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Introduction
1.Whatisinternationaleconomicsabout?
Seventhemesrecurthroughoutthestudyofinternationaleconomics:
Thegainsfromtrade
（Nationalwelfareandincomedistribution）
Thepatternoftrade
Protectionism
Thebalanceofpayments
Exchangeratedetermination
Internationalcapitalmarket
2.Internationaleconomics:
tradeandmoney
PartI（chapters2through7）:
internationaltradetheory
PartII（chapters8through11）:
internationaltradepolicy
PartIII（chapters12through17）:
internationalmonetarytheory
PartIV（chapters18through22）:
internationalmonetarypolicy
Chapter2
LaborProductivityandComparativeAdvantage:
TheRicardianModel
*Countriesengageininternationaltradefortwobasicreasons:
Comparativeadvantage:
countriesaredifferentintechnology（chapter2）orresource（chapter4）.
Economicsofscale（chapter6）.
*Allmotivesareatworkintherealworldbutonlyonemotiveispresentineachtrademodel.
1.Theconceptofcomparativeadvantage
1.Opportunitycost:
Theopportunitycostofrosesintermsofcomputersisthenumberofcomputersthatcouldhavebeenproducedwiththeresourcesusedtoproduceagivennumberofroses.
Table2-1HypotheticalChangesinProduction
MillionRosesThousandComputers
UnitedStates
－10
＋100
SouthAmerica
＋10
－30
Total
＋70
2.Comparativeadvantage:
Acountryhasacomparativeadvantageinproducingagoodiftheopportunitycostofproducingthatgoodintermsofothergoodsislowerinthatcountrythanitisinothercountries.
Denotedbyopportunitycost.
Arelativeconcept:
relativelaborproductivityorrelativeabundance.
3.Thepatternoftrade:
Tradebetweentwocountriescanbenefitbothcountriesifeachcountryexportsthegoodsinwhichithasacomparativeadvantage.
2.Aone-factoreconomy
1.productionpossibilities:
aLCQC+aLWQLW≤L
Figure2-1Home’sProductionPossibilityFrontier
2.Relativepriceandsupply
Laborwillmovetothesectorwhichpayshigherwage.
IfPC/PW>
aLC/aLW（PC/aLC>
PW/aLW,wageinthecheesesectorishigher）,theeconomywillspecializeintheproductionofcheese.
Inaclosedeconomy,PC/PW=aLC/aLW.
Ifeachcountryhasabsoluteadvantageinonegoodrespectively,willthereexistcomparativeadvantage?
3.Tradeinaone-factorworld
Model:
2×
1×
2
Assume:
aLC/aLW<
aLC*/aLW*
Homehasacomparativeadvantageincheese.
Home’srelativeproductivityincheeseishigher.
Home’spretraderelativepriceofcheeseislowerthanforeign.
Theconditionunderwhichhomehasthecomparativeadvantageinvolvesallfourunitlaborrequirement,notjusttwo.
1.Determiningtherelativepriceaftertrade
Relativepriceismoreimportantthanabsoluteprice,whenpeoplemakedecisionsonproductionandconsumption.
Generalequilibriumanalysis:
RSequalsRD.（Worldgeneralequilibrium）
RS:
a“step”withflatsectionslinkedbyaverticalsection.（L/aLC）/（L*/aLW*）
Figure2-3WorldRelativeSupplyandDemand
RD:
subsititutioneffects
Relativepriceaftertrade:
betweenthetwocountries’pretradeprice.
（Howwillthesizeofthetradingcountriesaffecttherelativepriceaftertrade?
Whichcountry’slivingconditionimprovesmore?
Isitpossiblethatacountryproducebothgoods?
）
2.Thegainsfromtrade
Themutualgaincanbedemonstratedintwoalternativeways.
Tothinkoftradeasanindirectmethodofproduction:
（1/aLC）（PC/PW）>
1/aLWorPC/PW>
aLC/aLW
Toexaminehowtradeaffectseachcountry’spossibilitiesofconsumption.
Figure2-4TradeExpandsConsumptionPossibilities
（Howwillthetermsoftradechangeinthelong-term?
Arethereincomedistributioneffectswithincountries?
）
3.Anumericalexample:
Twocrucialpoints:
Whentwocountriesspecializeinproducingthegoodsinwhichtheyhaveacomparativeadvantage,bothcountriesgainfromtrade.
Comparativeadvantagemustnotbeconfusedwithabsoluteadvantage;
itiscomparative,notabsolute,advantagethatdetermineswhowillandshouldproduceagood.
Table2-2UnitLaborRequirements
CheeseWine
Home
aLC=1hourperpound
aLW=2hourspergallon
Foreign
a*LC=6hoursperpound
a*LW=3hourspergallon
absoluteadvantage;
relativeprice;
specialization;
thegainsfromtrade.
4.Relativewages
Itispreciselybecausetherelativewageisbetweentherelativeproductivitiesthateachcountryendsupwithacostadvantageinonegood.
Relativewagesdependonrelativeproductivityandrelativedemandongoods.
Specialbox:
Dowagesreflectproductivity?
Table2-3ChangesinWagesandUnitLaborCosts
CompensationCompensationAnnualRateofIncrease
perHour,1975PerHour,2000inUnitLaborCosts,
（US=100）（US=100）1979-2000
UnitedStates
100
1.1
SouthKorea
5
41
0.7
Taiwan
6
30
3.6
HongKong
12
28
NA
Singapore
13
37
Source:
BureauofLaborStatistics（foreignlaborstatisticshomepage,www.bls.gov/fls/home.htm）
Debatesaboutrelativewagesandrelativelaborproductivity.
Long-runconvergenceinproductivityproduceslong-runconvergenceinwages.
4.Misconceptionsaboutcomparativeadvantage
Thepropositionthattradeisbeneficialisunqualified.Thatis,thereisnorequirementthatacountrybe“competitive”orthatthetradebe“fair”.
1.Productivityandcompetitiveness
myth1:
Freetradeisbeneficialonlyifyourcountryisstrongenoughtostanduptoforeigncompetition.
Thegainsfromtradedependoncomparativeadvantageratherthanabsoluteadvantage.
Thecompetitiveadvantageofanindustrydependonrelativelaborproductivityandrelativewage.
Absoluteadvantage:
neitheranecessarynorasufficientconditionforcomparativeadvantage（orforthegainsfromtrade）.
2.Thepauperlaborargument
myth2:
Foreigncompetitionisunfairandhurtsothercountrieswhenitisbasedonlowwages.
Whetherthelowercostofforeignexportgoodsisduetohighproductivityorlowwagesdoesnotmatter.Allthatmattertohomeisthatitismoreefficientto“produce”thosegoodsindirectlythantoproducedirectly.
3.Exploitation
myth3:
Tradeexploitsacountryandmakesitworseoffifitsworkersreceivemuchlowerwagethanworkersinothernations.
Whethertheyandtheircountryareworseoff?
Whatisthealternative?
（Ifitrefusestotrade,realwageswouldbeevenlower）.
5.Comparativeadvantagewithmanygoods
Model:
n
ForanygoodwecancalculateaLi/aLi*,labelthegoodssothatthelowerthenumber,thelowerthisratio.
aL1/aL1*<
aL2/aL2*<
…<
aLN/aLN*
（oraL1*/aL1>
aL2*/aL2>
…>
aLN*/aLN）
1.Relativewagesandspecialization
AnygoodforwhichaLi*/aLi>
w/w*willbeproducedinhome.Relativeproductivityishigherthanitsrelativewage,waLi<
w*aLi*,goodswillalwaysbeproducedwhereitischeapesttomakethem.
Allthegoodstotheleftofthecutendupbeingproducedinhome.
Table2-4HomeandForeignUnitLaborRequirements
RelativeHome
HomeUnitLaborForeignUnitLaborProductivety
Requirement（aLi）Requirement（a*Li）Advantage（a*Li/aLi）
Apples
1
10
Bananas
5
40
8
Caviar
3
12
4
Dates
6
Enchiladas
9
0.75
ifw/w*=3,A、B、CwillbeproducedinHomeandD、Einforeign.
Issuchapatternofspecializationbeneficialtobothcountries?
（Hint:
Comparingthelaborcostofproducinga（import）gooddirectlyandindirectly）.
2.Determiningtherelativewageinthemultigoodmodel
w/w*:
RDoflaborequalsRSoflabor.
Therelativederiveddemandforhomelabor（L/L*）willfallwhentheratioofhometoforeignwages（w/w*）rises,because:
（1）Thegoodsproducedinhomebecamerelativemoreexpensive.
（2）Fewerfoodswillbeproducedinhomeandmoreinforeign.
Figure2-5Determinationofrelativeofwages.
derivedformrelativedemandforhomeandforeigngoods.
determinedbyrelativesizeofhomeandforeignlaborforce（Laborcan’tmovebetweencountries）.
6.Addingtransportcostsandnontradedgoods
Therearethreemainreasonswhyspecializationintherealinternationaleconomyisnotsoextreme:
（1）theexistenceofmorethanonefactorofproduction
（2）protectionism
（3）theexistenceoftransportcost.
E.g.supposetransportcostisauniformfractionofproductioncost,say100percents.ForgoodsCandDintable2-4:
D:
Home6hours<
12hours×
1/3×
2foreign
C:
Home3hours×
2>
1/3foreign
Thus,CandDbecamenontradedgoods.
Inpracticethereisawiderangeoftransportationcosts.
Insomecasestransportationisvirtuallyimpossible:
servicessuchashaircutandautorepair;
goodswithhighweight-to-valueratio,likecement.
Nontradedgoods:
becauseofabsenceofstrongnationalcostadvantageorbecauseofhightransportationcost.
Nationsspendalargeshareoftheirincomeonnontradedgoods.
7.EmpiricalevidenceontheRicardianmodel
Misleadingpredictions:
（1）Anextremedegreeofspecialization;
（2）Neglecttheeffectsonincome
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