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1、Chapter 2The Law of Comparative Advantage2.1 Introduction The basic questions that we seek to answer in this chapter are:1.What is the basis for trade and what are the gains from trade?2.What is the patter of trade?2.2 The Mercantilists views on tradeMercantilists maintained that the way for a natio
2、n to become rich and powerful was to export more than it imported.And they preached economic nationalism, believing that one nation could gain only at the expense of other nations. So national interests were basically in conflict.Question 1 Why did mercantilists view on international trade could be
3、adopted by rulers at that time?Task 1 Read the case study quoted from Thomas MunnTask 2 Finding out the reasons for us to understand Mercantilists view on trade first on page 32.Question 2 Study the case study 2-2 and find out evidence to prove the resurgence of neo mercantilism in todays world trad
4、e. 2.3 Trade Based on Absolute Advantage: Adam Smith2.3A Absolute Advantage当一国相对于另一国在某种商品的生产上有更高的当一国相对于另一国在某种商品的生产上有更高的效率（或绝对优势），但在另一种商品生产上效效率（或绝对优势），但在另一种商品生产上效率较低（或有绝对劣势），那么两国就可以通过率较低（或有绝对劣势），那么两国就可以通过专门生产自己有绝对优势的产品，并用其中的一专门生产自己有绝对优势的产品，并用其中的一部分来交换其有绝对劣势的商品。这样资源就可部分来交换其有绝对劣势的商品。这样资源就可以最有效地被利用，而且两种
5、商品的产出会有很以最有效地被利用，而且两种商品的产出会有很大的增长。大的增长。When one nation is more efficient than(or has an absolute advantage over) another in the production of one commodity but is less efficient than( or has an absolute disadvantage with respect to) the other nation in producing a second commodity, then both nations
6、 can gain by each specializing in the production of the commodity of its absolute advantage and exchanging part of its output with the other nation for the commodity of its absolute disadvantage.By this process, resources are utilized in the most efficient way and the output of both commodities will
7、 rise. Adam Smith strongly advocated a policy of laissez-faire as he believed that free trade would cause world resources to be utilized more efficiently and would maximize world welfare.2.3B Illustration of Absolute Advantage Absolute Advantage Commodities U.S U.K （产品）产品）Wheat（bushels/man-hour) 小麦（
8、蒲式耳小麦（蒲式耳/劳动小时）劳动小时） 6 1Cloth (yards/man-hour)布（码布（码/劳动小时）劳动小时） 4 52.4 Trade Based on Comparative Advantage: David Ricardo2.4 A The Law of Comparative AdvantageAccording to the law of comparative advantage, even if one nation is less efficient than (has an absolute disadvantage with respect to) the
9、other nation in the production of both commodities, there is still a basis for mutually beneficial trade. The first nation should specialize in the production of and export the commodity in which its absolute disadvantage is smaller( this is the commodity of its comparative advantage)and import the
10、commodity in which its absolute disadvantage is greater ( this is the commodity of its comparative disadvantage) 比较优势原理：比较优势原理：即使一国在两种商品的生产上较即使一国在两种商品的生产上较之另一国均出处于绝对劣势（即无绝对优势），之另一国均出处于绝对劣势（即无绝对优势），仍有可能进行互利贸易。一个国家可以专门生产仍有可能进行互利贸易。一个国家可以专门生产出口其绝对劣势较小的商品（这是其具有比较优出口其绝对劣势较小的商品（这是其具有比较优势的商品）同时进口其绝对劣势相对较大的
11、商品势的商品）同时进口其绝对劣势相对较大的商品（这是其具有比较劣势的商品）（这是其具有比较劣势的商品）Commodities U.S U.K （产品）产品）Wheat（bushels/man-hour) 小麦（蒲式耳小麦（蒲式耳/劳动小时）劳动小时） 6 1Cloth (yards/man-hour)布（码布（码/劳动小时）劳动小时） 4 22.4 B The Gains from Trade The United State would not trade if it received less than 4C for 6W. The United Kingdom would not tra
12、de if it had to give up more than 2C for 1W.The United States gains to the extent that it can exchange 6W for more than 4C from the United Kingdom. The United Kingdom gains to the extent that it can give up less than 12C for 6W from the United States. Thus, the range for mutually advantageous trade
13、is 4C 6W 12CThe spread between 12C and 4C( I.e.,8C )represents the total gains from trade available to be shared by the two nations by trading 6W.The closer the rate of exchange is to 4C=6W, the smaller is the share of gain going to the United States.The closer the rate of exchange is to 6W=12C, the
14、 greater is the gain of the United States relative to that of the United Kingdom.Question 3 if the rate of exchange is 6W=10C, how should gains be shared by U.S. and U.K.?2.4C Exception to the Law of Comparative AdvantageThis occurs when the absolute disadvantage that one nation has with respect to
15、another nation is the same for both commodities. Commodities U.S U.K （产品）产品）Wheat（bushels/man-hour) 小麦（蒲式耳小麦（蒲式耳/劳动小时）劳动小时） 6 3Cloth (yards/man-hour)布（码布（码/劳动小时）劳动小时） 4 22.4D Comparative Advantage with Money (考虑货币的比考虑货币的比较优势较优势 ）(1)Wage rate in U.S. is $ 6 per hour, and in U.K is 1 per hour. (2)In U
16、.S. Pw=$1, and Pc=$1.5(3)In U.K. Pw= 1, and Pc= 0.5(4)The exchange rate is 1= $ 2Commodities U.S U.K （产品）产品）Wheat（bushels/man-hour) 小麦（蒲式耳小麦（蒲式耳/劳动小时）劳动小时） 6 1Cloth (yards/man-hour)布（码布（码/劳动小时）劳动小时） 4 2Dollar Price of Wheat and Cloth in the U.S.and U.K. This is always the case as long as the U.K. wa
17、ge rate is between1/6 and of the U.S. wage rate ( the same as the productivity difference between the U.K. and the U.S. in the production of wheat and cloth.Commodities U.S U.K （产品）产品）Price of One bushel of Wheat一蒲式耳小麦的价格一蒲式耳小麦的价格 $1 $2Price of one yard of Cloth一码布的价格一码布的价格 $1.5 $1If the exchange ra
18、te between the dollar and the pound were 1=$1, so that the U.K. wage rate was exactly 1/6 the U.S. wage rate.Trade would be unbalanced in favor of the U.K. and the exchange rate between the dollar and the pound would have to rise.Commodities U.S U.K （产品）产品）Price of One bushel of Wheat一蒲式耳小麦的价格一蒲式耳小麦
19、的价格 $1 $1Price of one yard of Cloth一码布的价格一码布的价格 $1.5 $0.5If the exchange rate between the dollar and the pound were 1=$3, so that the U.K. wage rate was exactly 1/2 the U.S. wage rate.Trade would be unbalanced in favor of the U.S. and the exchange rate between the dollar and the pound would have to
20、fall.Commodities U.S U.K （产品）产品）Price of One bushel of Wheat一蒲式耳小麦的价格一蒲式耳小麦的价格 $1 $3Price of one yard of Cloth一码布的价格一码布的价格 $1.5 $1.5Task after class, read case-study 2-3 and see how the writer is against the idea of protecting high wages and standard of living by trade restrictions.2.5 Comparative A
21、dvantage and Opportunity Cost（比较优势与机会成本）比较优势与机会成本）Ricardo based his law of comparative advantage on a number of simplifying assumptions:(1)two nations and two commodities(2)free trade (3)perfect mobility of labor within each nation but immobility between two nations,(4) constant cost of production(5
22、)no transportation costs, (6) no technical change, (7) the labor theory of value.2.5A Comparative Advantage and the Labor Theory of Value Under the Labor theory of value, the value or the price of a commodity depends exclusively on the amount of labor going into the production of the commodity.(1)Th
23、e either labor is the only factor of production or the production of labor is used in the same fixed proportion in the production of all commodities.(2)Labor is homogeneous (of only one type)2.5B The Opportunity Cost Theory (机会成本理论）机会成本理论）In 1936, Haberler explains the theory of comparative advantag
24、e in terms of opportunity cost.Opportunity cost: the cost of a commodity is the amount of the second commodity that must be given up to release just enough resources to produce one additional unit of the first commodity.机会成本就是再生产一单位该商品所必须放弃的生机会成本就是再生产一单位该商品所必须放弃的生产另一种商品的数量。产另一种商品的数量。Commodities U.S
25、U.K （产品）产品）Wheat（bushels/man-hour) 小麦（蒲式耳小麦（蒲式耳/劳动小时）劳动小时） 6 1Cloth (yards/man-hour)布（码布（码/劳动小时）劳动小时） 4 2Commodities U.S U.K （产品）产品）（Opportunity Cost for ) Wheat小麦（机会成本小麦（机会成本） 2/3C 2C(Opportunity Cost for) Cloth 布（机会成本）布（机会成本） 3/2 W 1/2W The nation with lower opportunity cost in the production of a
26、 commodity has a comparative advantage in that commodity.2.5C The Production Possibility Frontier under Constant Cost (固定成本下的生产可能性曲线）固定成本下的生产可能性曲线）Production possibility frontier or transformation curve is a curve that shows the alternative combination of two commodities that a nation can produce by
27、 fully utilizing all of its resources with the best technology available to it.生产可能性曲线也叫转换曲线是指一国使用其所有生产可能性曲线也叫转换曲线是指一国使用其所有资源和最佳技术所能生产的两种商品的各种组合。资源和最佳技术所能生产的两种商品的各种组合。Looking at Table 2.4 and the Schedules are graphed as production possibility frontiers in Figure 2.1U.S.180AB90600Cloth120Wheat180BU.
28、K.60012040 40ClothWheatA(1)Each point on a frontier represents one combination of wheat and cloth that the nation can produce.(2)The frontiers are downward, or negatively sloped .(3)Straight-line production possibility frontiers reflect constant opportunity cost.(4)Points inside or below, the produc
29、tion possibility frontier are also possible but are inefficient.(5)Points above the production frontier can not be achieved with the resources and technology currently available to the nation.Constant opportunity costs arise when: (1) resources or factors of production are either perfect substitutes
30、 for each other or used in fixed proportion in the production of both commodities.(2) All units of the same factor are homogenous or of exactly the same quality.2.5D Opportunity Costs and Relative Commodity Price(机会成本和相对商品价格）机会成本和相对商品价格）The slope of production possibility frontier, or transformation
31、 curve, is also referred to as the marginal rate of transformation.(边际转换率）边际转换率） MRT Under the assumptions that prices equal costs of production and that the nation does produce both some wheat and some cloth, the opportunity cost of wheat is equal to the price of wheat relative to the price of clot
32、h(Pw/Pc). The difference in relative commodity prices between the two nations is a reflection of their comparative advantage and provides the basis for mutually beneficial trade.2.6 The Basis for and the Gains from Trade under Constant Costs(固定成本下的贸易基础和所得）固定成本下的贸易基础和所得） In the absence of trade, the
33、nations production possibility frontier is also its consumption frontier.U.S.180AEBWheat9011007060120ClothU.K.180EB60 7001205040 40ClothWheatAB2.6B Relative Commodity Prices with Trade(有贸易时的相对商品价格）有贸易时的相对商品价格）B180 24002/312B*EWheatPw/PcSw(US+UK)Dw(US+UK)B12024001/212BEPc/PwSc(UK+US)Dc(UK+US)3/2Cloth
34、Note: with complete specialization in production in both countries, the equilibrium-relative price of each commodity is between the pre-trade relative commodity price in each nation.Small country case:B180 24002/312B*EPw/PcSw(US+UK)Dw(US+UKSelf study for 2.7 Empirical Tests of the Ricardian Model.Homework:Page 52, Questions for review,3、4、5Page53，Problems，2、4、10
