国际经济学双语第1章50页PPT
克鲁格曼国际经济学课件英文官方第10版1第一章
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Gains from Trade (cont.)
3. Trade benefits countries by allowing them to export goods made with relatively abundant resources and import goods made with relatively scarce resources. 4. When countries specialize, they may be more efficient due to larger-scale production. 5. Countries may also gain by trading current resources for future resources (international borrowing and lending) and due to international migration.
1-8
Gains from Trade (cont.)
2. How could a country that is the moБайду номын сангаасt (least)
efficient producer of everything gain from trade?
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Countries use finite resources to produce what they are most productive at (compared to their other production choices), then trade those products for goods and services that they want to consume. Countries can specialize in production, while consuming many goods and services through trade.
国际经济学一ppt课件
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当本国对外国的工资率之比上升时，对本国劳 动的相对派生需求就会减少：
——本国劳动相对外国劳动的价格升高， 本国产品相对于外国产品的价格也升高，世界市场 对这些产品的需求就会减少；
——本国的工资上升后，本国生产的产品种 类会减少，外国生产的产品种类增多，这进一步减 少了对本国劳动的需求。
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Relative wage
Rate, w/w*
RS
Apples
10
8
Bananas
Caviar 4
3
Dates
2
Enchiladas
0.75
RD
Relative quantity of labor, L/L*
曲线RD表示世界市场上对本国劳动的相对需求；
曲线RS表示世界市场上本国劳动的相对供给。
决定贸易模式的 因素
生产技术绝对不同 (绝对劳动生产率差) 生产技术相对不同 (相对劳动生产率差)
资源禀赋不同
生产规模不同
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一、劳动生产率与比较优势：李嘉图模型
李嘉图模型是以国家间存在技术差距为基础的。 技术差距是通过不同国家劳动生产率的差
异反映的。
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1.比较优势的概念
如果一个国家在本国生产一种产品的机会成本 (用其他产品来衡量)低于在其他国家生产该种产品 的机会成本的话，则这个国家在生产该种产品上就 拥有比较优势。
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不同经济体FDI发展趋势
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“对于大多数人而言,学习与研究国际经济学并 不是为了设计和制定政策,而是为了更好地了解与认 识国际经济现象及其背后的原因。”
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国际经济学英文课件萨尔瓦多第十版ch01
也就是说，两个国家GDP越大、距离越近， 则预期两国贸易额越大
Salvatore: International Economics, 10th Edition © 2024 John Wiley & Sons, Inc.
A globalizing world provides opportunities and challenges to nations and people in the world. 世界正在迅速全球化，这给全世界的国家和人 民带来了很多机遇，也带了巨大的挑战。
Flow of goods and services Flow of labor and jobs Flow of financial instruments, currency
大多数国家积极参与
Salvatore: International Economics, 10th Edition © 2024 John Wiley & Sons, Inc.
The Globalization of the World Economy
Anti-Globalization Movement 反全球化运动
Salvatore: International Economics, 10th Edition © 2024 John Wiley & Sons, Inc.
Much larger for smaller industrial and developing countries than for United States
International Trade and the Nation’s Standard of Living
国际经济学第一章英文版
Chapter 1 Introduction1.1 What Is International Economics About?1) Historians of economic thought often describe ________ written by ________ and published in ________ asthe first real exposition of an economic model.A) "Of the Balance of Trade," David Hume, 1776B) "Wealth of Nations," David Hume, 1758C) "Wealth of Nations," Adam Smith, 1758D) "Wealth of Nations," Adam Smith, 1776E) "Of the Balance of Trade," David Hume, 1758Answer: EQuestion Status: Previous Edition2) From 1959 to 2004,A) the U.S. economy roughly tripled in size.B) U.S. imports roughly tripled in size.C) the share of US Trade in the economy roughly tripled in size.D) U.S. Imports roughly tripled as compared to U.S. exports.E) U.S. exports roughly tripled in size.Answer: CQuestion Status: Previous Edition3) The United States is less dependent on trade than most other countries becauseA) the United States is a relatively large country.B) the United States is a "Superpower."C) the military power of the United States makes it less dependent on anything.D) the United States invests in many other countries.E) many countries invest in the United States.Answer: AQuestion Status: Previous Edition4) Ancient theories of international economics from the 18th and 19th Centuries areA) not relevant to current policy analysis.B) are only of moderate relevance in today's modern international economy.C) are highly relevant in today's modern international economy.D) are the only theories that actually relevant to modern international economy.E) are not well understood by modern mathematically oriented theorists.Answer: CQuestion Status: Previous Edition5) An important insight of international trade theory is that when countries exchange goods and services onewith the other itA) is always beneficial to both countries.B) is usually beneficial to both countries.C) is typically beneficial only to the low wage trade partner country.D) is typically harmful to the technologically lagging country.E) tends to create unemployment in both countries.Answer: BQuestion Status: Previous EditionB) trade is likely to be harmful to the country with the high wages.C) trade is likely to be harmful to the country with the low wages.D) trade is likely to be harmful to neither country.E) trade is likely to have no effect on either country.Answer: DQuestion Status: Previous Edition7) Benefits of international trade are limited toA) tangible goods.B) intangible goods.C) all goods but not services.D) services.E) None of the above.Answer: EQuestion Status: Previous Edition8) Which of the following does not belong?A) NAFTAB) Uruguay RoundC) World Trade OrganizationD) None Tariff BarriersE) None of the above.Answer: DQuestion Status: Previous Edition9) International economics does not use the same fundamental methods of analysis as other branches ofeconomics, becauseA) the level of complexity of international issues is unique.B) the interactions associated with international economic relations is highly mathematical.C) international economics takes a different perspective on economic issues.D) international economic policy requires cooperation with other countries.E) None of the above.Answer: EQuestion Status: New10) Because the Constitution forbids restraints on interstate trade,A) the U.S. may not impose tariffs on imports from NAFTA countries.B) the U.S. may not affect the international value of the $ U.S.C) the U.S. may not put restraints on foreign investments in California if it involves a financialintermediary in New York State.D) the U.S. may not impose export duties.E) None of the aboveAnswer: EQuestion Status: NewB) the balance of paymentsC) exchange rate determinationD) Bilateral trade relations with ChinaE) None of the aboveAnswer: DQuestion Status: New12) "Trade is generally harmful if there are large disparities between countries in wages."A) This is generally true.B) This is generally false.C) Trade theory has nothing to say about this issue.D) This is true if the trade partner ignores child labor laws.E) This is true if the trade partner uses prison labor.Answer: BQuestion Status: New13) Who sells what to whomA) has been a major preoccupation of international economics.B) is not a valid concern of international economics.C) is not considered important for government foreign trade policy since such decisions are made in theprivate competitive market.D) is determined by political rather than economic factors.E) None of the aboveAnswer: AQuestion Status: New14) The insight that patterns of trade are primarily determined by international differences in labor productivitywas first proposed byA) Adam Smith.B) David Hume.C) David Ricardo.D) Eli Heckscher.E) Lerner and Samuelson.Answer: CQuestion Status: New15) Since the mid 1940s, the United States, has pursued a broad policy ofA) strengthening "Fortress America" protectionism.B) removing barriers to international trade.C) isolating Iran and other axes of evil.D) protecting the U.S. from the economic impact of oil producers.E) None of the above.Answer: BQuestion Status: NewB) the U.S. economy cannot grow when the balance of payments is in deficit.C) the U.S. has run huge trade deficits in every year since 1982.D) the U.S. never experienced a surplus in its balance of payments.E) None of the above.Answer: CQuestion Status: New17) The euro, a common currency for most of the nations of Western Europe, was introducedA) before 1900.B) before 1990.C) before 2000.D) in order to snub the pride of the U.S.E) None of the above.Answer: CQuestion Status: New18) During the first three years of its existence, the euroA) depreciated against the $U.S.B) maintained a strict parity with the $U.S.C) strengthened against the $U.S.D) proved to be an impossible dream.E) None of the above.Answer: AQuestion Status: New19) The study of exchange rate determination is a relatively new part of international economics, since,A) for much of the past century, exchange rates were fixed by government action.B) the calculations required for this were not possible before modern computers became available.C) economic theory developed by David Hume demonstrated that real exchange rates remain fixed overtime.D) dynamic overshooting asset pricing models are a recent theoretical development.E) None of the aboveAnswer: AQuestion Status: New20) A fundamental problem in international economics is how to produceA) a perfect degree of monetary harmony.B) an acceptable degree of harmony among the international tradepolicies of different countries.C) a world government that can harmonize trade and monetary policiesD) a counter-cyclical monetary policy so that all countries will not be adversely affected by a financialcrisis in one country.E) None of the above.Answer: BQuestion Status: NewB) by the International Monetary Fund.C) by the World.D) by an international treaty known as the General Agreement on Tariffs and Trade (GATT).E) None of the above.Answer: DQuestion Status: New22) The international capital market isA) the place where you can rent earth moving equipment anywhere in the world.B) a set of arrangements by which individuals and firms exchange money now for promises to pay in thefuture.C) the arrangement where banks build up their capital by borrowing from the Central Bank.D) the place where emerging economies accept capital invested by banks.E) None of the above.Answer: BQuestion Status: New23) International capital markets experience a kind of risk not faced in domestic capital markets, namelyA) "economic meltdown" risk.B) Flood and hurricane crisis risk.C) the risk of unexpected downgrading of assets by Standard and Poor.D) exchange rate risk.E) None of the above.Answer: DQuestion Status: New24) Since 1994, trade rules have been enforced byA) the WTO.B) the G10.C) the GATT.D) The U.S. Congress.E) None of the above.Answer: AQuestion Status: New25) In 1998 an economic and financial crisis in South Korea caused it to experienceA) a surplus in their balance of payments.B) a deficit in their balance of payments.C) a balanced balance of payments.D) an unbalanced balance of payments.E) None of the above.Answer: AQuestion Status: Newtrade meeting in Seattle ofA) the OECD.B) NAFTA.C) WTO.D) GATT.E) None of the above.Answer: CQuestion Status: New27) International Economists cannot discuss the effects of international trade or recommend changes ingovernment policies toward trade with any confidence unless they knowA) their theory is the best available.B) their theory is internally consistent.C) their theory passes the "reasonable person" legal criteria.D) their theory is good enough to explain the international trade that is actually observed.E) None of the above.Answer: DQuestion Status: New28) Trade theorists have proven that the gains from tradeA) must raise the economic welfare of every country engaged in trade.B) must raise the economic welfare of everyone in every country engaged in trade.C) must harm owners of "specific" factors of production.D) will always help "winners" by an amount exceeding the losses of "losers."E) None of the above.Answer: EQuestion Status: New1.2 International Economics: Trade and Money1) Cost-benefit analysis of international tradeA) is basically useless.B) is empirically intractable.C) focuses attention primarily on conflicts of interest within countries.D) focuses attention on conflicts of interests between countries.E) None of the above.Answer: CQuestion Status: Previous Edition2) An improvement in a country's balance of payments means a decrease in its balance of payments deficit, oran increase in its surplus. In fact we know that a surplus in a balance of paymentsA) is good.B) is usually good.C) is probably good.D) may be considered bad.E) is always bad.Answer: DQuestion Status: Previous EditionA) an international treaty.B) an international U.N. agency.C) an international IMF agency.D) a U.S. government agency.E) a collection of tariffs.Answer: AQuestion Status: Previous Edition4) The international debt crisis of early 1982 was precipitated when ________ could not pay its internationaldebts.A) RussiaB) MexicoC) BrazilD) MalaysiaE) ChinaAnswer: BQuestion Status: Previous Edition5) International economics can be divided into two broad sub-fieldsA) macro and micro.B) developed and less developed.C) monetary and barter.D) international trade and international money.E) static and dynamic.Answer: DQuestion Status: Previous Edition6) International monetary analysis focuses onA) the real side of the international economy.B) the international trade side of the international economy.C) the international investment side of the international economy.D) the issues of international cooperation between Central Banks.E) None of the above.Answer: EQuestion Status: New7) The distinction between international trade and international money is not useful sinceA) real developments in the trade accounts have monetary implications.B) the balance of payments includes both real and financial implications.C) developments caused by purely monetary changes have real effects.D) trade models focus on real, or barter relationships.E) None of the above.Answer: EQuestion Status: NewWhat are the logical underpinnings of this argument?Answer: Yes. They do not have sufficient resources to satisfy consumption needs; and also do not have a sufficiently large market to enable their industries to avail themselves of scale economy possibilities.Another answer would rely on a location argument. Assume that the "natural" market for any givenplant is a circle with a radius of n miles with the plant at its center. Assuming that the productionplants are located randomly throughout the country, then the probability that the typical circularmarket will encompass some foreign country is greater the smaller is the country.Question Status: Previous Edition9) It is argued that if a rich high wage country such as the United States were to expand trade with a relativelypoor and low wage country such as Mexico, then U.S. industry would migrate south, and U.S. wages would fall to the level of Mexico's. What do you think about this argument?Answer: The student may think anything. The purpose of the question is to set up a discussion, which will lead to the models in the following chapters.Question Status: Previous Edition10) Some patterns of international trade are easier to explain than others. Give several examples and explain.Answer: Historical circumstance can explain some patterns such as the relatively large trade flows from West Africa to France. The relatively sparse trade between countries within South America seems curious.Question Status: Previous Edition11) International trade tends to prove that international trade is beneficial to all trading countries. However,casual observation notes that official obstruction of international trade flows is widespread. How might you reconcile these two facts?Answer: This question is meant to allow students to offer preliminary discussions of issues, which will be explored in depth later in the book.Question Status: Previous Edition12) It is argued that small countries tend have more open economies than large ones. Is this empirically verified?What are the logical underpinnings of this argument?Answer: Yes. They do not have sufficient resources to satisfy consumption needs; and also do not have a sufficiently large market to enable their industries to avail themselves of scale economy possibilities.Another answer would rely on a location argument. Assume that the "natural" market for any givenplant is a circle with a radius of n miles with the plant at its center. Assuming that the productionplants are located randomly throughout the country, then the probability that the typical circularmarket will encompass some foreign country is greater the smaller is the country.Question Status: Previous Edition13) It is argued that if a rich high wage country such as the United States were to expand trade with a relativelypoor and low wage country such as Mexico, then U.S. industry would migrate south, and U.S. wages would fall to the level of Mexico's. What do you think about this argument?Answer: The student may think anything. The purpose of the question is to set up a discussion, which will lead to the models in the following chapters.Question Status: Previous Edition14) Some patterns of international trade are easier to explain than others. Give several examples and explain.Answer: Historical circumstance can explain some patterns such as the relatively large trade flows from West Africa to France. The relatively sparse trade between countries within South America seems curious.Question Status: Previous Editioncasual observation notes that official obstruction of international trade flows is widespread. How might you reconcile these two facts?Answer: This question is meant to allow students to offer preliminary discussions of issues, which will be explored in depth later in the book.Question Status: Previous Edition16) International Trade theory is one of the oldest areas of applied economic policy analysis. It is also an area forwhich data was relatively widely available very early on. Why do you suppose this is the case?Answer: In ancient times, public finance was not well developed. Most of the population was not producing and consuming within well-developed market economies, so that income and sales taxes were notefficient. One of the most convenient ways for governments to obtain resources was to set up customposts at borders and tax. Hence international trade was of great policy interest to princes and kings, aswas precise data of their main tax base.Question Status: Previous Edition17) The figure above is the Production Possibility Frontier (PPF) of Baccalia, where only two products areproduced, clothing and wine. In fact Baccalia is producing on its PPF at point A. By and large the people of Baccalia are content, as both their external and internal needs for warmth are satisfied in the mosteconomically efficient manner possible, given their available productive resources (and known technology).How much wine is being produced? How much cloth? If a person in this country wanted to purchase a liter of wine, what would be the price he or she would have to pay?Judging from what you learned in the previous paragraph, can you indicate at which point (if at all) the Community Indifference Curve is tangent to the Production Possibility Frontier? Explain your reasoning.Answer: 6 million liters of wine are being produced.3 million square yards of cloth are being produced.The price of 1 liter of wine is one half of a square yard of cloth.The tangency is at point A. We know this because otherwise the country would not be producing atthe point of maximum economic efficiency.Question Status: Previous Edition18) One day, Baccalia joined the WTO and joined the Global Village. They discovered that in the LWE (LondonWine Exchange), 1 liter of wine is worth 1 square yard of cloth. What is the logical production point they should strive for? (See figure.)Answer: 10 million liters of wine.Question Status: Previous Edition19) Baccalia wishes to enjoy to the fullest from the gains from trade, but is not willing to give up imbibing evenone drop of wine from the 6 million liters they consumed in their original autarkic state. If their newconsumption point is a point we shall designate as point b, describe where this point would be found. (See figure.)Answer: Vertically above point aQuestion Status: Previous Edition20) Where is the Community Indifference Curve family of curves tangent to their new Consumption PossibilityFrontier?Answer: At point b.Question Status: Previous Edition21) How can you prove that Baccalia has in fact gained from the availability of trade, and that their newsituation is superior to the pre-trade situation (with which they were quite content)?Answer: The country was consuming at point a before trade. It is now consuming at point b with trade. Point b represents a superior welfare combination of goods as compared to point a, since at b the country hasmore of each of the goods.Question Status: Previous Edition。
保罗克鲁格曼国际经济学英文课件1-7章
保罗克鲁格曼国际经济学英⽂课件1-7章Preface§1. Some distinctive features of International Economics: Theory and Policy.This book emphasizes several of the newer topics that previous authors failed to treat in a systematic way:·Asset market approach to exchange rate determination.·Increasing returns and market structure.·Politics and theory of trade policy.·International macroeconomic policy coordination·The word capital market and developing countries.·International factor movements.§2. Learning features:·Case studies·Special boxes·Captioned diagrams·Summary and key terms·Problems·Further reading§3.Reference books:·[美]保罗?克鲁格曼，茅瑞斯?奥伯斯法尔德，《国际经济学》，第6版，中译本，中国⼈民⼤学出版社，2007.·李坤望主编，《国际经济学》，第⼆版，⾼等教育出版社，2005.·Dominick Salvatore, International Economics, Prentice Hall International，第9版，清华⼤学出版社，英⽂版，2008. Chapter 1Introduction·Nations are more closely linked through trade in goods and services, through flows of money, and through investment than ever before.§1. What is international economics about?Seven themes recur throughout the study of international economics:·The gains from trade(National welfare and income distribution)·The pattern of trade·Protectionism·The balance of payments·Exchange rate determination·International capital market§2. International economics: trade and money·Part I (chapters 2 through 7) :international trade theory·Part II (chapters 8 through 11) : international trade policy ·Part III (chapters 12 through 17) : international monetary theory ·Part IV (chapters 18 through 22) : international monetary policyChapter 2 World Trade: An Overview§1 Who Trades with Whom?1. Size Matters: The Gravity ModelThe size of an economy is directly related to the volume of imports and exports.Larger economies produce more goods and services, so they have more to sell in the export market. Larger economies generate more income from the goods and services sold, so people are able to buy more imports.3 of the top 10 trading partners with the US in 2003 were also the 3 largest European economies: Germany, UK and France. These countries have the largest gross domestic product (GDP) in Europe.Cultural affinity: if two countries have cultural ties, it is likely that they also have strong economic ties.Geography: ocean harbors and a lack of mountain barriers make transportation and tradeeasier.2. Distance Matters: The Gravity ModelDistance between markets influences transportation costs and therefore the cost of imports and exports. Distance may also influence personal contact and communication, which may influence trade.Estimates of the effect of distance from the gravity model predict that a 1% increase in the distance between countries isassociated with a decrease in the volume of trade of 0.7% to 1%.Borders: crossing borders involves formalities that take time and perhaps monetary costs like tariffs. These implicit and explicit costs reduce trade. The existence of borders may also indicate the existence of different languages or different currencies, either of which may impede trade more.3.The gravity modelThe gravity model is:a b c ij i j ijT A Y Y D =?? where a, b, and c are allowed to differ from 1.§2. The Changing Composition of Trade1. Has the World Become “Smaller ”?There were two waves of globalization.1840–1914: economies relied on steam power, railroads, telegraph, telephones. Globalization was interrupted and reversed by wars and depression.1945–present: economies rely on telephones, airplanes, computers, internet, fiber optics,…2. Changing Composition of TradeToday, most of the volume of trade is in manufactured products such as automobiles, computers, clothing and machinery. Services such as shipping, insurance, legal fees and spending by tourists account for 20% of the volume of trade.Mineral products (e.g., petroleum, coal, copper) and agricultural products are a relatively small part of trade.Multinational Corporations and OutsourcingBefore 1945, multinational corporations played a small role world trade.But today about one third of all US exports and 42% of all US imports are sales from one division of a multinational corporation to another.Chapter 3Labor Productivity and Comparative Advantage:The Ricardian Model*Countries engage in international trade for two basic reasons:·Comparative advantage: countries are different in technology (chapter 3) or resource (chapter 4).·Economics of scale (chapter 6).*All motives are at work in the real world but only one motive is present in each trade model.§1. The concept of comparative advantage1. Opportunity cost : The opportunity cost of roses in terms of computers is the number of computers that could have been produced with the resources used to produce a given number of roses.Table 3-1 Hypothetical Changes in Production Million Roses Thousand Computers United States－10 ＋100 South America＋10 －30 Total 0 ＋702. Comparative advantage : A country has a comparative advantage in producing a good if the opportunity cost of producing that good in terms of other goods is lower in that country than it is in other countries.·Denoted by opportunity cost.·A relative concept : relative labor productivity or relative abundance.3. The pattern of trade: Trade between two countries can benefit both countries if each country exports the goods in which it has a comparative advantage.§2. A one-factor economy1.production possibilities: LC C LW W a Q a Q L +≤Figure 3-1 Home’s Production Possibility Frontier2. Relative price and supply·Labor will move to the sector which pays higher wage.·If C W LC LW P P a a >(C LC W LW P a P a >, wage in the cheese sector is higher ), the economy will specialize in the production of cheese.·In a closed economy, C W LC LW P P a a =.·If each country has absolute advantage in one good respectively, will there exist comparative advantage?§3. Trade in a one-factor world·Model : 2×1×2·Assume: **LC LW LC LW a a a a <Home has a comparative advantage in cheese.Home ’s relative productivity in cheese is higher.Home ’s pretrade relative price of cheese is lower than foreign.·The condition under which home has the comparative advantage involves all four unit labor requirement, not just two.1. Determining the relative price after trade·Relative price is more important than absolute price, when people make decisions on production and consumption.·General equilibrium analysis: RS equals RD . (World general equilibrium)·RS : a “step ” with flat sections linked by a vertical section. **(/)(/)LC LW L a L aFigure 3-3 World Relative Supply and Demand·RD : subsititution effects·Relative price after trade: between the two countries ’ pretrade price.(How will the size of the trading countries affect the relative price after trade? Which country ’s living condition improves more? Is it possible that a country produce both goods?)2. The gains from tradeThe mutual gain can be demonstrated in two alternative ways.·To think of trade as an indirect method of production :(1/)()1/LC C W LW a P P a > or C W LC LW P P a a >·To examine how trade affects each country ’s possibilities of consumption.Figure 3-4 Trade Expands Consumption Possibilities(How will the terms of trade change in the long-term? Are there income distribution effects within countries? )3. A numerical example:·Two crucial points :When two countries specialize in producing the goods in which they have a comparative advantage, both countries gain from trade.Comparative advantage must not be confused with absolute advantage; it is comparative, not absolute, advantage that determines who will and should produce a good.Table 3-2 Unit Labor Requirements Cheese WineHome 1LC a = hour per pound 2LW a = hours per gallonForeign*6LC a = hours per pound *3LW a = hours per gallon absolute advantage; relative price; specialization; the gains from trade.4. Relative wages·It is precisely because the relative wage is between the relative productivities that each country ends up with a cost advantage in one good.***LC LC LW LW a a w w a a >> **LC LC wa w a <；**LW LW wa w a >·Relative wages depend on relative productivity and relative demand on goods.Special box: Do wages reflect productivity?。
国际经济学第1章-精选文档38页
Y
O
X
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生产可能性曲线的三种情形
Y
Y
Y
O
O
XO
X
机会成本（-△Y/ △X ）递增、不变与递减
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商品市场均衡
取决于市场上商品相对价格
来自专业化的利益
相对价格不变条件下，由于生产专业化而获得的 额外利益
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Y
c
F
E
O
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第三节：国际贸易的起因
完全竞争的世界
国际贸易
相对价格差
供给或需求 差异
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没有贸易的假想世界
在完全竞争世界里，国际贸易建立在相对价格差基础上 相对价格差建立在两国的生产可能性曲线或社会无差异曲线形状
A国X的过剩供给曲线与B国X的过剩需求曲线的交点即 位X的国际均衡价格，位于贸易前两国的相对价格水平提供曲线
埃奇沃思与马歇尔提出 米德给出了正式的严格的推导
贸易提供曲线表示在各种不同的贸易条件（或国际相对 价格）下，一国为换取一定的进口商品而愿意为此提供 的出口商品数量之间的各种可能组合。也就是一国愿意 进行贸易时的各种贸易条件。
微观经济学原理是研究国际贸易相关问题的理论基础
实证分析与规范分析
(positive analysis)实证分析解决——是什么 (normative analysis)规范分析解决——应该是什么 国际经济学中，较多采用实证分析而较少采用规范分析
《国际经济学》PPT课件
美国
欧共体
日本
所有国家
产品/时间
1965 1986
1965 1986 1965 1986 1965 1986
食品
32 74
61 100 73 99 56 92
农业原材料 14
45
4
28
0 59
4 41
能源
92
0
11 37
33 28 27 27
矿产品与金属 0
16
0
40
2
31 1 29
制成品
39
71
10 56 48 50 19 58
二 H-O定理
1。 基本假设与基本内容
前提要素不能跨国流动——如果，未来若干年，只要是可移 动的商品，
将形成美国人设计、港台商人投资、大陆生产、出口到美国市场销售。可移
动的服务也会转移到印度和中国。也许美国能够留住的只是那些不可移 动的
服务20，21/8比/18如餐馆、理发店、洗衣店和超市。”
10
2X2X2模型 X为劳动密集产品，Y为资本密 集产品 A为劳动丰富的国家 技术相同 规模报 酬不变 需求偏好一样 要素国内自由流动诡计间 不能流动 产品要素市场是完全竞争的 自由贸易 无摩擦成本 贸易平衡 资源充分利用
X商品的劳动生产 Y商品的劳动生产
率
率
A国
6
4
B国
1
5
优势分析——分工情况——贸易情况——结果
假定国际交换比例1：1，A用6个X交换B上午6个Y，则获利2 个Y；6个Y在B国需1.2小时，这可生产1.2个X则获利4.8个X。
2021/8/18
3
第三节 比较优势理论
一假定与内容13 两利相权取其重，两害相权取其轻。
保罗克鲁格曼国际经济学英文课件1-7章
Preface§1. Some distinctive features of International Economics: Theory and Policy.This book emphasizes several of the newer topics that previous authors failed to treat in a systematic way:·Asset market approach to exchange rate determination.·Increasing returns and market structure.·Politics and theory of trade policy.·International macroeconomic policy coordination·The word capital market and developing countries.·International factor movements.§2. Learning features:·Case studies·Special boxes·Captioned diagrams·Summary and key terms·Problems·Further reading§3.Reference books:·[美]保罗•克鲁格曼，茅瑞斯•奥伯斯法尔德，《国际经济学》，第6版，中译本，中国人民大学出版社，2007.·李坤望主编，《国际经济学》，第二版，高等教育出版社，2005.·Dominick Salvatore, International Economics, Prentice Hall International，第9版，清华大学出版社，英文版，2008.Chapter 1Introduction·Nations are more closely linked through trade in goods and services, through flows of money, and through investment than ever before.§1. What is international economics about?Seven themes recur throughout the study of international economics:·The gains from trade(National welfare and income distribution)·The pattern of trade·Protectionism·The balance of payments·Exchange rate determination·International capital market§2. International economics: trade and money·Part I (chapters 2 through 7) :international trade theory·Part II (chapters 8 through 11) : international trade policy ·Part III (chapters 12 through 17) : international monetary theory ·Part IV (chapters 18 through 22) : international monetary policyChapter 2 World Trade: An Overview§1 Who Trades with Whom?1. Size Matters: The Gravity Model•The size of an economy is directly related to the volume of imports and exports.•Larger economies produce more goods and services, so they have more to sell in the export market. Larger economies generate more income from the goods and services sold, so people are able to buy more imports.• 3 of the top 10 trading partners with the US in 2003 were also the 3 largest European economies: Germany, UK and France. These countries have the largest gross domestic product (GDP) in Europe.Cultural affinity: if two countries have cultural ties, it is likely that they also have strong economic ties.Geography: ocean harbors and a lack of mountain barriers make transportation and tradeeasier.2. Distance Matters: The Gravity ModelDistance between markets influences transportation costs and therefore the cost of imports and exports. Distance may also influence personal contact and communication, which may influence trade.Estimates of the effect of distance from the gravity model predict that a 1% increase in the distance between countries is associated with a decrease in the volume of trade of 0.7% to 1%.Borders: crossing borders involves formalities that take time and perhaps monetary costs like tariffs. These implicit and explicit costs reduce trade. The existence of borders may also indicate the existence of different languages or different currencies, either of which may impede trade more.3.The gravity modelThe gravity model is:a b c ij i j ijT A Y Y D =⨯⨯ where a, b, and c are allowed to differ from 1.§2. The Changing Composition of Trade1. Has the World Become “Smaller ”?There were two waves of globalization.1840–1914: economies relied on steam power, railroads, telegraph, telephones. Globalization was interrupted and reversed by wars and depression.1945–present: economies rely on telephones, airplanes, computers, internet, fiber optics,…2. Changing Composition of TradeToday, most of the volume of trade is in manufactured products such as automobiles, computers, clothing and machinery.Services such as shipping, insurance, legal fees and spending by tourists account for 20% of the volume of trade.Mineral products (e.g., petroleum, coal, copper) and agricultural products are a relatively small part of trade.Multinational Corporations and OutsourcingBefore 1945, multinational corporations played a small role world trade.But today about one third of all US exports and 42% of all US imports are sales from one division of a multinational corporation to another.Chapter 3Labor Productivity and Comparative Advantage:The Ricardian Model*Countries engage in international trade for two basic reasons:·Comparative advantage: countries are different in technology (chapter 3) or resource (chapter 4).·Economics of scale (chapter 6).*All motives are at work in the real world but only one motive is present in each trade model.§1. The concept of comparative advantage1. Opportunity cost : The opportunity cost of roses in terms of computers is the number of computers that could have been produced with the resources used to produce a given number of roses.Table 3-1 Hypothetical Changes in Production Million Roses Thousand Computers United States－10 ＋100 South America＋10 －30 Total 0 ＋702. Comparative advantage : A country has a comparative advantage in producing a good if the opportunity cost of producing that good in terms of other goods is lower in that country than it is in other countries.·Denoted by opportunity cost.·A relative concept : relative labor productivity or relative abundance.3. The pattern of trade: Trade between two countries can benefit both countries if each country exports the goods in which it has a comparative advantage.§2. A one-factor economy1.production possibilities: LC C LW W a Q a Q L +≤Figure 3-1 Home’s Production Possibility Frontier2. Relative price and supply·Labor will move to the sector which pays higher wage.·If C W LC LW P P a a >(C LC W LW P a P a >, wage in the cheese sector is higher ), the economy will specialize in the production of cheese.·In a closed economy, C W LC LW P P a a =.·If each country has absolute advantage in one good respectively, will there exist comparative advantage?§3. Trade in a one-factor world·Model : 2×1×2·Assume: **LC LW LC LW a a a a <Home has a comparative advantage in cheese.Home ’s relative productivity in cheese is higher.Home ’s pretrade relative price of cheese is lower than foreign.·The condition under which home has the comparative advantage involves all four unit labor requirement, not just two.1. Determining the relative price after trade·Relative price is more important than absolute price, when people make decisions on production and consumption.·General equilibrium analysis: RS equals RD . (World general equilibrium)·RS : a “step ” with flat sections linked by a vertical section. **(/)(/)LC LW L a L aFigure 3-3 World Relative Supply and Demand·RD : subsititution effects·Relative price after trade: between the two countries ’ pretrade price.(How will the size of the trading countries affect the relative price after trade? Which country ’s living condition improves more? Is it possible that a country produce both goods?)2. The gains from tradeThe mutual gain can be demonstrated in two alternative ways.·To think of trade as an indirect method of production :(1/)()1/LC C W LW a P P a > or C W LC LW P P a a >·To examine how trade affects each country ’s possibilities of consumption.Figure 3-4 Trade Expands Consumption Possibilities(How will the terms of trade change in the long-term? Are there income distribution effects within countries? )3. A numerical example:·Two crucial points :When two countries specialize in producing the goods in which they have a comparative advantage, both countries gain from trade.Comparative advantage must not be confused with absolute advantage; it is comparative, not absolute, advantage that determines who will and should produce a good.Table 3-2 Unit Labor Requirements Cheese WineHome 1LC a = hour per pound 2LW a = hours per gallonForeign*6LC a = hours per pound *3LW a = hours per gallon absolute advantage; relative price; specialization; the gains from trade.4. Relative wages·It is precisely because the relative wage is between the relative productivities that each country ends up with a cost advantage in one good.***LC LC LW LW a a w w a a >> **LC LC wa w a <；**LW LW wa w a >·Relative wages depend on relative productivity and relative demand on goods.Special box: Do wages reflect productivity?·Debates about relative wages and relative labor productivity.·Long-run convergence in productivity produces long-run convergence in wages.§4. Misconceptions about comparative advantageThe proposition that trade is beneficial is unqualified. That is, there is no requirement that a country be “competitive ” or that the trade be “fair ”.1. Productivity and competitivenessmyth1: Free trade is beneficial only if your country is strong enough to stand up to foreigncompetition.·The gains from trade depend on comparative advantage rather than absolute advantage.·The competitive advantage of an industry depend on relative labor productivity and relative wage. ·Absolute advantage: neither a necessary nor a sufficient condition for comparative advantage (or for the gains from trade).2. The pauper labor argumentmyth2: Foreign competition is unfair and hurts other countries when it is based on low wages. ·Whether the lower cost of foreign export goods is due to high productivity or low wages does not matter. All that matter to home is that it is more efficient to “produce ” those goods indirectly than to produce directly.3. Exploitationmyth3: Trade exploits a country and makes it worse off if its workers receive much lower wagethan workers in other nations.·Whether they and their country are worse off?·What is the alternative ?(If it refuses to trade, real wages would be even lower).§5. Comparative advantage with many goods·Model: 2×1×n·For any good we can calculate *Li Li a a , label the goods so that the lower the number, the lower thisratio. ***1122L L L L LN LN a a a a a a <<<(or ***1122L L L L LN LN a a a a a >>>) 1. Relative wages and specialization·Any good for which **Li Li a a w w >will be produced in home. Relative productivity is higher thanits relative wage,**Li Li wa w a <, goods will always be produced where it is cheapest to make them. ·All the goods to the left of the cut end up being produced in home.Table 3-3 Home and Foreign Unit Labor RequirementsApples1 10 10 Bananas5 40 8 Caviar3 124 Dates6 12 2 Enchiladas12 9 0.75 ·if *3w w =, A 、B 、C will be produced in Home and D 、E in foreign.Is such a pattern of specialization beneficial to both countries?(Hint: Comparing the labor cost of producing a (import) good directly and indirectly).2. Determining the relative wage in the multigood model·*w w: RD of labor equals RS of labor.·The relative derived demand for home labor (*L L) will fall when the ratio of home to foreign wages (*w w) rises, because:(1)The goods produced in home became relative more expensive.(2)Fewer foods will be produced in home and more in foreign.Figure 3-5Determination of relative of wages.RD: derived form relative demand for home and foreign goods.RS: determined by relative size of home and foreign labor force (Labor can’t move between countries).§6. Adding transport costs and nontraded goods·There are three main reasons why specialization in the real international economy is not so extreme:(1) the existence of more than one factor of production(2) protectionism(3) the existence of transport cost.E.g. suppose transport cost is a uniform fraction of production cost, say 100 percents. For goods Cand D in table 2-4:D: Home 6hours < 12hours×1/3×2 foreignC: Home 3hours×2 >12hours×1/3 foreignThus, C and D became nontraded goods.·In practice there is a wide range of transportation costs.In some cases transportation is virtually impossible: services such as haircut and auto repair ;goods with high weight-to-value ratio, like cement.·Nontraded goods: because of absence of strong national cost advantage or because of high transportation cost.·Nations spend a large share of their income on nontraded goods.§7. Empirical evidence on the Ricardian model·Misleading predictions :(1)An extreme degree of specialization;(2)Neglect the effects on income distribution;(3)Neglect differences in resources among countries as a cause of trade;(4)Neglect economics of scale as a cause of trade.·The basic prediction of the Ricardian model has been strongly confirmed by a number of studies over years.(1) Countries tend to export those goods in which their productivity is relative high.(2) Trade depends on comparative not absolute advantage.Figure 3-6productivity and exportsChapter 4Resources and trade: the Heckscher-Ohlin model(Factor endowment theory)*Comparative advantage is influence by the interaction between relative abundance and relative intensity.*Relative abundance: the proportions of different factors of production are available in different countries.If(T/L)H<(T/L)F, Home is labor-abundant and Foreign is land-abundant“per captia”,“relative” , no country is abundant in everything.*Relative intensity: the proportions of different factors of production are used in producing different goods.At any given factor prices, if (T C/L C) < (T F/L F), production of Cloth is labor-intensive and production of Food is land-intensive. A good can’t be both labor-intensive and land-intensive.(Factor-proportions theory)§1. A model of two-factor economy1. Assumption of the modelThe same two factors are used in both sectors: T、L ; Cloth、Food.(1)Alternative input combinations: In each sector, the ratio of land to labor used in production depends on the cost of labor relative to the cost of land, w/r.Figure 4A-2w/r↑T↑L↓T/L↑(T C/L C↑and T F/L F↑)(2) Relative intensityAt any given wage-rental ratio, food production use a higher land-labor ratio, food production is land-intensive and cloth production is labor-intensive.2. Factor price and goods prices(1)One-to-one relationshipBecause cloth production is labor-intensive while food production is land-intensive. The one dollar worth isoquant line of cloth and food are shown as Figure4A-3).The two isoquants CC and FF are tangent to the same unit isocost line.Figure 4 A-3When P C raises, the slope of the unit isocost line w/r rises, that is, there is one-to-one relationship between factor price ratio w/r and the relative price of cloth P C/P F (Figure4A-4). The relationship is illustrated by the curve SS.(Suppose the economy produce both cloth and food).Figure 4 A-4(2)Stolper-Sammelson effectIf the relative price of a good rises, the real income of the factor which intensively used in that good will rise, while the real income of the other factor will fall.P C/P F↑w/r↑T C/L C↑,T F/L F↑W/P C=MPL C↑, W/P F=MPL F↑Figure 4-73. Resources and output(1)Relative price、resources and productionGiven the prices of cloth and food and the supply of land and labor, it is possible to determine how much of each resource the economy devoted to the production of each good; and thus also to determine the econom y’s output of each good.the slope of OcC is Tc/Lc , the slope of O F F is T F /L F• In general, the economy aims to maximizes the value of production:C C F F V P Q P Q =+ or F F C F C Q V P P P Q =-(2)Rybczynski effectIf goods prices remain unchanged, an increase in the supply of land will rise the output of food more than proportion to this increase, while the output of cloth will fall.T↑T F↑L F↑;T C↓L C↓Q F↑Q C↓Rybczynski effect: At unchanged relative goods price, if the supply of a factor of production increases, the output of the good that are intensive in that factor will rise, while the output of the other good will fall.Figure 4-10·The economy could produce more of both cloth and food than before.·A biased expansion of production possibilities.·An economy will tend to be relatively effective at producing goods that are intensive in that factors with which the country is relative well-endowed.§2. Effects of international trade between two-factor economies1. Resources 、relative prices and the pattern of tradeAs always, Home and Foreign are similar along many dimensions, such as relative demand and technology. The only difference between the countries is their resources: Home has a lower ratio of land to labor than Foreign does.·relative abundance relative supply relative prices tradeFigure 4-11·H-O proposition: Countries tend to export goods whose production is intensive in factors with which they are abundantly endowed.·Budget constraint: C C F F C C F F P D P D P Q P Q +=+or ()()F F C F C C D Q P P Q D -=⨯-2. Trade and the distribution of income·According to Stolper-Samuelson effect, a rise in the price of cloth raises the purchasing power of labor in terms of both goods, while a rise in the price of food declines the purchasing power of land in terms of both goods.·Owners of a country’s abundant factors gain from trad e, but owners of a country’s scare factors lose.3. Factor price equalization·Factor price equalization proposition: International trade produces a convergence of relative goods prices. This convergence, in turns, causes the convergence of the relative factor prices. Trade leads to complete equalization of factor prices. (Figure4-11,4-7 or Figure 4A-3)Figure 4A-3one-dollar-worth isoquant lines.goods’ price and technologies are the same, so CC、FF are the same in both countries.w/r are the same in both countries.·In an indirect way the two countries are in effect trading factors of production.（Home exports labor: more labor is embodied in Home’s exports than its imports ；Foreign exports land: more land is embodied in Foreign exports than its imports.）·In the real world factor prices are not equalized (Table4-1). Why?Table 4-1 Comparative international Wage Rates (United States=I00)Hourly compensationCountry of production workers, 2000United States 100 Germany121 Japan111 Spain55 South Korea41 Portugal24 Mexico12 Sri Lanka* 2*1969Source: Bureau of Labor Statistics, Foreign Labor Statistics Home Page. Three assumptions crucial to the prediction of factor price equalization are in reality certainly untrue.(1)Both countries produce both goods.(Trading countries are sufficiently similar in their relative factor endowments)(2)Technologies are the sameTrade actually equalizes the prices of goods in two countries.(3)There are barriers to trade: natural barriers (such as transportation costs) and artificial barriers (such as tariffs, import quotas, and other restrictions).Case study: North-south trade and income inequality·Why has wage inequality in U.S. increased between the late 1970s and the early 2000s?(1)Many observers attribute the change to the growth of world trade and in particular to the growing exports of manufactured goods from NIEs .(2)Most empirical workers believed that trade has been at most a contributing factor to thegrowing inequality and that the main villain is technology.§3. The political economy of trade: a preliminary view1. Income distribution in the short run·specific factor(,)M M M Q Q K L =；(,)F F F Q Q T L =·Trade benefits the factor that is specific to the export sector of each country but hurts the factor to the import-competing sectors, with ambiguous effects on mobile factors.·Does trade make each country better off? Is trade potentially a source of gain to everyone?The fundamental reason why trade potentially benefits a country is that it expands the economy ’s choices. This expansion of choice means that it is always possible to redistribute income in such a way that everyone gains from trade.It is possible in principle for a country ’s government to use taxes and subsidies to redistribute income to give each individual more of both goods.·The distinction between income distribution effects due to immobility and those due to differences in factor intensity.The specific factor model: Sectors; temporaryThe H-O model: Factors; permanent·Resources and trade (factor endowment theory)Short-run analysis: the specific factor modelLong-run analysis: H-O model2. Optimal trade policy.There are two ways to look at trade policy:(1) (Normative analysis) given its objectives, what should the government do? What is theoptimal trade policy?(2) (Positive analysis) what are the governments likely to do in practice?·Economists: to maximize the national welfare, free international trade is the optimal policy. ·Three main reasons why economists do not regard the income distribution effects of trade as a good reason to limit trade (P70).3. Income distribution and trade politics.·An example : an import quota : U.S. sugar (P191).·Problems of collective action (P 219).·Typically, those who lose from trade in any particular product are a much more concentrated, informed, and organized group than those who gain.·The formulation of trade policy: A kind of political process.§4. Empirical evidence on the H-O model1.Tests on U.S data. (Table4-2)Table 4-2 Factor Content of U.S. Exports and Imports for 1962Imports Exports Capital per million dollars $2,132,000 $1,876,000Labor(person-years) per million dollars 119 131Capital-labor ratio (dollars per worker) $17,916 $14,321Average years of education per worker 9.9 10.1Source: Rodert Baldwin, “Determinants of the Commodity Structure of U.S. Trade,”American Economic Review61(March1971), pp.126-145·Leontief paradox: U.S. exports were less capital-intensive than U.S. imports. (Capital-labor ratio) ·U.S. exports were more skilled labor-intensive and technology-intensive than its imports. (Average years of education; scientists and engineering per unit of sales)·A plausible explanation: U.S. may be exporting goods that heavily use skilled labor and innovative entrepreneurship(such as aircraft and computer chips), while importing heavy manufactures that use large amounts of capital (such as automobiles).2.Tests on global data. (Table 4-3)Table 4-3 Testing the Heckscher-Ohlin ModelFactor of Production Predictive Success*Capital 0.52Labor 0.67Professional workers 0.78Managerial workers 0.22Clerical workers 0.59Sales workers 0.67Service workers 0.67Agricultural workers 0.63Production workers 0.70Arable land 0.70Pasture land 0.52Forest 0.70*Fraction of countries for which net exports of factor runs in predicted direction.Source: Harry P.Bowen, Edward E. Leamer, and Leo Sveikauskas,“Multicountry,Multifactor Tests of the Factor Abundance Theory,”American EconomicReview 77 (December 1987), pp.791-809.·If the factor-proportion theory was right, a country would always export factors for which the factor share exceeded the income share, import factors for which it was less.·Two-thirds of the factors were trading in the predicted direction less than 70 percents of the time. This result confirms the Leontief paradox on a broader level: Trade often doesn’t run in the direction that the H-O theory predicts.3. Test on North-South tradeNorth-South trade in manufactures seems to fit the H-O theory much better.4. The case of the missing trade.·A previously overlooked empirical problems: The H-O model can predict not only the direction but the volume of trade.·Factor trade in general turns out to be much smaller than the H-O model predicts.·A large part of the reason for this disparity comes from a false prediction of large-scale trade in labor between rich and poor countries.·This puzzle can be resolved only by dropping the H-O assumptions that technologies are the same across countries. (Table4-5)Table 4-5 Estimated Technological Efficiency, 1983 (United States=1)Bangladesh 0.03Thailand 0.17Hong Kong 0.40Japan 0.70West Germany 0.78Source: Trefler, American Economic Review, (December 1995), p.1037Chapter 5The Standard Trade Model* The differences and common features of the three models developed in previous chapters.·model Merit defect The Ricardian model Technology (trade pattern) income distributionThe Specific factor model income distribution trade patternThe H-O model Resources (trade pattern) technology·(1)different PPF(2)different PPF different RS(3)different RS different P C/P F trade* A more general trade model: the models we have studied may be viewed as special cases.·different PPF?(1)Home’s relative labor productivity of cloth is higher than Foreign’sOr (2)Q C=Q C(K,L C), Q F=Q F(T,L F). Home has more capital while Foreign has more land.Or (3)Home is labor-abundant and cloth is labor-intensive, while …·different Pc/P F?At any given Pc/P F, (Q C/Q F)>(Q C*/Q F*), RS lies to the right of RS*, that is (P C/P F)H<(P C/P F)F。
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1.1 Mercantilism
The mercantilists advocated government regulation 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 employment.
Critics Possible only for short term Assuming static world economy
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
Cost differences govern the international movement of goods. The concept of cost is founded upon the labor theory of value.
1.2 Trade Based on Absolute Advantage: Adam Smith
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.
1.2 Trade Based on Absolute Advantage: Adam Smith
An arithmetic example
A Case of Absolute Advantage
Country
Output per Labor Hour
iPad
Cloth
U.K.
5 sets
20 yards
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
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 1.5 Comparative Advantage with More Than Two
Commodities and Countries 1.6 Theory of Reciprocal Demand 1.7 Offer Curve and Terms of Trade
U.S.
15 sets
10 yards
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).
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
In like manner, the U.K has an absolute advantage in cloth production.
ቤተ መጻሕፍቲ ባይዱ
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
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.