财经英语3

• His main accomplishments • Leontief’s main works include:
“ Economics of Inputs and Outputs” , “ Factors Proportion and America’s Trade Structure” and “ Further Theoretical and Economic Analysis” , etc. In 1973 he won the Nobel Prize in Economics.
• The basis for trade • 贸易的根据 • Place … reliance on • 依赖于 • Factor productivity • 要素生产率 • Shed more light on • 将更多目光投向 • The influence of trade on the distribution
exercises
• II. Translate the following into English • 1. • Product cycle or product life cycle theory
was worked out or propounded by Vernor and further developed by L. T. Wells and others. According to this theory the lifecycle of a new product undergoes mainly the following 4 stages: (1) introduction stage, (2) growth stage, (3) maturity stage and, (4) decline stage. The sales and profit of an export commodity vary greatly at different stages.
• Growth stage • 增长期 • Maturity stage • 成熟期 • Decline stage • 衰退期 • Production process • 生产工艺 • Copying-machine • 复印机
• First-mover advantage • 先发优势 • Economies of scale • 经济规模 • By analogy with • 用。。。与之相比 。。。与之相比 • Currency union • 货币联盟
• Traditional theories regarding
international division of labor and international trade had become increasingly separated from the reality. Under such circumstances some western economists tried hard to use new theories to explain new issues exsiting in the fields of international division of labor and international trade. And Leontief was one of those economists. His new theory was and still is referred to as the Leontief paradox.
• Factor endowment • Supplies of production factors like labor,
land and capital • Arable land • Land which is capable of being plowed • Manufactures • Goods or products made by machinery • Competitive advantage • Group of factors that give a company or a country an advantage over its rivals. • Sometimes it is also defined as competitiveness---ability to compete with rivals.
Chapter 6
Modern Trade Theories (2)
New words
• P 79-80 79-
Useful terms
• H-O theory of factor endowments • 赫-俄要素禀赋说 俄要素禀赋说 • Factor costs • 要素成本 • Relative factor endowments • 相对要素禀赋 • Factor price • 要素价格 • Abundant ; scarce • 丰裕的； 稀缺的 丰裕的；
• Skilled labor • 有技术的劳动力 • Innovative entrepreneuship • 创造性的企业家 • Maximization of profit-seeking • 追求利润最大化 • Capital-intensive goods • 资本密集型产品 • Technological innovation • 技术创新
Background knowledge
• When did H-O trade theory become popular? • According to information available, the theory
became popular in 1920s and 1930s. In other words before 1820s-1830s since 1920s-1930s, almost for a whole century, the predominant trade had been classical trade like Adam Smith’s absolute advantage theory and David Ricardo’s comparative advantage theory. That’s to say the two Swedish economists didn’t challenge the once-popular classical trade theory until 1920s-1930s.
dictation
• Something else about Vassily Leontief • The historical background against which
the Leontief Paradox came into being • After the World War II, pushed by the so-called third scientific and technological revolution, the world economy showed a rapid growth. During this period of time great and remarkable changes had taken place in both international division of labor and international trade.
•2 • Differences in relative factor
endowments and factor price constitute the most important explanation of the basis for international trade.
•3 • In 2000 an economistBaidu Nhomakorabeaby name of
of income • 贸易对收入分配的影响
• Put it in a simple way • 简言之 • Delegate primary importance to • 强调。。。的第一重要性 强调。。。 。。。的第一重要性 • In part • 部分 • Arable land • 可耕土地 • Labor-intensive • 劳动密集型的
Andrew Rose from the University of California, Berkeley worked out the “Gravity” model of trade. He pointed out by analogy with Newton’s theory of the gravitational pull of planets, trade between two countries increases with their economic size, but decreases with the distance between them. Mr. Rose’s theory also argued that joining a currency union might influence trade.
• Something more about Raymond Vernor • Raymond Vernor perhaps is the first
economist who has introduced the domestic marketing concept into international trade. Now his product life cycle theory is widely applied to the development of new products and marketing, although originally Vernor used this theory to explain the changes taking place in the U.S. production of manufactured products and export trade.
• Trade patterns • 贸易方式 • Manufactured products • 工业制成品 • Electronic products • 电子产品 • Office machinery • 办公室机械 • Trade cycle • 贸易周期
• Competitive advantage • 竞争优势 • Vis-à-vis • 与。。。相比 。。。相比 • Introduction stage • 采用期 • Home market • 本国市场 • Technological break-through • 技术上的突破