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1、A Parable for the Modern EconomyIf rancher produces only meatAnd farmer produces only potatoesBoth gain from tradeIf both rancher and farmer produce both meat and potatoesBoth gain from specialization and tradeProduction possibilities frontier Various mixes of output that an economy can produce1第1页/
2、共15页Figure 12The Production Possibilities Frontier(a)Panel(a)shows the production opportunities available to the farmer and the rancher.第2页/共15页Figure 13The Production Possibilities Frontier(b,c)Panel(b)shows the combinations of meat and potatoes that the farmer can produce.Panel(c)shows the combina
3、tions of meat and potatoes that the rancher can produce.Both production possibilities frontiers are derived assuming that the farmer and rancher each work 8 hours per day.If there is no trade,each persons production possibilities frontier is also his or her consumption possibilities frontier.(b)The
4、farmers production possibilities frontier(c)The ranchers production possibilities frontierMeat(oz)048Potatoes(oz)1632AIf there is no trade,the farmer chooses this production and consumption.Meat(oz)01224Potatoes(oz)2448BIf there is no trade,the rancher chooses this production and consumption.第3页/共15
5、页A Parable for the Modern EconomySpecialization and tradeFarmer specialize in growing potatoesMore time growing potatoes Less time raising cattleRancher specialize in raising cattleMore time raising cattle Less time growing potatoes Trade:5 oz of meat for 15 oz of potatoesBoth gain from specializati
6、on and trade4第4页/共15页Figure 25How Trade Expands the Set of Consumption Opportunities(c)The proposed trade between the farmer and the rancher offers each of them a combination of meat and potatoes that would be impossible in the absence of trade.In panel(a),the farmer gets to consume at point A*rathe
7、r than point A.In panel(b),the rancher gets to consume at point B*rather than point B.Trade allows each to consume more meat and more potatoes.第5页/共15页Figure 26How Trade Expands the Set of Consumption Opportunities(a,b)The proposed trade between the farmer and the rancher offers each of them a combi
8、nation of meat and potatoes that would be impossible in the absence of trade.In panel(a),the farmer gets to consume at point A*rather than point A.In panel(b),the rancher gets to consume at point B*rather than point B.Trade allows each to consume more meat and more potatoes.(a)The farmers production
9、 and consumption(b)The ranchers production and consumptionMeat(oz)048Potatoes(oz)1632AFarmers production and consumption without tradeMeat(oz)01224Potatoes(oz)2448BRanchers production and consumption without tradeFarmers production with trade517A*Farmers consumption with trade13181227B*Ranchers cons
10、umption with tradeRanchers production with trade第6页/共15页Comparative AdvantageAbsolute advantageProduce a good using fewer inputs than another producerOpportunity costWhatever must be given up to obtain some itemMeasures the trade-off between the two goods that each producer faces7第7页/共15页Table 18The
11、 Opportunity Cost of Meat and PotatoesWho has a lower opportunity cost(comparative advantage)in producing meat?Who has lower opportunity cost(comparative advantage)in producing potatoes?Who should produce(specialize)only meat?Who should produce only potatoes?第8页/共15页Comparative AdvantageComparative
12、advantageProduce a good at a lower opportunity cost than another producerReflects the relative opportunity costPrinciple of comparative advantageEach good-produced by the individual that has the smaller opportunity cost of producing that good9第9页/共15页Comparative AdvantageOne personCan have absolute
13、advantage in both goodsCannot have comparative advantage in both goods For different opportunity costsOne person-comparative advantage in one goodThe other person-comparative advantage in the other good10第10页/共15页Comparative AdvantageOpportunity cost of one goodInverse of the opportunity cost of the
14、 otherGains from specialization and tradeBased on comparative advantageTotal production in economy risesIncrease in the size of the economic pieEveryone better off11第11页/共15页Comparative AdvantageTrade can benefit everyone in societyAllows people to specialize The price of tradeMust lie between the t
15、wo opportunity costsPrinciple of comparative advantage explains:InterdependenceGains from trade12第12页/共15页Applications of Comparative AdvantageShould the U.S.trade with other countries?U.S and JapanEach produces food and carsOne American worker,one monthOne car,orTwo tons of foodOne Japanese worker,one month One carOne ton of food13第13页/共15页Applications of Comparative AdvantagePrinciple of comparative advantageEach good produced by the country with the smaller opportunity cost of producing that goodSpecialization and tradeAll countries have more food and more cars 14第14页/共15页