国际经济学讲义.ppt
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1、国际经济学讲义国际经济学讲义Chapter OrganizationIntroductionTrade Based on Absolute AdvantageTrade Based on Comparative AdvantageTrade Based on Opportunity CostsThe Production Possibilities Frontier and Constant CostsThe Terms of TradeTrade Under Increasing Opportunity CostsDynamic Gains from TradeIntroductionIn
2、this chapter,we first discuss international trade based on Adam Smiths theory of absolute advantage.Then,we explain the pattern of trade and the gains from trade based on David Richards theory of comparative advantage.We also explain the theory of comparative advantage in terms of opportunity cost.F
3、inally,we describe the gains from trade that are difficult to quantify and occur over time.International Trade Versus Interregional TradeInternational trade and Interregional trade are similar.international means between two or more countries.Inter-regional(domestic trade)means between two or more r
4、egions,where a region is a part of a country.Benefits of Trade:-specialization and trade makes total world output of goods and services larger than it would be without tradeDifference between international trade and interregional tradeNational currency;Trade policy;Market development;Culture and cus
5、toms;law,etc1.Three basic questions about international tradeWhy do countries export and import certain goods?At what price are products exchanged in world market?What are the gains from international trade In terms of production and consumption?2.The Mercantilism and its standpointsDuring 1500-1700
6、,the doctrine of mercantilism domin-ated political and economic thought.The premise:a country can promote its self-interest by discouraging imports and encouraging exports;a country wealth was precious metal,gold and silverA favorable trade balance:a surplus of exports over imports.Mercantilists adv
7、ocating:tariffs,quotas,and other trading protectionism policies.David Humes price-specie-flow doctrine:a favorable trade balance was possible only in the short run,for over time it would automatically be eliminated.Video 3 video 23.Adam Smiths theory of absolute advantageAdam Smith:The Wealth of Nat
8、ions,1776International trade is not a zero-sum game.The gains from trade are the increase in world output that results from each country specializing its produc-tion according to absolute advantage(absolute cost).Absolute advantage is the ability of a country to use fewer resources to produce a good
9、 than other countries.assumption:the labor theory of value1.Labor is the only factor of production and is homo-geneous.2.The cost or the price of a good depends exclusively on the amount of labor a example about absolute advantageAssumption:2-nation:the U.S.and India,2-product:machine and cloth,1-fa
10、ctor:labor;technology(constant);transportation cost(zero);free trade.Absolute advantage is the ability of a country to use fewer resources to produce a good than other countries.The U.S.has an absolute advantage in machine production,while India has an absolute advantage in cloth production.countrym
11、achinescloth U.S.5 machines10 yards of clothIndia2 machines15 yards of clothTable 1 autarky(a closed economy)One person per day of labor ProductsTable 2 open economy countrymachinescloth U.S.+5 machines-10 yards of clothIndia-2 machines+15 yards of clothChanging in world output+3 machines+3 yards of
12、 clothThe theory of absolute advantageIn 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.4.David Ricardos theory of comparative ad
13、vantageAn unanswered question:why would trade occur betw-een two countries if one country had an absolute adv-antage in the two goods?countrymachinesCloth relative costU.S.5 machines15 yards of cloth 1M=3CIndia1 machines5 yards of cloth 1M=5C U.S.the degree of absolute advantage:machine 5-to-1,cloth
14、 3-to-1.the U.S.has a comparative advantage in machine.India has a comparative advantage in cloth.countrymachinescloth U.S.+5 machines-15 yards of clothIndia-3 machines+15 yards of clothChanging in world output+2 machines 0 yards of clothFree trade according comparative advantage the gain from speci
15、alization and trade is the increase in world output that results from each country specializing its production according to its comparative advantage.The theory of Comparative advantage The more efficient nation should specialize in and export the goods in which it is re-latively more efficient.The
16、less efficient nation should specialize in and export the goods in which it is relatively less in-efficient.5.General Trade theories:Based on Opportunity CostsOpportunity cost:opportunity cost is the amount of a goodmachine-that must be given up to release enough resources to produce another good-cl
17、oth.countrymachinesCloth opportunity costU.S.5 machines15 yards of cloth 1M=3CIndia1 machines5 yards of cloth 1M=5C Marginal rate of transformation(MRT):The MRT shows the amount of one good that a country must sacrifice to get one additional unit of another good.MRT=Cloth/Machine5.1 The gains from t
18、rade with opportunity costFor profitable exchange to take place,the price machines relative to the price of cloth would have to be between 1M=3C and 1M=5C.If 1M=4CU.S.IndiaProduction at full employment100 machines0 yards of cloth0 machines300 yards of clothconsumption with trade1M=4C50 machines200 y
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