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1、Chapter 4Resources and Trade:The Heckscher-Ohlin Model1Introduction A Model of a Two-Factor Economy Effects of International Trade Between Two-Factor Economies Empirical Evidence on the Heckscher-Ohlin Model Summary Appendix: Factor Prices, Goods Prices, and Input ChoicesChapter Organization2Introdu
2、ctionIn the real world, while trade is partly explained by differences in labor productivity, it also reflects differences in countries resources. The Heckscher-Ohlin theory: Emphasizes resource differences as the only source of trade Shows that comparative advantage is influenced by: Relative facto
3、r abundance (refers to countries) Relative factor intensity (refers to goods) Is also referred to as the factor-proportions theory3Assumptions of the Model An economy can produce two goods, cloth and food. The production of these goods requires two inputs that are in limited supply; labor (L) and la
4、nd (T). Production of food is land-intensive and production of cloth is labor-intensive in both countries. Perfect competition prevails in all markets.A Model of a Two-Factor Economy4/Input combinations that produce one calorie of foodUnit land input aTF , in acres per calorieUnit land input aLF , i
5、n hours per calorieA Model of a Two-Factor EconomyFigure 4-1: Input Possibilities in Food Production5Factor Intensity In a world of two goods (cloth and food) and two factors (labor and land), food production is land- intensive, if at any given wage-rental ratio the land-labor ratio used in the prod
6、uction of food is greater than that used in the production of cloth:TF/LF TC/ LC Example: If food production uses 80 workers and 200 acres, while cloth production uses 20 workers and 20 acres, then food production is land -intensive and cloth production is labor-intensive.A Model of a Two-Factor Eco
7、nomy6CCFFWage-rental ratio, w/rLand-labor ratio, T/LA Model of a Two-Factor EconomyFigure 4-2: Factor Prices and Input Choices7Factor Prices and Goods Prices Stolper-Samuelson Theorem (effect): If the relative price of a good increases, holding factor supplies constant, then the nominal and real ret
8、urn (in terms of both goods) to the factor used intensively in the production of that good increases, while the nominal and real return (in terms of both goods) to the other factor decreases. The reverse is also true.A Model of a Two-Factor Economy8SSRelative price of cloth, PC/PFWage-rental ratio,
9、w/rA Model of a Two-Factor EconomyFigure 4-3: Factor Prices and Goods Prices9FFCCSSLand- labor Ratio, T/LRelative price of cloth, PC/PFWage-rental ratio, w/r(PC/PF)1(TC/LC)2(TC/LC)1(TF/LF)2(TF/LF)1(w/r)2(w/r)1IncreasingIncreasingA Model of a Two-Factor EconomyFigure 4-4: From Goods Prices to Input C
10、hoices(PC/PF)210An increase in the price of cloth relative to that of food, PC/PF ,will: Raise the income of workers relative to that of landowners, w/r. Raise the ratio of land to labor, T/L, in both cloth and food production and thus raise the marginal product of labor in terms of both goods. Rais
11、e the purchasing power of workers and lower the purchasing power of landowners, by raising real wages and lowering real rents in terms of both goods.A Model of a Two-Factor Economy11Resources and Output How is the allocation of resources determined? Given the relative price of cloth and the supplies
12、 of land and labor, it is possible to determine how much of each resource the economy devotes to the production of each good.A Model of a Two-Factor Economy12LFTFLCTCLabor used in food productionLabor used in cloth productionOFIncreasingIncreasingIncreasingIncreasingLand used in cloth productionLand
13、 used in food production1FCOCA Model of a Two-Factor EconomyFigure 4-5: The Allocation of Resources13How do the outputs of the two goods change when the economys resources change? Rybczynski Theorem (effect): If a factor of production (T or L) increases, then the supply of the good that uses this fa
14、ctor intensively increases and the supply of the other good decreases for any given commodity prices. The reverse is also true.A Model of a Two-Factor Economy14CL2FL2CT1FT1CF1L1FL1CT2FT2C1A Model of a Two-Factor EconomyFigure 4-6: An Increase in the Supply of LandLabor used in food productionLabor u
15、sed in cloth productionIncreasingIncreasingIncreasingIncreasingLand used in cloth productionLand used in food productionF2O1FO2F2OC15TT1TT2Output of food, QFOutput of cloth, QCSlope = -PC/PFSlope = -PC/PF2 Q2FQ2C1 Q1FQ1CA Model of a Two-Factor EconomyFigure 4-7: Resources and Production Possibilitie
16、s16An increase in the supply of land (labor) leads to a biased expansion of production possibilities toward food (cloth) production. The biased effect of increases (decreases) in resources on production possibilities is the key to understanding how differences in resources give rise to international trade. An economy will tend to be relatively effective at producing goods that are intensive in the factor
