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ch02Foundations of Modern Trade Theory(国际经济学-浙江林学院,岑丽娟).ppt

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ch02Foundations of Modern Trade Theory(国际经济学-浙江林学院,岑丽娟)

Carbaugh, Chap. 2 International EconomicsBy Robert J. Carbaugh8th Edition Chapter 2: Foundations of Modern Trade Theory Historical development of trade theory Mercantilism positive trade balance Absolute advantage (Adam Smith) 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 Absolute Comparative Advantage Ricardo’s Comparative Advantage in money prices Production possibilities schedule Generalizes theory to include all factors, not just labor Shows combinations of products that can be made if all factors are used efficiently Slope, or marginal rate of transformation, shows the opportunity cost of making more of one good (how much of one good must be given up to make more of another) Marginal Rate of Transformation Production possibilities schedules: constant opportunity costs Supply schedules: constant opportunity costs Trading under constant opportunity costs Production gains from specialization: constant opportunity costs Consumption gains from trade: constant opportunity costs Complete specialization under constant opportunity costs Changing comparative advantage Trade restrictions and gains from trade Production possibilities schedule under increasing costs Supply schedule under increasing costs Trading under increasing costs: US Trading under increasing costs: Canada Production gains from specialization: increasing opportunity costs Consumption gains from trade: increasing opportunity costs * Copyright ?2002, South-Western College Publishing Foundations of trade theory Comparative advantage Absolute advantage: each nation is more efficient in producing one good Output per labor hour Nation Wine Cloth United States 5 bottles 20 yards United Kingdom 15 bottles 10 yards Comparative advantage: the US has an absolute advantage in both goods Output per labor hour Nation Wine Cloth United States 40 bottles 40 yards United Ki