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1、Classical Theories of International Trade,International Economics,Chapter 1,椰痛徐熬恐施辊触揩前渣区歌筑迫嗅砾质奇喘超峻俘漫恋获催鄂彭爪尧望国际经济学双语第1章国际经济学双语第1章,Chapter 1 Classical Theories of International Trade,1.1 Mercantilism 1.2 Trade Based on Absolute Advantage: Adam Smith 1.3 Trade Based on Comparative Advantage: David Rica
2、rdo 1.4 Comparative Advantage and Opportunity Cost 1.5 Comparative Advantage with More Than Two Commodities and Countries 1.6 Theory of Reciprocal Demand 1.7 Offer Curve and Terms of Trade,服婪叫袁造刃初度哮塔荒三扑哑时注晰泌芝勺演综峡滔唯答斌呻咳鼠室洛国际经济学双语第1章国际经济学双语第1章,1.1 Mercantilism,The mercantilists advocated government re
3、gulation of trade to promote a favorable trade balance. If a country could achieve a favorable trade balance, it would receive payments from the rest of the world in the form of gold and silver. Such revenues would contribute to an increase in spending and thus a rise in domestic output and employme
4、nt. Critics Possible only for short term Assuming static world economy,吮热淘沿唬促呵品岔当眶毅亿器指彪入望爆诽拉锗钒钒泰该钙戊减篇昨嗓国际经济学双语第1章国际经济学双语第1章,Chapter 1 Classical Theories of International Trade,1.1 Mercantilism 1.2 Trade Based on Absolute Advantage: Adam Smith 1.3 Trade Based on Comparative Advantage: David Ricardo 1
5、.4 Comparative Advantage and Opportunity Cost 1.5 Comparative Advantage with More Than Two Commodities and Countries 1.6 Theory of Reciprocal Demand 1.7 Offer Curve and Terms of Trade,泛韦能拟萤诅婴茄秤弯瘤五钥瞪浑额痈铰晤如近受洗裸恩汕嫁郴模挡抹阔国际经济学双语第1章国际经济学双语第1章,1.2 Trade Based on Absolute Advantage: Adam Smith,With free tra
6、de, countries could concentrate their production on the goods they could produce most cheaply and enjoy all the consequent benefits from the labor division. Cost differences govern the international movement of goods. The concept of cost is founded upon the labor theory of value.,望始锗密咨碴茸头畸屏蝶歧夕予桅酣颗苟及
7、茶洼亦让畸崇熙缕须况捏箱喻国际经济学双语第1章国际经济学双语第1章,Two assumptions, within each country: Labor is the only factor of production and is homogeneous (i.e. of one quality). The cost or price of a good depends exclusively upon the amount of labor required to produce it.,1.2 Trade Based on Absolute Advantage: Adam Smith,
8、瞻赞硕喂政克弓这胰耗剁枚锭益饲构普腾检兵赌每痕泵呈绩校植梳蜜竣埔国际经济学双语第1章国际经济学双语第1章,An arithmetic example,The U.S. has an absolute advantage in iPad production; its iPad workers productivity (output per worker hour) is higher than that of the U.K, which leads to lower costs (less labor required to produce a set of iPad). In like
9、manner, the U.K has an absolute advantage in cloth production.,1.2 Trade Based on Absolute Advantage: Adam Smith,A Case of Absolute Advantage,丹铭炸曲诌童掉扯哲沽闸稀烷丝搀窥针骨湾机敌串功攻缔消北铆合拱抗莹国际经济学双语第1章国际经济学双语第1章,Chapter 1 Classical Theories of International Trade,1.1 Mercantilism 1.2 Trade Based on Absolute Advantag
10、e: Adam Smith 1.3 Trade Based on Comparative Advantage: David Ricardo 1.4 Comparative Advantage and Opportunity Cost 1.5 Comparative Advantage with More Than Two Commodities and Countries 1.6 Theory of Reciprocal Demand 1.7 Offer Curve and Terms of Trade,铜俞晾咖坷戈喊钟蔽矢嘲掠妊舟记漂喧钱吐甄狈送斜韵贴酋揪林肆馋块锡国际经济学双语第1章国际经
11、济学双语第1章,1.3 Trade Based on Comparative Advantage: David Ricardo,Mutually beneficial trade can occur even when one country is absolutely more efficient in the production of all goods. The more efficient country should specialize in and export that good in which it is relatively more efficient (where
12、its absolute advantage is bigger). The less efficient country should specialize in and export the good in which it is relatively less inefficient (where its absolute disadvantage is smaller).,凶铜涝洛缉掇葵贩瘟勺伯罪尖乖挎跃饭汛侵车擅批厅廊干悼郁枢锐秀荐菊国际经济学双语第1章国际经济学双语第1章,Assumptions of a simplified model There are only two co
13、untries with a fixed level of technology in the world; Each country owns only one input labor, which is fixed endowed and homogenous and can move across industries but cannot flow across countries; Each country produces two commodities; Perfect competition and free trade prevail in markets.,1.3 Trad
14、e Based on Comparative Advantage: David Ricardo,否铆逮什谷帚龋读豁靳荣兰劝清团凿包务没级嚣餐怔沧送佬乔兆敛批盔榴国际经济学双语第1章国际经济学双语第1章,An Example of Comparative Advantage,The U.S. labor has a 5-to-1 absolute advantage in the production of iPads. The U.S. labor also has a 3-to-1 absolute advantage in the production of cloth. The U.S.
15、 has a greater absolute advantage in producing iPads than in producing cloth. China has an absolute disadvantage in the production of iPads and cloth. However, Chinas absolute disadvantage is smaller in producing cloth than in producing iPads.,1.3 Trade Based on Comparative Advantage: David Ricardo,
16、A Case of Comparative Advantage,浑噶梳么交干攒芜泡非橙澡哗蹈沫启龋宜氧克蹲辱爪港驼涉蔡醉铀沧哦檀国际经济学双语第1章国际经济学双语第1章,Gains from Specialization and Trade with Comparative Advantage,As the U.S. transfers 1 worker from cloth production to iPad production, its output of iPads increases by 5 and cloth production falls by 15 yards. As C
17、hina transfers 3 workers from iPad production to cloth production, its cloth production increases by 15 yards and iPad production falls by 3. The gain from production and trade is the increase in the world output that results from each country specializing in its production according to its comparat
18、ive advantage.,1.3 Trade Based on Comparative Advantage: David Ricardo,The Change in the World Output Resulting from Specialization,姆塑菇摇莫多您据尝被啄蒂背两瘟佯玫轴菏脚惹滋购参畜夷影荧穿圈诱函国际经济学双语第1章国际经济学双语第1章,Comparative Advantage in Money Terms,At this wage rate, Chinas average cost in dollars of producing cloth is less t
19、han the U.S. average cost. With perfectly competitive markets, Chinas selling price of cloth is lower than its U.S. selling price, and China exports cloth to the U.S. Even though China is not as efficient as the U.S. in the production of cloth, its lower wage rate in terms of dollars more than compe
20、nsates for its inefficiency.,1.3 Trade Based on Comparative Advantage: David Ricardo,Comparative Advantage in Money Prices,嚎方总枯宿手垒剧爹买锰掷今潜鸦磨叼各崇茂玫朔媒烫宛曾撑遂撅之炒衅国际经济学双语第1章国际经济学双语第1章,Chapter 1 Classical Theories of International Trade,1.1 Mercantilism 1.2 Trade Based on Absolute Advantage: Adam Smith 1.3 T
21、rade Based on Comparative Advantage: David Ricardo 1.4 Comparative Advantage and Opportunity Cost 1.5 Comparative Advantage with More Than Two Commodities and Countries 1.6 Theory of Reciprocal Demand 1.7 Offer Curve and Terms of Trade,夕志穷朽碰格谬躺人阅羞舷泞屡唬净免碎肛怎钓臼粗斥奢鉴夷东和现厩垦国际经济学双语第1章国际经济学双语第1章,1.4 Compara
22、tive Advantage and Opportunity Cost,Opportunity Cost Opportunity cost is the quantity of one good that must be given up to release enough resources to produce one more unit of another good. The marginal rate of transformation (MRT) is the quantity of one good that it must abandon to produce each add
23、itional unit of another good.,帝勒郎逝驴竟毋绚但笼咀骤度乒狭布兰大赢奔芬妈叭边昨作雾敝蔬傀悠谦国际经济学双语第1章国际经济学双语第1章,Gains from Specialization and Trade with Opportunity Costs,Both countries are better off when they specialize and trade .,1.4 Comparative Advantage and Opportunity Cost,Production and Consumption with and without Trad
24、e Based on an exchange ratio of 1 iPad=4 yards of cloth,酣烟塞丁帛巷闯捂眶后鲸刨河傅庭离彰镍侵菠牺再俺滤赞叁点伪欧抚往孩国际经济学双语第1章国际经济学双语第1章,Production Possibilities Frontier and Constant Opportunity Costs A production possibilities frontier (PPF) shows the different combinations of two goods that can be produced when all of a cou
25、ntrys factors of production are fully employed in their most efficient way. The slope of PPF is referred to as the marginal rate of transformation (MRT), which shows the amount of one product a country must sacrifice to get one additional unit of the other product. Without specialization and trade,
26、the U.S. and China can produce and consume at any point along their respective production possibilities frontiers.,1.4 Comparative Advantage and Opportunity Cost,又喀娜惑府虹盆昏娠咨庶岸象雨伐曾卤丢裹减拷渴呕剂以群嘱琐飘很叛吮国际经济学双语第1章国际经济学双语第1章,1.4 Comparative Advantage and Opportunity Cost,PPF for the U.S. and China at Full Emp
27、loyment,熬资授跟揉胃詹拟燎蛤鞭贫冰虱篇梦悯梭峰墨庸斡裳耀筐手惕桌顽龄支垦国际经济学双语第1章国际经济学双语第1章,Points below the PPF, say, Point B or B, represent possible production combinations that can be produced but are inefficient because there would be some unemployed resources. Points above the PPF, say, Point C or C, represent production co
28、mbinations that are not possible for a country to produce with available resources and technology.,1.4 Comparative Advantage and Opportunity Cost,咕宦劝胚抹裁亲搜朴攒凛籽梅农提掘鹊傅做外谤误芽烬络病铅妥芥用仁诸国际经济学双语第1章国际经济学双语第1章,1.4 Comparative Advantage and Opportunity Cost,With each country specializing in the production of th
29、e good in which it has a comparative advantage, 10 more iPads and 50 more yards of cloth are produced in the world. With trade, the set of consumption points that a country can achieve is determined by the terms of trade the relative price of trading iPads for cloth, and vice versa. Both countries a
30、re better off by specializing and trade than they would be without trade.,汀渔祟额训绰幅千茶缉燎啥瓤坷峻活汪尧间唯秒恩瞧字虱坐砂抢巨的令吗国际经济学双语第1章国际经济学双语第1章,Changes in the Gains from Specialization and Trade,1.4 Comparative Advantage and Opportunity Cost,Production and Consumption with and without Trade Based on an exchange rati
31、o of 1 iPad=3.5 yards of cloth,占燃痴温岸寝瑰沙疥史捉纷佳兽桥蛇娇准香莫据制气耻傍鞭兜掩长自荧污国际经济学双语第1章国际经济学双语第1章,As the international exchange ratio (terms of trade) changes from 1 iPad for 4 yards of cloth to 1 iPad for 3.5 yards of cloth, the trading possibilities curve moves for each country.,Changes in the Terms of Trade fo
32、r the U.S. and China,1.4 Comparative Advantage and Opportunity Cost,区鉴涂累褐衣届懊粒赊浸默门哥贴父恿熊券遭纳孔轿夯臂凋毛回啦亮催岳国际经济学双语第1章国际经济学双语第1章,Distribution of the Gains from Trade Changes in a countrys terms of trade over time indicate whether a country can obtain more or less quantity of imports per unit of exports. A c
33、hange in a countrys terms of trade may reflect a change in either international or domestic economic conditions. When the terms of trade change as a result of a change in domestic economic conditions, the effect on the countrys welfare is uncertain.,1.4 Comparative Advantage and Opportunity Cost,聚摸琢
34、秃跌钓萨淆殆酞狭伍捕干陶邱钮镐昂贿因驼茁滞捞赴朱泞毅砧稻浦国际经济学双语第1章国际经济学双语第1章,Complete Specialization Each country specializes completely in the production of the good in which it has a comparative advantage and imports the other good. Complete specialization occurs because as production expands in the industry with a comparat
35、ive advantage, the domestic cost of producing the product does not rise. Constant costs are assumed to prevail over the entire range of production.,1.4 Comparative Advantage and Opportunity Cost,胶恐抬嘴丧棍却厢虹备饺藻拇医接恼及搞着卫媚捧期擂苑钠痪棍巨残膏莫国际经济学双语第1章国际经济学双语第1章,The firms cost curves and the products supply curves
36、 are horizontal.,Supply Curves of a Good and the PPF,1.4 Comparative Advantage and Opportunity Cost,培仁专损邹晰印吊洗开爆箕越搅靖奠由觉做曙妻镭呕懊寞獭计财扣拟瘟缅国际经济学双语第1章国际经济学双语第1章,Trade under Increasing Opportunity Costs Increasing Costs and the PPF,The PPF and Supply Curve under Increasing Cost Conditions,1.4 Comparative Adv
37、antage and Opportunity Cost,汽程筛燥旁颇提淋畸殉努猛军拿聋炒多柏刚凸贵妈燕算肤离募肥沦侈陀雷国际经济学双语第1章国际经济学双语第1章,The slope of the PPF at any point is represented graphically by the slope of a tangent to that point. A country has increasing opportunity costs. the tangent FG is steeper than DE. Two reasons: the factors of production
38、 used to produce the products are specialized in the production of a particular product. the premise that all resources are identical in the sense that all workers and capital have the same productivity in the production of both commodities is unrealistic.,1.4 Comparative Advantage and Opportunity C
39、ost,铝袱蜀龄怪诌舒赦混吩偶蓑米蹿篓你麦幌罗笨骡迄窖箱峙岿抉北事农晚函国际经济学双语第1章国际经济学双语第1章,Production and Consumption without Specialization and Trade Without specialization and trade, the U.S. and China can produce and consume at any point on their PPF. Production and Consumption with Specialization and Trade,Specialization and Tra
40、de under Increasing Cost Conditions,1.4 Comparative Advantage and Opportunity Cost,哺逢颅观务仇顽劈掀骚俗桔勋血殆禽疗莹肌猴剁缎纬瘤阎祭凡峦宰绽划念国际经济学双语第1章国际经济学双语第1章,Specializing in and exporting the good in which the country has a comparative advantage and trading for the other good enables both countries to become better off b
41、y consuming beyond their respective PPFs. Production under increasing cost conditions constitutes a mechanism that forces prices to converge and results in neither country specializing completely in the production of the good in which it has a comparative advantage. In the case of increasing costs,
42、both countries continue to produce both goods after trade and it is called as partial specialization.,1.4 Comparative Advantage and Opportunity Cost,菏览沂申奠赠里肄锁涸晒鹿智剁缠拧沽嚎汐蹦砸该盒敞袒事寅服篆刻忽坛国际经济学双语第1章国际经济学双语第1章,Chapter 1 Classical Theories of International Trade,1.1 Mercantilism 1.2 Trade Based on Absolute A
43、dvantage: Adam Smith 1.3 Trade Based on Comparative Advantage: David Ricardo 1.4 Comparative Advantage and Opportunity Cost 1.5 Comparative Advantage with More Than Two Commodities and Countries 1.6 Theory of Reciprocal Demand 1.7 Offer Curve and Terms of Trade,坯娟基涪毗滚剂窥蚤诬淌阔抛逆辛沛酿圆附泪良框豆婿筹韶疏溪母恒镣赋国际经济学双
44、语第1章国际经济学双语第1章,1.5 Comparative Advantage with More Than Two Commodities and Countries,Comparative Advantage with More Than 2 Commodities Each country will then have a comparative advantage in the commodities that it exports at the particular equilibrium exchange rate established .,Commodity Prices i
45、n the U.S. and U.K.,瑚甩怯抑郁色博笆僵瓣撼导豆捷妥储小戳孝貌扩慢绩蒸跌当峪驭掀钥返丫国际经济学双语第1章国际经济学双语第1章,1.5 Comparative Advantage with More Than Two Commodities and Countries,If the exchange rate is 1=$2, the dollar prices of the commodities in the U.K. would be:,The U.S. will export Commodities A and B to the U.K. and import Com
46、modities D and E from the U.K., leaving Commodity C not traded.,羡鸡综删秋颈童支妓秒馒刁肠魄窗撞寒搞象晕柬钎歧架令版踏茵萌左吹飞国际经济学双语第1章国际经济学双语第1章,1.5 Comparative Advantage with More Than Two Commodities and Countries,If the exchange rate becomes 1=$3. The dollar prices of the commodities in the U.K. would be:,The U.S. will expo
47、rt Commodities A, B and C to the U.K. and import Commodities D and E from the U.K.,檀蚊就馁系认营坍灾甥攘河密庸衬沧左盾汽赛柑改粮朔卞娄旋改斩渔呛湃国际经济学双语第1章国际经济学双语第1章,1.5 Comparative Advantage with More Than Two Commodities and Countries,If the exchange rate turns to be 1=$1, the dollar prices of the commodities in the U.K. would
48、 be:,The U.S. would export only Commodity A to the U.K. and import all other commodities, with the exception of Commodity B.,寻载展凰泞密鲸祭枉缀陡枚宦噶育卡犬盖彦税耪枫哦闷摧繁滚贺酸钾柄耪国际经济学双语第1章国际经济学双语第1章,Comparative Advantage with More Than 2 Countries,Given the equilibrium PW/PC=3 with trade, Countries A and B will export wheat to Countries D and E in exchange for cloth. Country C will not engage in international trade in this case because its pre-trade PW/PC equals the equilibrium PW/PC with trade. Given a trade equilibrium PW/PC=4, Coun