国际经济学第二章(双语)国际贸易部分

40 bottles 40 yards 20 bottles 10 yards
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Comparative advantage
Ricardo’s Comparative Advantage in money prices
Nation Labor Wage Cloth (yards) Quant. Price Wine (bottles) Quant. Price
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Comparative advantage
Trade restrictions and gains from trade
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Increasing opportunity costs
Production possibilities schedule under increasing costs
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Increasing opportunity costs Labor theory of value Marginal rate of transformation Mercantilists Partial specialization Price-specie-flow doctrine Principle of absolute advantage Principle of comparative advantage
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Comparative advantage
Supply schedules: constant opportunity costs
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Comparative advantage
Trading under constant opportunity costs
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Increasing opportunity costs
Trading under increasing costs: Canada
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Increasing opportunity costs
Production gains from specialization:
International Economics
By Robert J. Carbaugh 9th Edition
Chapter 2: Foundations of Modern Trade Theory
Copyright ©2004, South-Western College Publishing
Carbaugh, Chap. 2
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Production gains Production possibilities schedule Terms of trade Trade triangle Trading possibilities line
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Content
Historical development of modern trade theory Production possibilities schedules Trading under constant cost conditions Productivity and comparative advantage Trade restrictions Trade under increasing-cost conditions Comparative advantage extended to many products and countries
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Foundations of trade theory
Historical development of trade theory
Mercantilism
Regulation of trade to ensure a positive trade balance Critics: possible only for short term; assumes static world economy Absolute advantage (Adam Smith) Countries benefit from exporting what they make cheaper than anyone else But: nations without absolute advantage do not gain from trade
Generalizes theory to include all factors, not just labor Shows combinations of products that can be made if all factors are used efficiently Slope, or marginal rate of transformation, shows the opportunity cost of making more of one good (how much of one good must be given up to make more of another)
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Comparative advantage
Production gains from specialization:
constant opportunity costs
Before Specialization
Autos Wheat US Canada World 40 40 80 40 80 120
increasing opportunity costs
Before Specialization
Autos Wheat US Canada World 5 17 22 18 6 24
After Specialization
Autos Wheat 12 13 25 14 13 26
Net Gain (Loss)
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Comparative advantage
Marginal Rate of Transformation
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Comparative advantage
Production possibilities schedules: constant opportunity costs
After Specialization
Autos Wheat 120 0 120 0 160 160
Net Gain (Loss)
Autos Wheat 80 -40 40 -40 80 40
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Comparative advantage
Consumption gains from trade: constant
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Comparative advantage
Complete specialization under constant opportunity costs
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Comparative advantage
Changing comparative advantage
opportunity costs
Before Trade
Autos Wheat US Canada World 40 40 80 40 80 120 60 60 120
After Trade
Autos Wheat 60 100 160
Net Gain (Loss)
Autos Wheat 20 20 40 20 20 40
After Trade
Autos Wheat 21 6 27
Net Gain (Loss)
Autos Wheat 0 3 3 3 0 3
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Modern trade theory seeks to answer the following questions:
What constitutes the basis for trade? At what terms of trade are products exchanged in the world market? What are the gains from international trade in terms of production and comsuption?
Absolute & Comparative Advantage
Absolute advantage: each nation is more efficient in producing one good Output per labor hour Nation Wine Cloth
United States United Kingdom 5 bottles 20 yards 15 bottles 10 yards
US 1 hr UK 1 hr UK 1 hr (at $1.6 = £1)
$20/hr £5/hr $8
40 10 10
$0.50 £0.50 $0.80
40 20 20
$0.50 £0.25 $0.40
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Comparative advantage
Production possibilities schedule
Key concepts and terms
Autarky Basis for trade Complete specialization Constant opportunity costs Consumption gains Exit barriers Free trade Gains from international trade
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Increasing opportunity costs
Supply schedule under increasing costs
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Increasing opportunity costs
Trading under increasing costs: US
Comparative advantage: the US has an absolute advantage in both goods Output per labor hour Nation Wine Cloth United States United Kingdom
Carbaugh, Chap. 2
Autos Wheat 7 -4 3 -4 7 3
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Increasing opportunity costs
Consumption gains from trade:
increasing opportunity costs
Before TraHale Waihona Puke Baidue
Autos Wheat US Canada World 5 17 22 18 6 24 5 20 25
Comparative advantage (David Ricardo)
Nations can gain from specialization, even if they lack an absolute advantage
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Comparative advantage