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Chapter3RicardianModel.ppt
Chapter 3 Ricardian Model Ricardian Model Opportunity costs and comparative advantage An Example Relative demand-relative supply analysis A one factor Ricardian model Production possibilities Gains from trade Wages and trade Misconceptions about comparative advantage Transportation costs and non-traded goods Empirical evidence Introduction Theories of why trade occurs can be grouped into three categories: Market size and distance between markets determine how much countries buy and sell. These transactions benefit both buyers and sellers. Differences in labor, physical capital, natural resources and technology create productive advantages for countries. Economies of scale (larger is more efficient) create productive advantages for countries. Introduction (cont.) The Ricardian model (chapter 3) says differences in productivity of labor between countries cause productive differences, leading to gains from trade. Differences in productivity are usually explained by differences in technology. The Heckscher-Ohlin model (chapter 4) says differences in labor, labor skills, physical capital and land between countries cause productive differences, leading to gains from trade. Comparative Advantage and Opportunity Cost The Ricardian model uses the concepts of opportunity cost and comparative advantage. The opportunity cost of producing something measures the cost of not being able to produce something else. Comparative Advantage and Opportunity Cost (cont.) A country faces opportunity costs when it employs resources to produce goods and services. For example, a limited number of workers could be employed to produce either wine or cheese. The opportunity cost of producing wine is the amount of cheese not produced. The opportunity cost of producing cheese is the amount of wine not produced. A country faces a trade off: how much wine or cheese should it produce with the limited resources that it has? Comparative Advantage and Opportunity Cost (cont.) A country has a co
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