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经济学基础(著名讲师) 30页

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  • 2022-08-19 发布

经济学基础(著名讲师)

  • 30页
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AnIntroductiontoInternationalEconomicsChapter3:TheStandardTradeModelDominickSalvatore3-1ShandongUniversityofFinance\nIncreasingopportunitycostsIncreasingamountsofanotheritemmustbegivenupinordertoreleasesufficientresourcestoproduceonemoreunitofagivenitem.Whatleadstoincreasingopportunitycosts?Non-homogenousfactorsofproductionFactorsthatarenotusedatconstantfixedproportionsinproduction2\nImplicationsfortheproductionpossibilityfrontierThemarginalrateoftransformation(MRT)increasesasmoreunitsofgoodXareproduced.Themarginalrateoftransformationisanothernameforopportunitycost.ThevalueofMRTisgivenbytheslopeofthePPF.XY3\nCommunityindifferencecurvesAcommunityindifferencecurvedisplaysthecombinationsoftwoproductsthatofferthecommunitythesamelevelofsatisfaction.CharacteristicsofcommunityindifferencecurvesNegativeslopeConvextotheoriginDifferentcurvesdonotcross4\nAcommunityindifferencecurvemapThemarginalrateofsubstitution(MRS)fallsasmoreofgoodXisconsumed.TheMRSistheamountofonecommoditythatmustbegivenupasonegainsadditionalunitsofanothercommodity.IIIIIIXY5\nTheautarkyequilbriumAutarkyexistsintheabsenceofinternationaltrade.Theautarkyequilibriumoccurswhenmaximumsocietalsatisfactionhasbeenobtainfromavailableproduction.ThiswilloccurwhenonecommunityindifferencecurveistangenttothePPF.XYIIIIII6\nTheautarkyequilbriumFortheindicatedcase,theequilibriumoccursatthetangencyofcommunityindifferencecurveIIandthePPF.Giventheconvex,downwardsloping,andnon-intersectingnatureofcommunityindifferencecurves,onlyonesuchtangencywillexist.XYIIIIII7\nRelativepricesTheequilibriumrelativecommoditypriceinisolation(orautarky)isgivenbytheslopeofthetangent.TheslopeofthistangentisPx/PYorthepriceofgoodXdividedbythepriceofgoodY.ThisslopealsogivestheopportunitycostofproducingXintermsofforegoneunitsofY.XYII8\nTradeinthestandardmodelTradeinthestandardmodelisdrivenbydifferencesintheopportunitycostsofproduction.Opportunitycostmaybedeterminedbytheslopeofthetangencyattheautarkyequilibriumpoint.YXNation1YXNation29\nTradeinthestandardmodelInthiscase,theslopeofthetangentforNation2isless(inabsoluteterms)sotheopportunitycostofproducingXinNation2islessthantheopportunitycostofproducingXinNation1.Inotherwords,Nation2hasacomparativeadvantageintheproductionofX.YXNation1YXNation210\nTradeinthestandardmodelThecomparativeadvantageofNation2inXwillleadittoproducemoreofX.Similarly,sinceNation1musthaveacomparativeadvantageinYitwillproducemoreofYonceitbeginstospecializeandtrade.YXNation1YXNation211\nTradeinthestandardmodelThemovementofproductionandtradewillmoveproductionfrompointA(seethefollowingslide)topointBinbothcountries.12\nTradeinthestandardmodelYXNation1YXNation2AABB13\nTradeinthestandardmodelThemovementofproductionandtradewillmoveproductionfrompointA(seethefollowingslide)topointBinbothcountries.Atthenewproductionpoint,bothcountrieswillbeabletotradetoafinalconsumptionpointonahighercommunityindifferencecurvethantheoriginalcurve(pointC).14\nTradeinthestandardmodelYXNation1YXNation2AABBCC15\nTradeinthestandardmodelThemovementofproductionandtradewillmoveproductionfrompointA(seethefollowingslide)topointBinbothcountries.Atthenewproductionpoint,bothcountrieswillbeabletotradetoafinalconsumptionpointonahighercommunityindifferencecurvethantheoriginalcurve(pointC).AtpointC,Nation1’sexportsofY16\nTradeinthestandardmodelYXNation1YXNation2AABBCC17\nTradeinthestandardmodelThemovementofproductionandtradewillmoveproductionfrompointA(seethefollowingslide)topointBinbothcountries.Atthenewproductionpoint,bothcountrieswillbeabletotradetoafinalconsumptionpointonahighercommunityindifferencecurvethantheoriginalcurve(pointC).AtpointC,Nation1’sexportsofYarematchedbyNation2’simportsofY.18\nTradeinthestandardmodelYXNation1YXNation2AABBCC19\nTradeinthestandardmodelThemovementofproductionandtradewillmoveproductionfrompointA(seethefollowingslide)topointBinbothcountries.Atthenewproductionpoint,bothcountrieswillbeabletotradetoafinalconsumptionpointonahighercommunityindifferencecurvethantheoriginalcurve(pointC).AtpointC,Nation1’sexportsofYarematchedbyNation2’simportsofY.Atthesametime,Nation2’sexportsofX20\nTradeinthestandardmodelYXNation1YXNation2AABBCC21\nTradeinthestandardmodelThemovementofproductionandtradewillmoveproductionfrompointA(seethefollowingslide)topointBinbothcountries.Atthenewproductionpoint,bothcountrieswillbeabletotradetoafinalconsumptionpointonahighercommunityindifferencecurvethantheoriginalcurve(pointC).AtpointC,Nation1’sexportsofYarematchedbyNation2’simportsofY.Atthesametime,Nation2’sexportsofXarematchedbyNation1’simportsofX.22\nTradeinthestandardmodelYXNation1YXNation2AABBCC23\nTwoimportantpointsAtthefinalproductionpoints(B)andconsumptionpoints(C),themarginalratesoftransformationandmarginalratesofsubstitutionarethesameinbotheconomies.Thisentailsthatrelativepricesinbothnationsarethesameaftertrade.24\nTwoimportantpointsAtthefinalproductionpoints(B)andconsumptionpoints(C),themarginalratesoftransformationandmarginalratesofsubstitutionarethesameinbotheconomies.NeithercountrycompletelyspecializesintheproductionofXorY.Completespecializationisanoutgrowthofconstantopportunitycosts.Sinceconstantopportunitycostsdonothold,completespecializationisunlikelytobeseen.25\nThetermsoftradeTherelativepriceofXandYdeterminethetermsoftradeinatwocountry,twocommoditysetting.ForNation1inthepreviousexample,PY/Pxwasitstermsoftrade.ForNation2inthepreviousexample,Px/PYwasitstermsoftrade.26\nThetermsoftradeTherelativepriceofXandYdeterminethetermsoftradeinatwocountry,twocommoditysetting.Thetermsoftradeistheratiooftheindexpriceofanation’sexportstotheindexpriceofitsimports.Animprovementinacountry’stermsoftradearetypicallyviewedasbeneficial.Animprovementinthetermsoftradeindicatesthatfewerexportgoodswillneedtobeprovidedtopurchasethesamenumberofimportgoods.27\nThetermsoftradeTherelativepriceofXandYdeterminethetermsoftradeinatwocountry,twocommoditysetting.Thetermsoftradeistheratiooftheindexpriceofanation’sexportstotheindexpriceofitsimports.28\nChangingtheemploymentmixTheexamplesoftradedemonstratethatspecializationandtradewillresultinjoblossesinsomesectors,butjobgainsinothers.29\nChangingtheemploymentmixTheexamplesoftradedemonstratethatspecializationandtradewillresultinjoblossesinsomesectors,butjobgainsinothers.Doesthismeanalossofmanufacturingjobs?Itdependsonanation’scomparativeadvantageTheexperienceofrecentyearspointstothecomparativeadvantageofthe“industrialized”nationsresidinginservices.Hence,theexpectedmovementofemploymentwouldbefrommanufacturingtotheservicesector.30

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