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1、7 CHAPTER 2 LABOR PRODUCTIVITY AND COMPARATIVE ADVANTAGE THE RICARDIAN MODEL Chapter Organization The Concept of Comparative Advantage A One Factor Economy Production Possibilities Relative Prices and Supply Trade in a One Factor World Box Comparative Advantage in Practice The Case of Babe Ruth Dete
2、rmining the Relative Price After Trade The Gains from Trade A Numerical Example Box The Losses from Non Trade Relative Wages Misconceptions About Comparative Advantage Productivity and Competitiveness The Pauper Labor Argument Exploitation Box Do Wages Reflect Productivity Comparative Advantage with
3、 Many Goods Setting Up the Model Relative Wages and Specialization Determining the Relative Wage with a Multigood Model Adding Transport Costs and Non Traded Goods Empirical Evidence on the Ricardian Model Summary 8 CHAPTER OVERVIEW The Ricardian model provides an introduction to international trade
4、 theory This most basic model of trade involves two countries two goods and one factor of production labor Differences in relative labor productivity across countries give rise to international trade This Ricardian model simple as it is generates important insights concerning comparative advantage a
5、nd the gains from trade These insights are necessary foundations for the more complex models presented in later chapters The text exposition begins with the examination of the production possibility frontier and the relative prices of goods for one country The production possibility frontier is line
6、ar because of the assumption of constant returns to scale for labor the sole factor of production The opportunity cost of one good in terms of the other equals the price ratio since prices equal costs costs equal unit labor requirements times wages and wages are equal in each industry After defining
7、 these concepts for a single country a second country is introduced which has different relative unit labor requirements General equilibrium relative supply and demand curves are developed This analysis demonstrates that at least one country will specialize in production The gains from trade are the
8、n demonstrated with a graph and a numerical example The intuition of indirect production that is producing a good by producing the good for which a country enjoys a comparative advantage and then trading for the other good is an appealing concept to emphasize when presenting the gains from trade arg
9、ument Students are able to apply the Ricardian theory of comparative advantage to analyze three misconceptions about the advantages of free trade Each of the three myths represents a common argument against free trade and the flaws of each can be demonstrated in the context of examples already devel
10、oped in the chapter While the initial intuitions are developed in the context of a two good model it is straightforward to extend the model to describe trade patterns when there are N goods This analysis can be used to explain why a small country specializes in the production of a few goods while a
11、large country specializes in the production of many goods The chapter ends by discussing the role that transport costs play in making some goods non traded The appendix presents a Ricardian model with a continuum of goods The effect of productivity growth in a foreign country on home country welfare
12、 can be investigated with 9 this model The common argument that foreign productivity advances worsen the welfare of the domestic economy is shown to be fallacious in the context of this model ANSWERS TO TEXTBOOK PROBLEMS 1 a The production possibility curve is a straight line that intercepts the app
13、le axis at 400 1200 3 and the banana axis at 600 1200 2 b The opportunity cost of apples in terms of bananas is 3 2 It takes three units of labor to harvest an apple but only two units of labor to harvest a banana If one foregoes harvesting an apple this frees up three units of labor These 3 units o
14、f labor could then be used to harvest 1 5 bananas c Labor mobility ensures a common wage in each sector and competition ensures the price of goods equals their cost of production Thus the relative price equals the relative costs which equals the wage times the unit labor requirement for apples divid
15、ed by the wage times the unit labor requirement for bananas Since wages are equal across sectors the price ratio equals the ratio of the unit labor requirement which is 3 apples per 2 bananas 2 a The production possibility curve is linear with the intercept on the apple axis equal to 160 800 5 and t
16、he intercept on the banana axis equal to 800 800 1 b The world relative supply curve is constructed by determining the supply of apples relative to the supply of bananas at each relative price The lowest relative price at which apples are harvested is 3 apples per 2 bananas The relative supply curve is flat at this price The maximum number of apples supplied at the price of 3 2 is 400 supplied by Home while at this price Foreign harvests 800 bananas and no apples giving a maximum relative supply
