【文章內(nèi)容簡介】 ? Resources or factors are : ? Not homogeneous ? Not used in the same fixed proportion in the production of all modities ? Social indifference curve ? Represent the various binations of two modities that yield equal satisfaction to the munity or nation. ? Marginal rate of substitution (MRS): the absolute value of the slope of a social indifference curve at a point. It represents the amount of one modity that a nation could give up in exchange for one extra unit of a second modity and still remain on the same indifference curve. ? SIC has the same characteristics as IIC: ? Diminishing MRS。 a higher SIC refers to a higher level of satisfaction。 any two SIC never cross. ? Some difficulties with SIC: ? There would be no SIC because of paradox of voting。 trade will cause ine distribution change and SIC change, so the SICs before and after trade will cross. ? But for the convenient of analysis, we assume there are SICs and they will not cross. Standard model of trade theory(1) ? Equilibrium in closed economy and the parative advantage. ? Three conditions: YXPPMRT ?YXPPMRS ?XC=XP， YC=YP （ Market Clearing） Y0 XY0 X(a)A 國的封閉經(jīng)濟均衡 (b)B 國的封閉經(jīng)濟均衡?? ?A IAAPtg1??AAPtgP ??? ?? ??APtg???1?? ???tgPAIBA ? Standard model of trade theory(2) ? Equilibrium in open economy BBwywxW PPPPP????)( ECBCXXXX BPBCACAP ?????? )( CECBYYYY APACBCBP ?????? YX0ACBEAIAI?BBPP??(a)A國YX0(b)B國A ?B ?C ?E ?BI?BP?BI Standard model of trade theory(3) ? Gains from trade: ? Gains from exchange ? Gains from specialization YX0ATBEAWPP ?WPIIIIIIAPI →I I , A →T 交易所得I I →I I I , T →E 分工所得I → I I I , A → E 貿(mào)易所得 Offer curve and the terms of trade(1) ? Terms of trade ? The barter terms of trade or the mercial terms of trade ? One export modity and one import modity: ? The ratio of the price of a nation’ s export to its import modities. ? Two and more export import modities ? The ratio of the index price of a nation’ s export to its import modities. ? Other kinds of the terms of trade: the ine terms of trade。 the single factor terms of trade。 the double factor terms of trade, will be explained later. Offer curve and the terms of trade(2) ? Terms of trade: partial equilibrium analysis BEAX0YXPPEPAPAXSAXD{出口(a)A 國的X商品 市場EX0YXPPWXSWXD(b)X 商品的國際貿(mào)易市場A ???B ??A ??X0YXPP BXSBXD(c)B 國的X商品 市場B ?}進口A ?E ?AP ? Offer curve and the terms of trade(3) ? Offer curve (Reciprocal demand curve) ? A curve that shows how much of its import modity a nation demands to be willing to supply various amounts of its export modity, or the willingness of the nation to import and export at various relative modity prices. ? Each point on the offer curve represents the import demand and export supply of the nation. So the offer curve is not only the import demand curve of the nation but also the export supply curve of the nation. IIIIIIEHAG FCBX0YPFPBPA(a)A國 的封閉和開放經(jīng)濟均衡X0Y(b)A國 的提供曲線PEPFPAHG CE y0xE ? III ? II ? I ? AP? FP? BP?A ?G ?C ?F ?B ?y0xC ?G ?F ?FP?E ?EP?AP?(a)B國 的封閉和開放經(jīng)濟均衡 (b)B國 的提供曲線 Offer curve and the terms of trade(4) ? Terms of trade: general equilibrium X 商品超額供給X 商品超額需求ATE BTEPTP?TPB國A國AT ?BT ?EYy0 x Offer curve and the terms of trade(5) ? Multiequilibrium B國x3EP1EP2EPEP1E3EFG2EA國y0H Ch. 4 Factor endowment theory ? Factor abundance and factor intensity ? Assumptions of the theory ? Factor endowment and HO theory ? Empirical test on HO theory Factor abundance and factor intensity(1) ? Factor abundance ? Defined by factor endowment: assume that AAATLTKk ?BBBTLTKk ?BA kk ?if Then we say country A is labor abundance and country B is capital abundance. Defined by relative factor price: assume that AAA rw??BBB ??BA ?? ?if Then we say country A is labor abundance and country B is capital abundance. Factor abundance and factor intensity(2) ? Assume that XXX LKk ?YYYkif YXkk ?Then we say product X is labor intensive product and product Y is capital intensive product. ???tgLKkyyy???tgLKkxxx??KL0yx Assumptions of factor endowment theory ? There are 2 nations, 2 goods and 2 factors ? Both nations use the same technology in production ? There exists no factor intensity reversal ? Both goods are produced under constant returns to scale in both nations ? There is inplete specialization in both nation (increasing opportunity cost) ? Tastes are equal in both nations ? There is perfect petition in both goods and factor markets in both nations ? There is perfect factor mobility within each nation and perfect factor immobility internationally ? There are no transportation costs, tariffs or other obstructions to the free flow of international trade ? All resources are fully employed in both nations ? International trade between the two nations is balanced 4 theorems in HO theory ? HO theorem (theorem about the parative advantage and hence the patterns of trade determined by factor endowment): a nation will export the good whose production requires the intensive use of the nation’ s relatively abundant and cheap factor and import the good whose production requires the intensive use of the nation’ s relatively scarce and expensive factor. ? HOS theorem (the factorprice