国际经济学双语第1章.ppt
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1、Classical Theories of International Trade,International Economics,Chapter 1,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 1.4 Comparative Advantage and Opportunity Cost 1.
2、5 Comparative Advantage with More Than Two Commodities and Countries 1.6 Theory of Reciprocal Demand 1.7 Offer Curve and Terms of Trade,1.1 Mercantilism,The mercantilists advocated government regulation of trade to promote a favorable trade balance. If a country could achieve a favorable trade balan
3、ce, 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 employment. Critics Possible only for short term Assuming static world economy,Chapter 1 Classical Theories of Int
4、ernational Trade,1.1 Mercantilism 1.2 Trade Based on Absolute Advantage: 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
5、Curve and Terms of Trade,1.2 Trade Based on Absolute Advantage: Adam Smith,With free trade, 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 g
6、oods. The concept of cost is founded upon the labor theory of value.,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
7、 on Absolute Advantage: Adam Smith,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 manner, the U.K ha
8、s an absolute advantage in cloth production.,1.2 Trade Based on Absolute Advantage: Adam Smith,A Case of Absolute Advantage,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
9、.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,1.3 Trade Based on Comparative Advantage: David Ricardo,Mutually beneficial trade can occur even when one country is
10、 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 its absolute advantage is bigger). The less efficient country should specialize in and export the good in which it is relati
11、vely less inefficient (where its absolute disadvantage is smaller).,Assumptions of a simplified model There are only two countries 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 fl
12、ow across countries; Each country produces two commodities; Perfect competition and free trade prevail in markets.,1.3 Trade Based on Comparative Advantage: David Ricardo,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 als
13、o has a 3-to-1 absolute advantage in the production of cloth. The U.S. 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 pro
14、ducing iPads.,1.3 Trade Based on Comparative Advantage: David Ricardo,A Case of Comparative Advantage,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
15、by 15 yards. As China 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 accordin
16、g to its comparative advantage.,1.3 Trade Based on Comparative Advantage: David Ricardo,The Change in the World Output Resulting from Specialization,Comparative Advantage in Money Terms,At this wage rate, Chinas average cost in dollars of producing cloth is less than the U.S. average cost. With perf
17、ectly 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 compensates for its inefficiency.,1.3 Trad
18、e Based on Comparative Advantage: David Ricardo,Comparative Advantage in Money Prices,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 1.4 Comparative Advantage and Opportuni
19、ty 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,1.4 Comparative Advantage and Opportunity Cost,Opportunity Cost Opportunity cost is the quantity of one good that must be given up to release enough resou
20、rces 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 additional unit of another good.,Gains from Specialization and Trade with Opportunity Costs,Both countries are better off when they specialize and
21、 trade .,1.4 Comparative Advantage and Opportunity Cost,Production and Consumption with and without Trade Based on an exchange ratio of 1 iPad=4 yards of cloth,Production Possibilities Frontier and Constant Opportunity Costs A production possibilities frontier (PPF) shows the different combinations
22、of two goods that can be produced when all of a countrys 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 th
23、e other product. Without specialization and trade, 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,1.4 Comparative Advantage and Opportunity Cost,PPF for the U.S. and China at Full Emplo
24、yment,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 combinations that are not possible for a country to produ
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