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1、2-1Chapter 2 Classical Theory of International TradeTopics Dealt With:1. Gains from Trade - Who benefits from trade- Where do the gains come from- How are the gains allocated among trading countries2. Direction of trade - which goods does a country export or import- what determines the direction of
2、trade3. What are the terms of trade - how much of the export good trades for the import goodClassical vs the Mercantilists:Mercantilists: Thomas Mun (1664) - Keep X Z = Au inflow = more wealth. Thus, the govtshould use tariffs and quotas to restrict imports. -trade is a zero-sum game Classical view:
3、David Hume (1752, Scottish philosopher) - price-specie-flow mechanism:X Au outflow = Ms drops = P drops = X rises and Z dropsuntil the X - Z is again zeroThus, the money market is self-regulating = no govt interference in trade.Adam Smith - Absolute Advantage- 1776 wrote The Wealth of Nations- laiss
4、ez faire-invisible hand-self-interest hypothesis*laissez faire markets perform efficiently and maximize social welfareDavid Ricardo (1817) and Robert Torrens (1808)- Ricardian Theory of Comparative Advantage - trade is mutually beneficial- labor theory of value Gottfried Haberler (1933), James Meade
5、 (1952), Wassily W. Leontief (1933), Francis Edgeworth 2-2(1881 derived the contract curve), Alfred Marshall (1879), and J. Stuart Mill (1860s)- Trade based on Opportunity Costs (PPC analysis) and offer curve analysis.Eli Heckscher (1919), Bertil Ohlin (1933), Paul Samuelson (1941, 1948), and Wolfga
6、ng Stolper (1941) - The Heckscher-Ohlin-Samuelson Theory of Trade.Classical Theory - concentrates on real factors only- money is neutral- classical dichotomy- Says law (given prices are flexible) = tendency to be at full employment- long runTrade based on Absolute Advantage: Adam SmithAbsolute Advan
7、tage - A country can produce a given commodity more efficiently than another country. =1. a laborer can produce a larger amount of output in a specified time period (higher Q/L)2. a country can produce a product at an absolutely lower cost per unit of output (lower AC)- determines the direction of t
8、rade = export the goods a country has an absolute adv. in and import of the goods of the absolute disadv.Specialization - once trade takes place, countries will reallocate resources to their more productive industries = world output will increase. trade = welfare of world autarky caselaissez faire =
9、 world welfare will be maximizedExample: Q/L L/QProduct Output per person hour Unit labor requirementsHome Foreign Home ForeignW 6 1 1/6 = aLW 1/1 = bLWC 4 5 1/4 = aLC 1/5 = bLCThe home country has the abs. advantage in commodity WThe foreign country has the abs. advantage in commodity CTrade is ben
10、eficial because W is cheaper in the home country and C is cheaper in the foreign country.Move 1 laborer from C to W in the home country and 1 laborer for W to C inthe foreign country2-3= W will increase by 5 (+6 home, -1 foreign) and C will increase by 1 (-4 home, +5 foreign) Assumes CRS and L is th
11、e only input.= world gains from trade, gain is due to the tendency towards specialization. The gain for the individual countries depends on the WTOT.rule: DTOTa WTOT .2 WTOT is in terms of W Why?if WTOT = 1.5 = the foreign country receives all the gains from tradeWTOT = .2 = the home country receive
12、s all the gains from trade1.5 WTOT .2 = the countries share the gains from tradeSuppose the WTOT = 1 and the home country exports 15 W for 15 Cthe home country gains 15C - 10C (if trade at DTOT) = 5C or saves 1.25 hrs.the foreign country gains 15W - 3W (if trade at DTOT) = 12W (12 hrs. saved)Problem
13、:Developed countries have an absolute advantage in almost every product over developing countries and yet trade takes place. Why?Assumptions underlying the basic Ricardian Model:1. 2 countries - home and foreign2. 2 goods - W and C3. one factor of production - labor-labor theory of value (prices of
14、commodities are determined by theirlabor content)-or we can claim that inputs are used in a given proportion for allcommodities produced. ex. (K/L)W = (K/L)C = constant4. labor is homogeneous, immobile between countries, and completely mobilewithin a given country = labor receives same wage rate wit
15、hin a givencountry no matter what industry they are in.5. differences in labor productivity are due to climatic conditions, quantityand fertility of land, capital, etc.6. P.C. = perfect info, profits are zero in long run.7. production is homogeneous degree 1 = CRS2-4Q = f(K,L)tmQ = f(tK,tL) = f is h
16、omogeneous degree m8. No transportation costs.9. No mkt. impediments.Comparative Advantage- refers to the productivity advantage possessed byan industry, within a given country, over otherdifferent industries within that same country.Law of Comparative Advantage - Export the good you have a comp. advantage in.- Import the good you have a comp. disadv. in.A Numerica
