對小型開放經濟商品相對價格、勞動就業、實質工資及國際收支的影響。我們從生產面的分析架構堆導出貿易財與非貿易財的供給是商品相對價格和特定生產要素的函數，並發現：某產業的特定要素變動只等比例地影響該產業的產出，對其他產業的產出則沒有影響；而兩部門共同的生產要素（勞動）的增加，則徒增整體社會的失業，並不會提高兩部門的產出與就業。這些與傳統Heckscher-Ohlin貿易理論及特定要素模型迥異的結果，即源自效率工資模型所蘊涵的實質工資（以一般物價平減）僵固性。同時，分析的結果也指出：商品的相對價格及特定生產要素的相對數量是導致貿易財產業及非貿易財產業工資差異的兩大因素；而此工資差異正是影響社會失業率及各個產業勞動就業量的關鍵。在探討各部門特定生產要素增加的效果時，我們發現：在穩固狀態下，兩部門的相對工資（乃至其說業量）是增或減，端視成長的型態及各個產業勞動與特定要素的替代程度而定；而兩部門勞動就業量的衝擊效果及其動態調整路徑，亦因生產要素替代彈性、勞動所得份額、消費支出比例及相關結構參數的相對大小而呈現多樣的面貌。

This paper incorporates the efficiency wage hypothesis into a specific-factor two sector (tradable and non-tradable goods) model to investigate the effects of growth in each sector on the relative prices of commodities, the employment of labor, and the balance of payments. The derived two-commodity supply functions show that the specific factor growth in one sector at constant commodity prices leads to a proportional expansion of its own output only, and has no effect on the output of the other sector. Moreover, an increase in the mobile factor (labor) would just raise the unemployment rate in the economy, exerting no influence on the output produced and the labor employed in each sector. Due to the real-wage (defined by the consumer price index) rigidity of the efficiency wage model, these results apparently differ from the standard conclusions based on the conventional Heckscher-Ohlin model or specific-factor model. It is also shown that the relative commodity prices and the specific factor quantities are two crucial determents in influencing intersectoral wage differentials, which, in turn, play an important role in determining the quantities of the labor available for employment in traded and non-traded sectors. In addition, both impact effects and dynamic paths of labor employment depend on the growth patterns, the substitutability between labor and specific factors, the expenditure shares of traded and non-traded goods, the factor-income shares, and the magnitude of relevant parameters.