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1、Chapter 3,Labor Productivity and Comparative Advantage: The Ricardian Model,Copyright 2012 Pearson Addison-Wesley. All rights reserved. Luke, Business School, GXU, Autumn, 2011,3-2,Learning Goals,After reading this chapter, you will be able to: Explain how the Ricardian model, the most basic model o
2、f international trade, works and how it illustrates the principle of comparative advantage. Demonstrate gains from trade and refute common fallacies about international trade. Describe the empirical evidence that wages reflect productivity and that trade patterns reflect relative productivity,Copyri
3、ght 2012 Pearson Addison-Wesley. All rights reserved. Luke, Business School, GXU, Autumn, 2011,3-3,Chapter 3,3.1 Introduction: The Concept of Comparative Advantage 3.2 One-Factor Economy (with PPF) 3.3 Trade in A One-Factor World 3.3.1 Determining the Relative Price After Trade 3.3.2 Gains from trad
4、e (video) 3.3.3 A Numerical Example 3.3.4 Relative Wages 3.4 Misconceptions About Comparative Advantage 3.5 Comparative Advantage with Many Goods 3.6 Adding Transport Costs and Non-traded Goods 3.7 Empirical evidence Summary: the evolution of free trade comparative advantage Q-A II,Suppose that Coun
5、try A has 100 units of labor services and Country B has 200 units of labor services and that both countries produce computers and Web pages. The unit labor requirements are shown in the table:,Numerical Case and Quiz,If both countries specialize completely in producing the good in which they have a
6、comparative advantage, then the supply of computers relative to Web pages will be: 0.005 (or 1/200) 0.01 (or 1/100) 0.013 (or 1/75) 0.02 (or 1/50) It is impossible to determine without knowing the relative price of computers in terms of Web pages.,Case output higher,The Ricardian model predicts that
7、 trade will occur even if countries are identical. accounts for only one factor of production. accounts for only one industry in each country. predicts that differences in endowments of factors of production lead to trade. predicts that countries with cultural ties trade more.,Quiz,Which of the foll
8、owing is NOT an assumption in the Ricardian model? Markets are competitive. The amount of each factor of production is fixed. Each country uses only one factor of production. Labor can freely move across countries. Labor productivity in each country is fixed.,Quiz,If Country A has a comparative adva
9、ntage in producing shoes, then it can produce shoes using fewer resources than other countries can. it can produce shoes at a lower relative cost than other countries can. it has more factors of production used in the production of shoes relative to other countries. the productivity of workers in th
10、e shoe industry in Country A is higher than in other countries. other countries will never produce shoes if trade is allowed.,Quiz,Copyright 2012 Pearson Addison-Wesley. All rights reserved. Luke, Business School, GXU, Autumn, 2011,3-14,Comparative Advantage: Neo-classical Economics,In the 20th cent
11、ury, Eli Heckscher and Bertil Ohlin refined Ricardos work ELi Filp Heckscher, famous Swedish economist, wrote on Mercantilism, Swedish History, and International Economics,Copyright 2012 Pearson Addison-Wesley. All rights reserved. Luke, Business School, GXU, Autumn, 2011,3-15,Nobel Laureates 1977 B
12、ertil Ohlin (1899-1979, wrote between 1921-1949) & James Meade “For their pathbreaking contribution to the theory of international trade and international capital movements.”,Field: International economics Contribution: Founder of the modern theory of international trade.,Field: International econom
13、ics Contribution: Demonstrated the effects of economic policy on foreign trade theory.,Copyright 2012 Pearson Addison-Wesley. All rights reserved. Luke, Business School, GXU, Autumn, 2011,3-16,Paul Samuelson (19152009),Copyright 2012 Pearson Addison-Wesley. All rights reserved. Luke, Business School
14、, GXU, Autumn, 2011,3-17,Nobel Laureate 1970 Paul Samuelson (19152009) “For the scientific work through which he has developed static and dynamic economic theory and actively contributed to raising the level of analysis in economic science.”,Field: Partial and general equilibrium theory Contribution
15、: Contributed to raising the general analytical and methodological level in economic science.,Copyright 2012 Pearson Addison-Wesley. All rights reserved. Luke, Business School, GXU, Autumn, 2011,3-18,Nobel Laureate 1973 Wassily Leontief “For the development of the input-output method and for its app
16、lication to important economic problems”,Field: Input-output analysis Contribution: Creator of the input-output technique, a method that provides tools for a systematic analysis of the complicated inter-industry transactions in an economy.,Wassily Leontief (1953), “The Leontief Paradox ”,Copyright 2
17、012 Pearson Addison-Wesley. All rights reserved. Luke, Business School, GXU, Autumn, 2011,3-19,Bla Balassa (1961) Stages of Economic Integration,Free Trade Area (FTA) Customs Union Common Market Economic Union Complete Economic Union,Measuring trade advantages: the Balassa index,To determine a count
18、rys strong export sectors, most often used: Balassa index or Revealed Comparative Advantage (RCA),Highest Balassa index, selected countries,Highest Balassa index, selected countries,Copyright 2012 Pearson Addison-Wesley. All rights reserved. Luke, Business School, GXU, Autumn, 2011,3-23,Nobel Laurea
19、tes 2008Paul Krugman“for his analysis of trade patterns and location of economic activity”,Krugman is one of the leading designers and proponents of the modern theory of trade, or “new trade theory”.,Copyright 2012 Pearson Addison-Wesley. All rights reserved. Luke, Business School, GXU, Autumn, 2011
20、,3-24,R Model: CA. Interdependence and free trade,Every day you rely on many people from around the world, most of whom youve never met, to provide you with the goods and services you enjoy.,0,Copyright 2012 Pearson Addison-Wesley. All rights reserved. Luke, Business School, GXU, Autumn, 2011,3-25,G
21、ains from trade,The Ricardian model predicts that gains from trade occur only if a country has an absolute advantage in production. only if both countries have an absolute advantage in the industry in which they specialize. only if countries specialize completely. only if countries do not specialize
22、 completely. for both countries that trade with each other.,Quiz,Suppose that Country A has 5000 units of labor services and that it takes 50 units of labor services to produce one computer and 1 unit to create a Web page. What is the opportunity cost of producing a Web page? 0.02 computers not prod
23、uced 0.0002 computers not produced 50 computers not produced 100 computers not produced 10 computers not produced,Quiz,Quiz,Suppose that the opportunity cost of producing computers in Country A is 50 Web pages not produced and in Country B is 10 Web pages not produced. Under these conditions, the Ri
24、cardian model predicts that trade will not occur. Country A will export computers and import Web pages. Country A will export Web pages and import computers. the pattern of trade is uncertain until wages are determined. Country A has the comparative advantage in producing computers.,Empirical study:
25、 KenyaEU exports and productivity, various sectors,Relative Labor Productivities and Comparative Advantage United States and United Kingdom,Empirical Tests of the Ricardian Model,Relative Labor Productivities and Comparative Advantage Japan and Korea,Empirical Tests of the Ricardian Model,Quiz,Accor
26、ding to the Ricardian model, the relative prices of goods when countries trade is determined by relative demand and relative supply in world markets. relative wages. relative exports and imports relative opportunity costs in the two countries. relative demand and relative supply in each trading coun
27、try.,Quiz,Which of the following is true? Trade has generally made poor countries even poorer. Trade has generally helped poor countries but hurt rich countries. Countries that have increased trade have seen their wages fall over time relative to U.S. wages. Trade has generally made rich countries less rich. Countries that have increased trade have seen their wages rise over time relative to U.S. wages.,