国际经济学(第10版)第二章
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Carbaugh, Chap. 2 8
Labor theory of value
Labor is the only factor of production and is homogeneous; The cost or price of a good depends exclusively upon the amount of labor required to produce it.
United States 5 bottles 20 yards United Kingdom 15 bottles 10 yards
Carbaugh, Chap. 2 11
2.1.3 Comparative Advantage Theory
David Ricardo 1772-1823
Carbaugh, Chap. 2
Carbaugh, Chap. 2
18
Comparative advantage
Marginal Rate of Transformation
Production possibilities schedule
Carbaugh, Chap. 2
19
Comparative advantage
Carbaugh, Chap. 2
9
Principle of absolute advantage
In a two-nation, two-product world, international trade and specialization will be beneficial when one nation has an absolute cost advantage in one good and the other nation has an absolute cost advantage in the other good. So ,the nation exports the good which it has absolute advantage, and imports the good which it has absolute disadvantage , both countries will benefit from the trade.
Carbaugh, Chap. 2 13
Position: free trade Reason: comparative productivity differences comparative cost differences price differences international trade Ricardo emphasized the supply side of the market
Countries benefit from exporting what they make cheaper than anyone else
Comparative advantage (David Ricardo)
Nations can gain from specialization, even if they lack an absolute advantage
12
Looseness in Smith’s theory
How to trade with each other if a nation is more efficient than its trading partner in the production of all goods? Smith can not answer this question, and this is a deadly flaw of his theory. Ricardo answer this question and point that even this both countries also can benefit from trade.
International Economics
By Robert J. Carbaugh 10th Edition
Chapter 2: Foundations of Modern Trade Theory: Comparative Advantage
Copyright ©2002, South-Western College Publishing
Carbaugh, Chap. 2 5
Strong attack to the Mercantilism
②Adam Smith “Wealth of Nations” The mercantilism thought that one nation’s gains from trade came at the expense of its trading partners. Smith suggested that both trading partners could enjoy higher levels of production and consumption with free trade.
Carbaugh, Chap. 2 14
The principle of comparative advantage
If one country is less efficient in both goods production, it should specialize in and export the good in which it is relatively less inefficient. The other country should specialize in and export the good it most efficient. So, both countries can benefit from this specialization and international trade.
16
Nation United来自百度文库States United Kingdom
Carbaugh, Chap. 2
Comparative advantage
2.2 Production Possibilities Schedule
Generalizes theory to include all factors, not just labor Production possibilities schedule shows various alternative combinations of two products that a nation can produce when all its factors are used efficiently. So, the production possibilities schedule illustrates the maximum output possibilities of a nation.
Carbaugh, Chap. 2
2
Foundations of trade theory
2.1 Historical development of Modern Trade Theory Mercantilism
favorable trade balance
Absolute advantage (Adam Smith)
Carbaugh, Chap. 2
4
Strong attack to the Mercantilism
① David Hume’s prices-specie-flow doctrine David thought that a favorable trade balance was possible only in the short term, it would automatically be eliminated in the long run. Trade surplus in England inflow of gold and silver money supply increase in England England’s price level rise relative to its trading partners imports from trade partners increase trade surplus be eliminated
Carbaugh, Chap. 2 17
Marginal rate of transformation
The slope of the production possibilities schedule , is referred to as marginal rate of transformation(MRT), shows the amount of one product a nation must sacrifice to get one additional unit of the other product(that is opportunity cost). MRT=△one product/△another product
Trade theory want to solute:
①basis for trade—why do nations export and import certain products? ②terms of trade—at what relative price are products exchanged in world market? ③gains from international trade—what are the gains from trade for the producer and consumer?
Carbaugh, Chap. 2
6
2.1.2 Absolute Advantage Theory
Adam Smith, 1723-1790
Carbaugh, Chap. 2
7
Position: Free trade Reason: absolute differences of productivities cost differences price differences international trade Productivities are based on natural and acquired advantages. Smith viewed the determination of advantage from the supply side of the market.
Carbaugh, Chap. 2 15
Comparative advantage: the US has an absolute advantage in both goods Output per labor hour Wine Cloth 40 bottles 20 bottles 40 yards 10 yards
Carbaugh, Chap. 2 3
2.1.1 Mercantilism
Period:1500-1800 Central question: how to promote its own interests Position: favorable trade balance—a surplus of export over import Method: tariffs, quotas, other commercial policies
Carbaugh, Chap. 2 10
Comparative advantage
Absolute advantage: each nation is more efficient in producing one good Output per labor hour Wine Cloth
Nation
Labor theory of value
Labor is the only factor of production and is homogeneous; The cost or price of a good depends exclusively upon the amount of labor required to produce it.
United States 5 bottles 20 yards United Kingdom 15 bottles 10 yards
Carbaugh, Chap. 2 11
2.1.3 Comparative Advantage Theory
David Ricardo 1772-1823
Carbaugh, Chap. 2
Carbaugh, Chap. 2
18
Comparative advantage
Marginal Rate of Transformation
Production possibilities schedule
Carbaugh, Chap. 2
19
Comparative advantage
Carbaugh, Chap. 2
9
Principle of absolute advantage
In a two-nation, two-product world, international trade and specialization will be beneficial when one nation has an absolute cost advantage in one good and the other nation has an absolute cost advantage in the other good. So ,the nation exports the good which it has absolute advantage, and imports the good which it has absolute disadvantage , both countries will benefit from the trade.
Carbaugh, Chap. 2 13
Position: free trade Reason: comparative productivity differences comparative cost differences price differences international trade Ricardo emphasized the supply side of the market
Countries benefit from exporting what they make cheaper than anyone else
Comparative advantage (David Ricardo)
Nations can gain from specialization, even if they lack an absolute advantage
12
Looseness in Smith’s theory
How to trade with each other if a nation is more efficient than its trading partner in the production of all goods? Smith can not answer this question, and this is a deadly flaw of his theory. Ricardo answer this question and point that even this both countries also can benefit from trade.
International Economics
By Robert J. Carbaugh 10th Edition
Chapter 2: Foundations of Modern Trade Theory: Comparative Advantage
Copyright ©2002, South-Western College Publishing
Carbaugh, Chap. 2 5
Strong attack to the Mercantilism
②Adam Smith “Wealth of Nations” The mercantilism thought that one nation’s gains from trade came at the expense of its trading partners. Smith suggested that both trading partners could enjoy higher levels of production and consumption with free trade.
Carbaugh, Chap. 2 14
The principle of comparative advantage
If one country is less efficient in both goods production, it should specialize in and export the good in which it is relatively less inefficient. The other country should specialize in and export the good it most efficient. So, both countries can benefit from this specialization and international trade.
16
Nation United来自百度文库States United Kingdom
Carbaugh, Chap. 2
Comparative advantage
2.2 Production Possibilities Schedule
Generalizes theory to include all factors, not just labor Production possibilities schedule shows various alternative combinations of two products that a nation can produce when all its factors are used efficiently. So, the production possibilities schedule illustrates the maximum output possibilities of a nation.
Carbaugh, Chap. 2
2
Foundations of trade theory
2.1 Historical development of Modern Trade Theory Mercantilism
favorable trade balance
Absolute advantage (Adam Smith)
Carbaugh, Chap. 2
4
Strong attack to the Mercantilism
① David Hume’s prices-specie-flow doctrine David thought that a favorable trade balance was possible only in the short term, it would automatically be eliminated in the long run. Trade surplus in England inflow of gold and silver money supply increase in England England’s price level rise relative to its trading partners imports from trade partners increase trade surplus be eliminated
Carbaugh, Chap. 2 17
Marginal rate of transformation
The slope of the production possibilities schedule , is referred to as marginal rate of transformation(MRT), shows the amount of one product a nation must sacrifice to get one additional unit of the other product(that is opportunity cost). MRT=△one product/△another product
Trade theory want to solute:
①basis for trade—why do nations export and import certain products? ②terms of trade—at what relative price are products exchanged in world market? ③gains from international trade—what are the gains from trade for the producer and consumer?
Carbaugh, Chap. 2
6
2.1.2 Absolute Advantage Theory
Adam Smith, 1723-1790
Carbaugh, Chap. 2
7
Position: Free trade Reason: absolute differences of productivities cost differences price differences international trade Productivities are based on natural and acquired advantages. Smith viewed the determination of advantage from the supply side of the market.
Carbaugh, Chap. 2 15
Comparative advantage: the US has an absolute advantage in both goods Output per labor hour Wine Cloth 40 bottles 20 bottles 40 yards 10 yards
Carbaugh, Chap. 2 3
2.1.1 Mercantilism
Period:1500-1800 Central question: how to promote its own interests Position: favorable trade balance—a surplus of export over import Method: tariffs, quotas, other commercial policies
Carbaugh, Chap. 2 10
Comparative advantage
Absolute advantage: each nation is more efficient in producing one good Output per labor hour Wine Cloth
Nation