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1、Chapter 2 The Law of Comparative Advantage,2.1 Introduction Two basic questions: _What is the basis for and what are the gains from trade? How are gains from trade generated ? How large are the gains and how are they divided among the trading nations? _ What is the pattern of trade? That is , what c
2、ommodities are traded and which commodities are exported and imported by each nation?,We will begin with a brief discussion of economic doctrines known as mercantilism that prevailed during the seventeenth and eighteenth centuries. We then go to discuss the theory of absolute advantage, developed by
3、 Adam Smith. Finally we discuss the law of comparative advantage. For simplicity, our discussion will initially refer to only two nations and two commodities,2.2 The Mercantilists View on Trade Viewpoints _ The mercantilists maintained that the way for a nation to become rich and powerful was to exp
4、ort more than it imported. _ The govt had to do all in its power to stimulate the nations exports and discourage and restrict imports,Main Ideas Of Mercantilism,Nations Wealth = Countrys holdings of precious metals Export is a gain (gain precious metals); import is a loss (lose precious metals) Trad
5、e is a “Zero-sum Game”: one countrys gain is the loss of another country,2.3 The Theory of Absolute Advantage 2.3a Absolute Advantage -Definition: When one nation is more efficient than another in the production of one commodity ,then the nation has an absolute advantage in the production of the com
6、modity Adam Smith Policy of Lassiez-faire,Adam Smith（17231790）,英国政治经济学家。古典政治经济学的代表和理论体系的建立者。出生于苏格兰，父亲是律师兼海关官吏。17岁获格拉斯哥大学硕士学位，又入牛津大学学习，1746年毕业 。先后在爱丁堡大学和格拉斯哥大学任教授、副校长，讲授自然哲学、伦理学 、法学 、政治学 。1759 年出版道德情操论。1762 年获格拉斯哥大学博士学位 。1764 年任布克莱希公爵的私人教师，曾前往法国，与重农学派的经济学家交往。1767 年回家乡从事政治经济学的研究和写作 ，1776 年出版国民财富的性质和原因
7、的研究（简称国富论）。后被选为格拉斯哥大学名誉校长,Page 33, paragraph 1 -main idea: In a 2-2 world, if one nation has an A.A. in one good and an A. disadvantage in the another good, then both can gain by each specializing in the production of the good of its A.A. and exchanging part of its output with the other nation for t
8、he good of its absolute disadvantage.,By this process, resources are utilized in the most efficient way and the output of both goods will rise. This increase in the output of both goods measures the gains from specialization in the production available to be divided between the two nations through t
9、rade,2.3b Illustration Table 2-1 Absolute Advantage U.S U.K. Wheat(bushels/man-hour) 6 1 Cloth(yards/man-hour) 4 5 How to measure the absolute advantage?,Measurements of absolute advantage（1）,1. Productivity: (measured by output): If , then, China has an absolute advantage in this product . 2. Produ
10、ction cost (measured by input): aLQ = (labor required in each unit of output),3. Commodity price: where W is wage rate. Given a fixed W, P is positively related to production cost : L/Q,U.K. has an A.A. in the production of C, while U.S. in the production of W. If 6w=6c, How much can each nation gai
11、n from trade? U.S. gains 2c, U.K.24c.,Pattern of Production & Trade,“Each country should specialize in and export the Product in which it has an absolute advantage” Pattern of Production:in this case,U.K should be specialized in production of cloth and US should produce wheat. Pattern of Trade: U.K
12、should export cloth and import wheat. US should import cloth and export wheat.,Notes: Absolute advantage can explain only a very small part of world trade today. Most of world trade could not be explained by absolute advantage. In fact, absolute advantage is only a special case of the more general t
13、heory of comparative advantage.,2.4 Trade based on Comparative Advantage 2.4a The Law of Comparative Advantage _main idea: Even if one nation is less efficient than the other nation in the production of both goods, there is still a basis for mutually beneficial trade. The first nation should special
14、ize in the production of and export the good in which its absolute disadvantage is smaller and import the good in which its absolute disadvantage is greater. David Ricardo,David Ricardo （17721823）,英国古典政治经济学的代表。生于犹太人家庭，父亲为证券交易所经纪人。12岁到荷兰商业学校学习，14岁随父从事证券交易 。1793 年独立开展证券交易活动25 岁时拥有200万英镑财产，随后钻研数学、物理学。1
15、799年读亚当.斯密国富论后开始研究经济问题，参加了当时关于黄金价格和谷物 法的讨论 ，1817 年发表政治经济学及赋税原理，1819年选为下议院议员。,Table2-2. Comparative advantage U.S. U.K. Wheat(bushels/man-hour) 6 1 Cloth(yards/man-hours) 4 2 Absolute advantage in wheat of U.S.: 6:1 Absolute advantage in Cloth of U.S.: 4:2,U.K. has a comparative advantage in the prod
16、uction of c. _ Note: In a 2-nation , 2-good world, if one nation has a comparative advantage in one good, then the other nation must necessarily have a comparative advantage in the other good,2.4b The Gains from trade Table2-2. Comparative advantage U.S. U.K. Wheat(bushels/man-hour) 6 1 Cloth(yards/man-hours) 4 2 If 6w=6c,how much will u.s and u.k gain from trade? U.S. gains 2c, while U.K. gains 6c,
