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1、1CHAPTER 1INTRODUCTIONChapter OrganizationWhat is International Economics About? The Gains from Trade The Pattern of Trade Protectionism The Balance of Payments Exchange-Rate Determination International Policy Coordination The International Capital Market International Economics: Trade and MoneyCHAP
2、TER OVERVIEWThe intent of this chapter is to provide both an overview of the subject matter of international economics and to provide a guide to the organization of the text. It is relatively easy for an instructor to motivate the study of international trade and finance. The front pages of newspape
3、rs, the covers of magazines, and the lead reports of television news broadcasts herald the interdependence of the U.S. economy with the rest of the world. This interdependence may also be recognized by students through their purchases of imports of all sorts of goods, their personal observations of
4、the effects of dislocations due to international competition, and their experience through travel abroad. The study of the theory of international economics generates an understanding of many key events that shape our domestic and international environment. In recent history, these events include th
5、e causes and consequences of the large current account deficits of the United States; the dramatic appreciation of the dollar during the first half of the 1980s followed by its rapid depreciation in the second half of the 1980s; the Latin American debt crisis of the 1980s and the Mexico crisis in la
6、te 1994; and the increased pressures for industry protection against foreign competition broadly voiced in the late 1980s and more vocally espoused in the first half of the 1990s. Most recently, the financial crisis that began in East Asia in 1997 and spread to many countries around the globe and th
7、e Economic and Monetary Union in Europe have highlighted the way in which various national economies are linked and how important it is for us to understand these connections. At the same time, protests at global economic meetings have highlighted opposition to globalization. The text material will
8、enable students to understand the economic context in which such events occur.2Chapter 1 of the text presents data demonstrating the growth in trade and increasing importance of international economics. This chapter also highlights and briefly discusses seven themes which arise throughout the book.
9、These themes include: 1) the gains from trade; 2) the pattern of trade; 3) protectionism; 4), the balance of payments; 5) exchange rate determination; 6) international policy coordination; and 7) the international capital market. Students will recognize that many of the central policy debates occurr
10、ing today come under the rubric of one of these themes. Indeed, it is often a fruitful heuristic to use current events to illustrate the force of the key themes and arguments which are presented throughout the text.3CHAPTER 2 LABOR PRODUCTIVITY AND COMPARATIVE ADVANTAGE: THE RICARDIAN MODELChapter O
11、rganizationThe Concept of Comparative Advantage A One-Factor Economy Production Possibilities Relative Prices and SupplyTrade in a One-Factor World Box: Comparative Advantage in Practice: The Case of Babe Ruth Determining the Relative Price After Trade The Gains from Trade A Numerical Example Box: T
12、he 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 Many Goods Setting Up the Model Relative Wages and Specialization Determining the
13、Relative Wage with a Multigood Model Adding Transport Costs and Non-Traded Goods Empirical Evidence on the Ricardian Model Summary4CHAPTER OVERVIEWThe Ricardian model provides an introduction to international trade theory. This most basic model of trade involves two countries, two goods, and one fac
14、tor 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 and the gains from trade. These insights are necessary foundations for the more
15、 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 linear because of the assumption of constant returns to scale for labor, the so
16、le 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 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 le
