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1、CHAPTER 1THE WORLD OF INTERNATIONAL ECONOMICSI.OutlineIntroductionThe Nature of Merchandise Trade-The Geographical Composition of Trade-The Commodity Composition of Trade-U.S.International TradeWorld Trade in ServicesThe Changing Degree of Economic InterdependenceSummaryAppendix:A General Reference
2、List in International EconomicsIL Purpose of ChapterThe purpose of this introductory chapter is to provide the student with an overview of thecurrent nature of international trade in goods and services for the world in general and for theUnited States in particular.It is useful to make the student a
3、ware not only of the broad nature ofinternational transactions,but also of the increased international interdependence that nowcharacterizes the world economy.Although this chapter contains a great amount of data,“wehave found that discussing this kind of information on the first day of class motiva
4、tes studentinterest in the subject and in the course in general.1CHAPTER 2EARLY TRADE THEORIES:Mercantilism and the Transitionto the Classical World of David RicardoI.OutlineIntroductionMercantilism-The Mercantilist Economic System-The Role of Government-Mercantilism and Domestic Economic PolicyThe
5、Challenge to Mercantilism by Early Classical Writers-David Hume-The Price-Specie-Flow Mechanism-Adam Smith and the Invisible HandSummaryII.Special Chapter FeaturesCase Study 1:The Gephardt Amendment-The New Mercantilism?Box 1:Capsule Summary of the Price-Specie-Flow MechanismBox 2:Concept Review-Pri
6、ce Elasticity and Total ExpendituresBox 3:Adam Smith(1723-1790)III.Purpose of ChapterThe purpose of this chapter is to trace out some of the early ideas regarding the basis forinternational trade and the distribution of the benefits to be gained from trade.It not onlyprovides some historical perspec
7、tive to trade theory,but it also makes clear why certaincontemporary protectionist attitudes can be seen as being based in a Mercantilist view of theworld.IV.Answers to End-of-Chapter Questions and Problems1.Wealth was viewed as synonymous with holdings of precious metals.Nation-stateswished to beco
8、me wealthy and this meant obtaining large holdings of precious metals.It is alsoargued by some that the shortage of coinage constrained the growth of these nation-states andthat precious metals were required to increase the supply of coinage(money)in order for thecountries to grow.2.Critical pillars
9、 of Mercantilism:a.the zero-sum nature of international trade;b.the need for strong,powerful governments;2c.the labor theory of value;d.the need to regulate economic activity;e.the need for a positive trade balance.Because wealth was viewed in terms of holdings of precious metals,the objective ofeco
10、nomic activity and policy was to foster increased holdings of specie.Mercantilists believedthat individuals pursuing their own self interest would not accomplish this objective and thatconsequently,economic activity had to be closely regulated and supervised.3.The paradox of Mercantilism is that wea
11、lthy countries would contain large numbers ofvery poor people.A second paradox is that wealthy countries had to spend great amounts ofspecie to protect their holdings of specie.Wages were kept low(at institutional subsistencelevels)to reduce labor costs,and families were encouraged to have children
12、through various taxesand subsidies.These actions contributed to a very large poor working class.4.Critical assumptions of the price-specie-flow mechanism:a.some link between the money supply and the price level,e.g.,the quantity theory ofmoney;b.perfect competition,with flexible wages and prices;c.p
13、rice-elastic demand for traded goods;d.existence of a gold standard,with no government interference with the movement ofgold and no actions to sterilize golds impact on the money supply.If the demand for traded goods were price-inelastic,the movement of gold and priceswould worsen trade balances,not
14、 correct them.This would be destabilizing,not stabilizing.5.Humes price-specie-flow mechanism suggested that a country could not sustain a positivebalance of trade because of the effect on money and prices.The external payments position hadrepercussions on internal economic variables.A continual pos
15、itive trade balance was thus not aviable policy target,and not a continuous source of increased wealth.Smiths concept of absoluteadvantage indicated that both countries could gain from trade,in direct contrast to theMercantilists zero-sum-game view of trade.6.The United States has an absolute advant
16、age in the production of wheat(3 hrs./unit 4hrs./unit)and the United Kingdom has an absolute advantage in clothing(4 hrs./unit 9 hrs./unit).The United States would gain at the barter price of 1C:2W(1 W:0.5C)since it only getsO.33C for 1W in autarky.Similarly,the United Kingdom would benefit because
17、it takes only 0.5Cto obtain a unit of wheat with trade instead of IC in autarky.7.(a)In autarky the United Kingdom would produce 75 units of clothing(30()laborhours/4 hrs.)and 50 units of wheat(200 labor hours/4 hrs.).(b)If the United Kingdom allocates all of its labor to clothing production,it will
18、3produce 125 units of clothing(50()total labor hours/4 hrs.).United Kingdom consumption ofclothing with trade will be the difference between domestic production and exports,i.e.,85 unitsof cloth.United Kingdom consumption of wheat will be equal to the 80 units of wheat imports itreceives for its 40
19、units of clothing exports(40 units of exports)(2W/1C).Thus,with trade,United Kingdom consumption of clothing increased from 75 to 85 units and its consumption ofwheat increased from 50 units to 80 units.8.(a)In autarky United States wheat production will be 110 units(330 labor hours/3 hrs.),and clot
20、h production will be 30 units(270 labor hours/9 hrs.).(b)With trade,the United States will consume 120 units of wheat(200 units ofproduction less the 8()units of exports)and 40 units of cloth imports.Consequently,with tradeU.S.consumption of wheat has risen from 11()to 120 units and its consumption
21、of cloth has risenfrom 30 to 40 units.In this case trade is a positive-sum game since both parties are able to consume more ofboth goods with trade compared to autarky,i.e.,both countries unambiguously gain from trade.9.A Mercantilist would view the continuing trade surplus as a very desirable outco
22、me sinceit produces a net increase in Japanese holdings of foreign exchange(claims on foreign countryassets),which is similar to increased holdings of specie in Mercantilist times.To the Mercantilist,the surplus represents successful Japanese economic policy,not a problem.Hume would arguethat the si
23、tuation would be self-correcting if a fixed exchange rate system is in place as long asprices and wages are flexible and Japan does nothing to interfere with the flow of payment and itsimpact on the money supply.The increase in the money supply accompanying the trade surpluswould lead to a relative
24、increase in the prices of Japanese goods,thus reducing the trade surplus.In Japans trading partners,the money supply would decrease and prices would decrease,thusdecreasing their deficits.Movement to a zero trade balance would also occur under a flexible ratesystem because the trade surplus would le
25、ad to an increase in the value of the Japanese currencyand therefore to a relative increase in the prices of Japanese goods and services.10.With a price elasticity of demand of(-)2.0,a 10 percent increase in price will cause thequantity demanded in Spain to fall by 20 percent|=(-2.0)(0.10).Since Fra
26、nce was initiallyexporting 5,000 units,the new level of exports will be 4,000=(5,000)(1-0.20).The newvalue of French exports will be 440,000 francs=(4,000)(110),which is exactly equal to its newlevel of imports.The increase in French prices has thus worked to remove its trade surplus withSpain.4CHAP
27、TERSTHE CLASSICAL WORLD OF DAVID RICARDOAND COMPARATIVE ADVANTAGEI.OutlineIntroductionAssumptions of the Basic Ricardo ModelRicardian Comparative AdvantageComparative Advantage and the Total Gains From Trade-Resource Constraints-Complete SpecializationRepresenting the Ricardian Model With Production
28、-Possibilities Frontiers-Production-Possibilities-An Example-Maximum Gains from TradeComparative Advantage and the Developing CountriesSummaryII.Special Chapter FeaturesBox 1:David Ricardo(1772-1823)Case Study 1:Export Concentration of Selected CountriesBox 2:Comparative Advantage and the Gains from
29、 Trade:Another ExampleIII.Purpose of ChapterThe purpose of this chapter is to introduce students to the basic idea of Classicalcomparative advantage,demonstrate the gains from trade,and explain why trade will lead tocountry specialization in production of the export good(s).IV.Answers to End-of-Chap
30、ter Questions and Problems1.(a)The autarky price ratios:France:1 computer:25 wheat,or 1 wheat:1/25 computerGermany:1 computer:20 wheat,or 1 wheat:1/20 computer(b)France has a comparative advantage in wheat and Germany in computers.Francesdisadvantage is relatively smaller in wheat than in computers,
31、i.e.,4/3 100/60;Germanysadvantage is relatively greater in computers than in wheat,i.e.,60/100 (Pw/Ps)cum1y B】8CHAPTER 4EXTENSIONS AND TESTS OF THE CLASSICAL MODEL OF TRADEI.OutlineIntroductionThe Classical Model in Money TermsWage Rate Limits and Exchange Rate LimitsMultiple Commodities-The Effect
32、of Wage Rate Changes-The Effect of Exchange Rate Changes-The Dornbusch-Fischer-Samuelson ModelTransportation CostsMultiple CountriesEvaluating the Classical ModelSummaryIL Special Chapter FeaturesBox 1:Wage Rate Limits and Exchange Rate Limits in the Monetized RicardianFrameworkBox 2:Demand Relation
33、ships in the DFS ModelBox 3:Comparative Statics Analysis in the DFS ModelCase Study 1:The Size of Transportation CostsCase Study 2:Labor Productivity and Import Penetration in the U.S.Steel IndustryIII.Purpose of ChapterThe purpose of this chapter is to present several extensions of the Classical Ri
34、cardianmodel in order to demonstrate more fully the factors that influence international trade beyondthe simple two country-two commodity labor requirement barter model developed in Chapter 3.IV.Answers to End-of-Chapter Questions and Problems1.As a result of the trade surplus,France experiences,und
35、er a fixed exchange rate,a netgold inflow and the United Kingdom experiences a net gold outflow.Assuming that the price-specie-flow mechanism is in operation,these gold movements will result in an increase in pricesand wages in France and a decrease in prices and wages in the United Kingdom.Since th
36、edemand for traded goods is assumed to be price-elastic,this will cause the expenditures for U.K.goods by France to rise and the expenditures for French goods by the United Kingdom to fall.9These adjustments will take place until trade is balanced.The changes in prices in the twocountries will lead
37、to a change in the terms of trade that will move them closer to those of theUnited Kingdom in autarky,i.e.,the terms of trade will deteriorate for the United Kingdomand improve for France.2.(a)There is a basis for trade here because the relative labor costs for the twocommodities are different in au
38、tarky,i.e.,6/8 is not the same as 4/4.From another perspective,the individual price ratios in autarky are different between the two countries,i.e.,they are1W:O.67S(or 1S:1.5W)in Italy and lW:().5S(or 1S:2W)in Spain.(b)Italy should export shoes and Spain should export wine because the relative laborc
39、ost of shoes is less in Italy relative to wine.From Spains point of view,its absolutedisadvantage is less in wine compared to shoes.(c)The international terms of trade must lie between 1W:O.67S and 1 W:0.5S(orIS:1.5 Wand 1S:2W).(d)The commodity terms of trade=1 wine:(Pwine/Pshoes)shoes or 1 shoe:(Ps
40、hoes/Pwhie)wine,which results in 1 wine:(14/24)shoes,i.e.,1 wine:0.583 shoes or 1 shoe:(24/14)wine,i.e.,1 shoe:1.714 wine.3.Given the Spanish wage rate of 3.5 pesos per hour and the 1:1 exchange rate,the limits tothe wage in Italy are 4b and 3%lire/hr.Given the Italian wage rate of 4 lire per hour a
41、nd the 1:1 exchange rate,the limits to thewage in Spain are 3 and 4 pesetas/hr.Given the Italian wage rate of 4 lire/hour and the Spanish wage rate of 3.5 pesos/hour,thelimits to the exchange rate are 7/8 and 1 1/6 peseta/lira.4.Italy will export shoes and import clothing,wine,cutlery,and fish.Spain
42、 will exportclothing,wine,cutlery,and fish and import shoes.With the inclusion of transportation costs,clothing,wine,and fish become nontradedgoods,Spain maintains its comparative advantage in cutlery and continues to export it,and thecost of shoes is exactly equalized between the two countries(shoe
43、s thus may or may not betraded).The trade pattern changes because the relative costs of the products change whentransportation costs are included and assumed to be paid by the importer.In the cases ofclothing,wine,and fish,transportation costs exceed the difference in product costs between thetwo co
44、untries and thus cause them to become nontraded goods.5.Increases in foreign country productivity will cause the A(z)curve to shift downward as10a2/a!falls fbr each good.This will lead to a fall in home country export goods(an increase inforeign-country export goods)since the boundary good shifts to
45、 the left in the DFS diagram.There will be a decline in the wage level in the home country relative to the foreign country.Inaddition,following the analysis in Box 3 in the chapter,the foreign country will experience a gainin real income in terms of both home country goods and foreign country goods,
46、and the homecountry will experience a gain in real income when income is expressed in foreign goods and nochange in real income when income is expressed in home goods.Since the home country in factconsumes both home and foreign goods,it thus attains a higher real income.6.There is a basis for trade
47、for all three countries since all three autarky price ratios aredifferent from each other and from the international terms of trade.With an international terms oftrade of 1 fish:0.5 potatoes,Sweden and Poland will export potatoes and import fish,andDenmark will export fish and import potatoes.7.Yes.
48、Since productivity in U.S.manufacturing is considerably higher than in Mexicanmanufacturing,one would expect the level of wages to be considerably higher in the United Statesthan in Mexico.For traded goods,if U.S.productivity is five times as high but U.S.wages areless than five times as high,U.S.ma
49、nufactured goods prices would tend to be lower priced thanMexican goods.The relatively great demand for U.S.goods(relatively small demand forMexican goods)would therefore drive up U.S.wages(and drive down Mexican wages)until thewage difference roughly matches the productivity difference.Similarly,if
50、 U.S.wages are morethan five times Mexican wages,Mexican goods would be in relatively great demand(and U.S.goods in relatively small demand).Mexican wages would then rise(and U.S.wages would fall)until the wage difference again is roughly equal to the productivity difference.In practice,thematter is