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(共20张PPT)
“对外贸易是增加我们财富和现金的通常手段，在这一点上我们必须时时谨守这一原则。在价值上，每年卖给外国人的货物，必须比我们消费他们的多。”
——托马斯·孟
（ 《英国得自对外贸易的财富》1664年，中译本，第4页）
“如果两人都能制造鞋子和帽子，其中一个人在两种职业上都比另一个人强一些，不过制帽子时只强1/5或20%，而制鞋子时则强1/3或33%，那么，这个较强的人专门制鞋子，而那个较差的人专门制帽子，岂不是对双方都有利吗？”
——大卫·李嘉图
（王亚南主编《资产阶级古典政治经济学选辑》
第533页，商务印书馆，1979年）
Ch. 2 Classical Trade Theory
Mercantilism
David Hume’s price-specie-flow mechanism
The theory of absolute advantage
The theory of comparative advantage
1. The mercantilist economic system
National wealth
(2) Economic activity: zero-sum game. 零和博弈
(One country's economic gain was at the expense of another)
(3) Accumulation of wealth through trade.
Favorable balance of trade would help to earn gold.
?
§1 Mercantilism
A French seaport painted by Claude Lorrain around 1639, at the height of mercantilism
2. Economic policies pursued by the mercantilists
(1) Control the use and exchange of precious metals.
(2) Prohibit the export of precious metals by individuals.
Rulers let specie leave the country only out of necessity.
(3) Smugglers of specie were subject to swift punishment,
often death.
(4) Exclusive trading rights for certain routes or areas were
given to specific companies.
(5) Subsidize exports, restrict imports of consumption goods.
The Dutch East India Trading Company
§2 David Hume’s Challenge to Mercantilism
MSV = PY
Argument against the mercantilist idea for TRADE SURPLUS
The price-specie-flow mechanism 价格-货币流动机制
Quantity Theory of Money 货币数量论
Direct relationship between money supply and price level
Ex>Im
Gold inflow
P
Ex
Im
大卫·休谟
（1711-1776）
§3 Adam Smith ’s Theory of Absolute Advantage
Adam Smith published The Wealth of Nations （国富论）
in 1776 in London.
Adam’s two main areas of contribution:
absolute advantage and the division of labor.
Absolute advantage: ability to produce a good
with fewer labor hours than another country.
Assumptions of the theory of absolute advantage
(1) 2 countries, 2 products. 1 factor of production;
(2) Fixed endowment of resources and technology level;
(3) Factors of production mobile within a country, immobile
between countries;
(4) A labor theory of value;
(5) Constant production costs;
(6) Full employment;
(7) Perfect competition;
(8) No government intervention in economic activity;
(9) Transportation costs are zero.
2. Challenge to Mercantilism
(1) Productive capacity nation's wealth
(2) Specialization productivity gains.
(3) Specialize in and export goods that a nation has
absolute advantages.
(4) Free environment. (laissez faire [lei′sei′fe r])
3. Example
Labor requirements in Britain and Portugal (per unit)
Cloth Wine
Britain 1 hr. 4 hrs.
Portugal 2 hrs 3 hrs.
Absolute advantage
Britain: 3C (rather than 4C) for 1W. (Save 1C)
Portugal: 1/3W (rather than 2/3W) for 1C. (Save 1/3W)
Price ratio in autarky
1W : 4C (or 1C : 1/4W)
1W : 3/2C (or 1C : 2/3W)
Exchange ratio
Britain: Cloth
Portugal: Wine
1W : 3C (1C:1/3W)
Comparative advantage
David Ricardo, in his 1819 work
On the Principles of Political Economy and Taxation
Comparative advantage: The ability
of a country to produce a good at a lower
RELATIVE COST than another country.
§4 Theory of Comparative Advantage
2. Example
Labor requirements and absolute advantage in Britain and Portugal (per unit)
Wine Cloth Price ratio in autarky
Portugal 8 hrs. 9 hrs.
Britain 12 hrs. 10 hrs.
1W : 8/9C
1W : 6/5C
Which country has an absolute advantage in what good(s)
Portugal: Both.
Which country has a comparative
advantage in what good
Portugal:Wine.
Britain: Cloth.
Relative cost
Relative cost of wine to cloth in Portugal (8/9) is LOWER than in Britain (6/5), thus Portugal has a comparative advantage in Wine.
If aLA/aLB in Country I is LOWER than in Country II,
then Country I has a comparative advantage in Product A.
Relative costs in Britain and Portugal
Wine Cloth Relative cost of wine to cloth
Portugal 8 hrs. 9 hrs. 8/9
Britain 12 hrs. 10 hrs. 6/5
Opportunity cost
Two ways to illustrate the gains from trade:
(1) In terms of labor time saved (at 1W:1C)
Britain: 1C (10hrs) for 1W(12 hrs)
saves 2 hrs.
Portugal: 1W (8 hrs) for 1C (9 hrs )
saves 1 hr.
1W: 1.1C
(2) In terms of more goods obtained
After division of labor
Wine Cloth
Portugal (8+9 ) / 8 = 2.125
Britain (10+ 12) / 10 = 2.2
After trading at 1W:1C
Wine Cloth
Portugal 1.125 1
Britain 1 1. 2
Ricardo’s theory holds:
A country may have no absolute advantage in all products. However, it surely has a comparative advantage in a particular product.
A country can benefit from export if only it has a comparative advantage in the production of the exporting product.
Any country will have a product to export and gain from international trade.
3. Analysis of the theory of comparative advantage by
using modern tools
(1) Tools to be used
① Production possibility curve (frontier) PPF
Y
0 X1 X2 B X
Production possibility curve
· E
· F
C·
·D
A
Y1
Y2
A graph that reflects all the
combinations of products
that a country can produce
given its resources are fully
utilized.
A straight line of slope
represents the opportunity
costs of production are the same at the various levels of production.
A
0 B
X
Y
PPF of Country I
A
0 B
X
Y
PPF of Country II
The slope of line AB in the left figure is smaller than the slope of line AB in the right figure, indicating that the opportunity cost of good X in Country I is smaller than in Country II and Country I has a comparative advantage in good X while County II has a comparative advantage in good Y.
(PX/Y)I <(PX/Y)I I
② Community indifference curves
An illustration of various combinations of two commodities that yield the same level of well-being for the community (or country) as a whole.
The (negative of the) slope at any point on an indifference curve is called the marginal rate of substitution. (MRS=MUX/MUY)
The indifference curve is down-sloping and convex to the origin, meaning a diminishing MRS..
CIC1
CIC2
CIC3
X
Y
Y1
Y2
Community indifference curves
0 X1 X2
A
·
B
·
CIC'1
·
A'
(2) Equilibrium analysis ① General equilibrium in autarky
CIC1
A

Y
0
X1
Y1
Country I

Country II
Y'1
X1
Y
X'1
0
X
X
PX/Y
P'X/Y
CIC'1
·
A'
CIC1
Pw
A

Y
0
Y1
CIC1
Country I

Country II
Y'1
X1
Y
X'1
0
X
X
② Introduction of trade
B
B'
E
E'
Pw
PX/Y
PX/Y
X2
Y2
X'2
Y'2
CIC' 2
CIC2
Equilibrium points and gains with trade for Countries I & II when opportunity costs of production are constant.

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