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CHAPTER 6ECONOMICS OF SCALE,IMPERFECT COMPETITION,AND INTERNATIONAL TRADE The Imitation Lag Hypothesis The Imitation Lag Hypothesis Michael V. Posner(1961) Imitation lag-demand lag=net lag The Product Cycle Theory Michael V. Posner(1966) A typical “new product”(F2) Dynamic comparative advantage Test: there should be a positive correlation between RD expenditures and successful export performance by industry. Dinopoulos, Oehmker and Segerstrom(1993) The trade pattern in the Product Cycle Theory time Production,consumption of product production consumption New product stage Maturing product stage Standardized product stage Exports Imports The Linder Theory Staffan Burenstam Linder(1961) Demand-oriented Overlapping demand International trade in manufactured goods will be more intense between countries with similar per capita income levels than between countries with dissimilar per capita income levels. Tests: the greater the difference between the per capita incomes of country and its trading partner, the less intensely the two countries will trade with each other. Overlapping Demands in the Linder Model Income levels Goods A B H G F E D C I Country 1’s income Country 1’s demand and production Country 2’s demand and production Country 2’s income The Kemp Model Murray C. Kemp(1964) Economies of scale (external economies) and a convex PPF A multitude of trading possibilities X Y A Convex-to-the-Origin PPF X Y PX/PY E G N M The Convex PPF and Different Possible TOT X Y PX/PY E F M N TOT1 TOT2 TOT3 The existence of economies of scale generates considerable uncertainty concerning the production and trade pattern. Q P,C D ACSWISS QS PS ACCHINA QC QC External Economics and Specialization The Krugman Model Paul Krugman(1979) Economies of scale( internal to the firm) and monopolistic competition Average Versus Marginal Cost monopoly QM P D=AR MR MC PM AC Monopolistic competition Q P DToyota D MR MC QM PM N P,C CC PP N1 N0 Equilibrium in a Monopolistically Competitive M