Hecksher Ohlin Theory of Factor Proportions
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The Heckscher-Ohlin theory states that countries will export goods that utilize their abundant and cheap factors of production. It focuses on labor and capital as the two main factors. According to the theory, a capital-rich country will export capital-intensive goods, while a labor-rich country will export labor-intensive goods. A country's comparative advantage depends on the factors of production it has in relative abundance and at a lower cost.
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The Heckscher-Ohlin theory of international trade/ Modern International Trade...
relative factor endowments theory/ 2*2*2 model/ hecksher -ohlin theory/assumptions of hecksher ohlin theory/ limitations of hecksher ohlin theory/hecksher ohlin theorem/factor endowments theory, H-O Theory
Comparative cost advanatge theory
David Ricardo originated the theory of comparative cost advantage in his 1817 book. The theory states that countries will export goods that they have a lower relative production cost in and import goods with higher relative costs, even if one country may have an absolute cost advantage in all goods. The theory assumes two countries and goods, homogeneous and mobile factors of labor, no transportation or trade barriers, and constant returns to scale. England has a lower relative cost (cost advantage) in cloth and Portugal has a lower cost in wine, so each country specializes and gains from trade by exporting their lower cost good and importing the other good. However, the theory makes unrealistic assumptions and does not consider all real-world complexities of international trade.
Tariff and non tariff barriers
This document discusses tariff and non-tariff barriers to international trade. It defines tariff barriers as taxes or duties imposed on goods crossing national borders. It outlines various types of tariff barriers including specific duties, ad valorem tariffs, combined duties, and protective tariffs. Non-tariff barriers are any other barriers besides tariffs, such as quotas, licenses, product standards, labeling requirements, and voluntary export restraints. The document provides examples of different tariff and non-tariff barriers and explains how governments use these barriers to promote domestic industries and restrict imports.
Absolute advantage
Adam Smith first proposed the theory of absolute advantage in his 1776 publication "An Inquiry into the Nature and Causes of the Wealth of Nations" as a rebuttal to mercantilism. The theory argues that countries should specialize in and export goods they can produce at a lower relative cost than other nations, and import goods that other nations can produce at a lower cost, resulting in more global production and wealth overall. An example shows that France has an absolute advantage in wine production while Japan has an advantage in clock and radio production based on their differing labor outputs.
Heckscher ohlin
The Heckscher-Ohlin theorem states that countries will export goods that use their abundant and cheap factor of production and import goods that use their scarce factor. It emphasizes differences in factor abundance as the source of comparative advantage and trade. Developed by Eli Heckscher and Bertil Ohlin, it shows that comparative advantage is influenced by relative factor abundance across countries and relative factor intensity across goods. Under its assumptions, free trade will equalize factor prices globally and lead countries to specialize in goods consistent with their factor endowments.
Theories of international trade
Mercantilism encouraged exports and discouraged imports to accumulate wealth, usually in gold and silver. Adam Smith argued that free trade and specializing in absolute advantages benefits countries more. Comparative advantage theory extended this by showing even without absolute advantages, all countries gain from trade. Porter's diamond model explains how national competitive advantages arise from factor conditions, demand conditions, related/supporting industries, and firm strategy/rivalry within a country.
Foreign direct investment
Foreign direct investment refers to investment made by foreign companies to establish wholly owned subsidiaries in another country or purchase shares of existing companies to manage them. It provides capital, technology, expertise and new markets for host countries, but can also negatively impact local industries and increase foreign dependence. For home countries, it leads to foreign exchange inflows but can also reduce exports and employment if production shifts abroad.
Mint Parity Theory - History, Definition, Advantages and Disadvantages
The mint parity theory explains how exchange rates between countries on the gold standard were determined. Under this system, currencies were defined by and convertible to a fixed quantity of gold. The exchange rate between two currencies adhering to the gold standard was based on the parity of the mint price of gold in the two countries. This ensured stability in exchange rates as long as countries maintained their commitment to gold convertibility at a fixed price. However, the gold standard broke down in the early 20th century, rendering the mint parity theory obsolete.
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Comparative cost advanatge theory
David Ricardo originated the theory of comparative cost advantage in his 1817 book. The theory states that countries will export goods that they have a lower relative production cost in and import goods with higher relative costs, even if one country may have an absolute cost advantage in all goods. The theory assumes two countries and goods, homogeneous and mobile factors of labor, no transportation or trade barriers, and constant returns to scale. England has a lower relative cost (cost advantage) in cloth and Portugal has a lower cost in wine, so each country specializes and gains from trade by exporting their lower cost good and importing the other good. However, the theory makes unrealistic assumptions and does not consider all real-world complexities of international trade.
Tariff and non tariff barriers
This document discusses tariff and non-tariff barriers to international trade. It defines tariff barriers as taxes or duties imposed on goods crossing national borders. It outlines various types of tariff barriers including specific duties, ad valorem tariffs, combined duties, and protective tariffs. Non-tariff barriers are any other barriers besides tariffs, such as quotas, licenses, product standards, labeling requirements, and voluntary export restraints. The document provides examples of different tariff and non-tariff barriers and explains how governments use these barriers to promote domestic industries and restrict imports.
Absolute advantage
Adam Smith first proposed the theory of absolute advantage in his 1776 publication "An Inquiry into the Nature and Causes of the Wealth of Nations" as a rebuttal to mercantilism. The theory argues that countries should specialize in and export goods they can produce at a lower relative cost than other nations, and import goods that other nations can produce at a lower cost, resulting in more global production and wealth overall. An example shows that France has an absolute advantage in wine production while Japan has an advantage in clock and radio production based on their differing labor outputs.
Heckscher ohlin
The Heckscher-Ohlin theorem states that countries will export goods that use their abundant and cheap factor of production and import goods that use their scarce factor. It emphasizes differences in factor abundance as the source of comparative advantage and trade. Developed by Eli Heckscher and Bertil Ohlin, it shows that comparative advantage is influenced by relative factor abundance across countries and relative factor intensity across goods. Under its assumptions, free trade will equalize factor prices globally and lead countries to specialize in goods consistent with their factor endowments.
Theories of international trade
Mercantilism encouraged exports and discouraged imports to accumulate wealth, usually in gold and silver. Adam Smith argued that free trade and specializing in absolute advantages benefits countries more. Comparative advantage theory extended this by showing even without absolute advantages, all countries gain from trade. Porter's diamond model explains how national competitive advantages arise from factor conditions, demand conditions, related/supporting industries, and firm strategy/rivalry within a country.
Foreign direct investment
Foreign direct investment refers to investment made by foreign companies to establish wholly owned subsidiaries in another country or purchase shares of existing companies to manage them. It provides capital, technology, expertise and new markets for host countries, but can also negatively impact local industries and increase foreign dependence. For home countries, it leads to foreign exchange inflows but can also reduce exports and employment if production shifts abroad.
Mint Parity Theory - History, Definition, Advantages and Disadvantages
The mint parity theory explains how exchange rates between countries on the gold standard were determined. Under this system, currencies were defined by and convertible to a fixed quantity of gold. The exchange rate between two currencies adhering to the gold standard was based on the parity of the mint price of gold in the two countries. This ensured stability in exchange rates as long as countries maintained their commitment to gold convertibility at a fixed price. However, the gold standard broke down in the early 20th century, rendering the mint parity theory obsolete.
HO THEORY MODERN THEORY OF INTERNATIONAL TRADE
The document summarizes the Heckscher-Ohlin (H-O) theory of international trade. The H-O theory states that countries will export goods that use their abundant and cheap factors of production intensively and import goods that use their scarce factors intensively. It assumes countries differ in their endowments of capital and labor. The theory shows that capital-abundant countries will export and produce capital-intensive goods, while labor-abundant countries will export and produce labor-intensive goods. The theory represents an improvement over previous theories in explaining the basis of trade between countries within a general equilibrium framework.
International trade theories
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This document discusses several theories of international trade. It begins by defining international trade as the exchange of capital, goods, and services across borders. It then explains that the main purposes of trade theories are to explain observed trade patterns, understand the effects of trade on domestic economies, and evaluate policy. The major theories discussed include absolute advantage, comparative advantage, product life cycle theory, and theories related to country size, factor proportions, and country similarity. Limitations and relationships between theories are also examined.
Hecksher Ohlin Theory
This document discusses the Heckscher-Ohlin theorem of international trade. It begins by listing the four main factors of production: land, labor, capital, and natural resources. It then outlines the eight key assumptions of the Heckscher-Ohlin theorem, including that countries have different relative abundances of factors that are fixed, technologies and tastes are the same between countries, and competition and no trade barriers exist. The document provides sample exercises comparing the capital and labor endowments of the US and PH to determine which goods and countries are respectively capital- and labor-abundant. It concludes with assignments on explaining graphs of perfect and monopoly competition.
Factor endowments and the heckscher ohlin theory (chapter 5)
This document presents a group presentation to Professor Ayesha Akhter of the Department of Finance at Jagannath University by Group 4. The presentation includes:
1. An introduction and list of group members and their student IDs.
2. An outline of Chapter 5 on the Heckscher-Ohlin theory of international trade, including assumptions, factor intensities, factor abundance, and the shape of production frontiers.
3. Summaries of sections on the Heckscher-Ohlin theory, factor price equalization, and illustrations of the models by various group members.
Unit -2 : lecture-2 (absolute advantage theory)
- The absolute advantage theory of international trade originated from Adam Smith's work, which argued that countries should specialize in producing goods they are relatively more efficient at and trade for goods from other countries.
- According to the theory, countries have an absolute advantage in producing goods for which they have lower opportunity costs compared to other countries. They should export goods they have an absolute advantage in and import goods other countries have an absolute advantage in.
- Through specialization and trade based on absolute advantages, global production is increased and all trading partners can gain. The theory assumes two countries, two goods, and mobility of labor but not between countries. It also does not consider transportation costs or variations in country size.
International Trade Theory : Absolute Advantage Theory
The trade theory that first indicated importance of specialization in production and division of labor is based on the idea of theory of absolute advantage which is developed first by Adam Smith in his famous book The Wealth of Nations published in 1776.
Smith argued that it was impossible for all nations to become rich simultaneously by following mercantilism because the export of one nation is another nation’s import and instead stated that all nations would gain simultaneously if they practiced free trade and specialized in accordance with their absolute advantage. Smith also stated that the wealth of nations depends upon the goods and services available to their citizens, rather than their gold reserves. While there are possible gains from trade with absolute advantage, the gains may not be mutually beneficial. Comparative advantage focuses on the range of possible mutually beneficial exchanges.
Adam Smith argued that a country has an absolute advantage in the production of a product when it is more efficient than any other country producing it.
Countries should specialize in the production of goods for which they have an absolute advantage and then trade these goods for the goods produced by other countries
In economics, principle of absolute advantage refers to the ability of a party (an individual, or firm, or country) to produce more of a good or service than competitors, using the same amount of resources.
Classical Theory of International Trade
Classical Theory of International TradeWe Learn - A Continuous Learning Forum from Welingkar's Distance Learning Program.
In this presentation, we will discuss about how or what conditions trigger international trade, which are further elaborated through various theories of international trade.
To know more about Welingkar School’s Distance Learning Program and courses offered, visit: http://www.welingkaronline.org/distance-learning/online-mba.html
Trade theories in International Business
This document summarizes several international trade theories:
1. Mercantilism held that a country's wealth came from gold holdings and maintaining a trade surplus. It advocated limiting imports and subsidizing exports.
2. Absolute advantage theory proposed that countries gain from specializing in what they produce most efficiently, even if other countries are more efficient.
3. Comparative advantage theory argued that global efficiency increases if countries specialize in what they can produce relatively more efficiently than other goods.
4. Heckscher-Ohlin theory claims that comparative advantage arises from differences in countries' endowments of factors like land, labor, and capital. It suggests countries will export goods that intensively use their abundant factors.
Comparative advantage
The document discusses comparative advantage and how countries can benefit from international trade. It explains that countries should specialize in producing goods where they have a comparative rather than absolute advantage. This is determined by comparing productivity ratios across sectors. The example shows Portugal has a comparative advantage in wine and England in clothes. Specializing allows each country to produce more of its strong good and trade, benefiting both countries through increased production possibilities and saving labor.
Stages of internationalization
The document outlines 5 stages of internationalization:
1. Domestic operations focus solely within the home country.
2. Export operations expand the market internationally but production remains domestic.
3. Subsidiaries or joint ventures physically move some operations abroad through cost and profit sharing partnerships.
4. Multinational operations establish assembly facilities across several world regions with some decentralized decision making.
5. Transnational operations achieve both global efficiency and local responsiveness using worldwide markets and resources.
Unit- 2: Lecture-4 (Factor Endowment Theory)
This document provides an overview of the factor endowment theory of international trade, also known as the Heckscher-Ohlin theory. It describes the origin of the theory with economists Bertil Ohlin and Eli Heckscher. The Heckscher-Ohlin theorem predicts that countries will export goods that intensively use their relatively abundant factors of production and import goods that intensively use their relatively scarce factors. The document outlines 11 assumptions of the theory and provides an explanation of factor intensity, factor abundance, and how this impacts production possibilities frontiers in countries.
Modern Theory of International Trade
The document discusses the Heckscher-Ohlin theory of international trade, which explains that differences in factor endowments between countries leads to comparative advantage and trade. Specifically, countries will export goods that intensively use their relatively abundant and cheaper factors of production, and import goods that intensively use their scarce and expensive factors. This theory analyzes trade patterns based on differences in capital-labor ratios and resulting factor prices between capital-abundant and labor-abundant nations.
Joint product and by product costing
This chapter describes methods for allocating joint costs between joint products. Joint products are two or more products produced from the same raw materials, like petrol and diesel from crude oil. By-products have lower value. Methods for allocating joint costs include sale value at split-off point, reverse cost method, net realizable value method, physical unit method, and contribution margin method. The net realizable value method is often most suitable.
Free trade vs protection
This document discusses the arguments for and against free trade versus protectionism. It begins by providing context from classical economists who argued for free trade, and the rise of protectionism post-World War II. It then outlines the key arguments for free trade, including specialization, increased prosperity, and competitive pressures. Arguments against free trade include the potential harm to developing economies and domestic industries. The document also discusses the economic and non-economic arguments in favor of protectionism, such as for infant industries, employment, and national defense. Finally, it notes some arguments against protectionism like increased prices and reduced innovation.
Excahange rate determination
This document discusses foreign exchange and exchange rates. It defines foreign exchange as currencies other than a country's domestic currency used in international trade. Exchange rates are the prices of currencies expressed in terms of other currencies and can fluctuate based on supply and demand. The document outlines factors that influence exchange rates and why foreign exchange is needed for international trade. It also defines and compares different exchange rate systems and discusses how exchange rates are determined in currency markets through the interaction of demand and supply of foreign currencies.
Tariff and non tariff barriers
Tariffs are taxes imposed on imported goods, while non-tariff barriers are other restrictions that make importing goods difficult. [Tariffs are used to restrict imports and protect domestic industries, while common non-tariff barriers include quotas, product standards, labeling requirements, and packaging rules.] The document outlines different types of tariffs such as specific duties based on weight or volume, ad valorem duties as a percentage of value, and countervailing duties. It also discusses non-tariff barriers such as quota systems, domestic content rules, and other regulations.
Meeting 5 - Leontief Paradox (International Economics)
Leontief attempted to empirically test the Heckscher-Ohlin theory that predicted countries would export goods intensive in their abundant factors and import goods intensive in their scarce factors. However, his analysis found the opposite - that the US exported labor-intensive goods despite being capital abundant. This contradiction became known as Leontief's paradox. Explanations for the paradox included differences in labor productivity between countries and the oversimplification of excluding natural resources. Later studies by others found similar paradoxical results for other countries like Japan. The paradox led some economists to dismiss the Heckscher-Ohlin theory in favor of models based on technological differences.
Theory of Comparative Advantage
The theory of comparative advantage, first developed by English economist David Ricardo in 1817, is a theory about the potential gains from trade for companies, countries or people that arise on account of differences in factor endowments or technological progress.
Theories of international trade
This document outlines several theories of international trade, including classical and modern theories. It discusses classical theories such as mercantilism, absolute advantage, comparative advantage, and the Hecksher-Ohlin theory. Modern theories covered include the country similarity theory, product life cycle theory, global strategy rivalry theory, and Porter's theory of competitive advantage of nations. The document provides details on the key aspects and implications of each theory.
Balance Of Payment
This document provides information about a seminar presentation on the balance of payments. It defines the balance of payments as a systematic record of all economic transactions between residents of a country and the rest of the world. It discusses the key components of the balance of payments including the current account, capital account, and official reserve account. It also covers topics such as balance of payments equilibrium and disequilibrium, and causes of imbalance.
International TradeTheories
The document discusses several international trade theories:
1) Heckscher-Ohlin theory which states that countries export goods that use their abundant factors intensively.
2) Product life cycle theory which argues production location moves from innovating to other countries as a product matures.
3) It provides examples of how different countries' factor endowments impact their exports, such as the US exporting capital intensive goods due to abundant capital.
Comparison among trade theories
This document discusses and compares theories of comparative advantage and the Heckscher-Ohlin theory of international trade. The comparative advantage theory states that countries benefit from specializing in goods they can produce relatively more efficiently. The Heckscher-Ohlin theory extends this by attributing comparative advantage to differences in factor endowments like capital, labor, and land between countries. It predicts that countries will export goods intensive in their abundant factors and import goods intensive in their scarce factors. While comparative advantage focuses on opportunity costs, Heckscher-Ohlin explains specialization through differences in national resources.
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HO THEORY MODERN THEORY OF INTERNATIONAL TRADE
The document summarizes the Heckscher-Ohlin (H-O) theory of international trade. The H-O theory states that countries will export goods that use their abundant and cheap factors of production intensively and import goods that use their scarce factors intensively. It assumes countries differ in their endowments of capital and labor. The theory shows that capital-abundant countries will export and produce capital-intensive goods, while labor-abundant countries will export and produce labor-intensive goods. The theory represents an improvement over previous theories in explaining the basis of trade between countries within a general equilibrium framework.
International trade theories
International Trade Theories
This document discusses several theories of international trade. It begins by defining international trade as the exchange of capital, goods, and services across borders. It then explains that the main purposes of trade theories are to explain observed trade patterns, understand the effects of trade on domestic economies, and evaluate policy. The major theories discussed include absolute advantage, comparative advantage, product life cycle theory, and theories related to country size, factor proportions, and country similarity. Limitations and relationships between theories are also examined.
Hecksher Ohlin Theory
This document discusses the Heckscher-Ohlin theorem of international trade. It begins by listing the four main factors of production: land, labor, capital, and natural resources. It then outlines the eight key assumptions of the Heckscher-Ohlin theorem, including that countries have different relative abundances of factors that are fixed, technologies and tastes are the same between countries, and competition and no trade barriers exist. The document provides sample exercises comparing the capital and labor endowments of the US and PH to determine which goods and countries are respectively capital- and labor-abundant. It concludes with assignments on explaining graphs of perfect and monopoly competition.
Factor endowments and the heckscher ohlin theory (chapter 5)
This document presents a group presentation to Professor Ayesha Akhter of the Department of Finance at Jagannath University by Group 4. The presentation includes:
1. An introduction and list of group members and their student IDs.
2. An outline of Chapter 5 on the Heckscher-Ohlin theory of international trade, including assumptions, factor intensities, factor abundance, and the shape of production frontiers.
3. Summaries of sections on the Heckscher-Ohlin theory, factor price equalization, and illustrations of the models by various group members.
Unit -2 : lecture-2 (absolute advantage theory)
- The absolute advantage theory of international trade originated from Adam Smith's work, which argued that countries should specialize in producing goods they are relatively more efficient at and trade for goods from other countries.
- According to the theory, countries have an absolute advantage in producing goods for which they have lower opportunity costs compared to other countries. They should export goods they have an absolute advantage in and import goods other countries have an absolute advantage in.
- Through specialization and trade based on absolute advantages, global production is increased and all trading partners can gain. The theory assumes two countries, two goods, and mobility of labor but not between countries. It also does not consider transportation costs or variations in country size.
International Trade Theory : Absolute Advantage Theory
The trade theory that first indicated importance of specialization in production and division of labor is based on the idea of theory of absolute advantage which is developed first by Adam Smith in his famous book The Wealth of Nations published in 1776.
Smith argued that it was impossible for all nations to become rich simultaneously by following mercantilism because the export of one nation is another nation’s import and instead stated that all nations would gain simultaneously if they practiced free trade and specialized in accordance with their absolute advantage. Smith also stated that the wealth of nations depends upon the goods and services available to their citizens, rather than their gold reserves. While there are possible gains from trade with absolute advantage, the gains may not be mutually beneficial. Comparative advantage focuses on the range of possible mutually beneficial exchanges.
Adam Smith argued that a country has an absolute advantage in the production of a product when it is more efficient than any other country producing it.
Countries should specialize in the production of goods for which they have an absolute advantage and then trade these goods for the goods produced by other countries
In economics, principle of absolute advantage refers to the ability of a party (an individual, or firm, or country) to produce more of a good or service than competitors, using the same amount of resources.
Classical Theory of International Trade
Classical Theory of International TradeWe Learn - A Continuous Learning Forum from Welingkar's Distance Learning Program.
In this presentation, we will discuss about how or what conditions trigger international trade, which are further elaborated through various theories of international trade.
To know more about Welingkar School’s Distance Learning Program and courses offered, visit: http://www.welingkaronline.org/distance-learning/online-mba.html
Trade theories in International Business
This document summarizes several international trade theories:
1. Mercantilism held that a country's wealth came from gold holdings and maintaining a trade surplus. It advocated limiting imports and subsidizing exports.
2. Absolute advantage theory proposed that countries gain from specializing in what they produce most efficiently, even if other countries are more efficient.
3. Comparative advantage theory argued that global efficiency increases if countries specialize in what they can produce relatively more efficiently than other goods.
4. Heckscher-Ohlin theory claims that comparative advantage arises from differences in countries' endowments of factors like land, labor, and capital. It suggests countries will export goods that intensively use their abundant factors.
Comparative advantage
The document discusses comparative advantage and how countries can benefit from international trade. It explains that countries should specialize in producing goods where they have a comparative rather than absolute advantage. This is determined by comparing productivity ratios across sectors. The example shows Portugal has a comparative advantage in wine and England in clothes. Specializing allows each country to produce more of its strong good and trade, benefiting both countries through increased production possibilities and saving labor.
Stages of internationalization
The document outlines 5 stages of internationalization:
1. Domestic operations focus solely within the home country.
2. Export operations expand the market internationally but production remains domestic.
3. Subsidiaries or joint ventures physically move some operations abroad through cost and profit sharing partnerships.
4. Multinational operations establish assembly facilities across several world regions with some decentralized decision making.
5. Transnational operations achieve both global efficiency and local responsiveness using worldwide markets and resources.
Unit- 2: Lecture-4 (Factor Endowment Theory)
This document provides an overview of the factor endowment theory of international trade, also known as the Heckscher-Ohlin theory. It describes the origin of the theory with economists Bertil Ohlin and Eli Heckscher. The Heckscher-Ohlin theorem predicts that countries will export goods that intensively use their relatively abundant factors of production and import goods that intensively use their relatively scarce factors. The document outlines 11 assumptions of the theory and provides an explanation of factor intensity, factor abundance, and how this impacts production possibilities frontiers in countries.
Modern Theory of International Trade
The document discusses the Heckscher-Ohlin theory of international trade, which explains that differences in factor endowments between countries leads to comparative advantage and trade. Specifically, countries will export goods that intensively use their relatively abundant and cheaper factors of production, and import goods that intensively use their scarce and expensive factors. This theory analyzes trade patterns based on differences in capital-labor ratios and resulting factor prices between capital-abundant and labor-abundant nations.
Joint product and by product costing
This chapter describes methods for allocating joint costs between joint products. Joint products are two or more products produced from the same raw materials, like petrol and diesel from crude oil. By-products have lower value. Methods for allocating joint costs include sale value at split-off point, reverse cost method, net realizable value method, physical unit method, and contribution margin method. The net realizable value method is often most suitable.
Free trade vs protection
This document discusses the arguments for and against free trade versus protectionism. It begins by providing context from classical economists who argued for free trade, and the rise of protectionism post-World War II. It then outlines the key arguments for free trade, including specialization, increased prosperity, and competitive pressures. Arguments against free trade include the potential harm to developing economies and domestic industries. The document also discusses the economic and non-economic arguments in favor of protectionism, such as for infant industries, employment, and national defense. Finally, it notes some arguments against protectionism like increased prices and reduced innovation.
Excahange rate determination
This document discusses foreign exchange and exchange rates. It defines foreign exchange as currencies other than a country's domestic currency used in international trade. Exchange rates are the prices of currencies expressed in terms of other currencies and can fluctuate based on supply and demand. The document outlines factors that influence exchange rates and why foreign exchange is needed for international trade. It also defines and compares different exchange rate systems and discusses how exchange rates are determined in currency markets through the interaction of demand and supply of foreign currencies.
Tariff and non tariff barriers
Tariffs are taxes imposed on imported goods, while non-tariff barriers are other restrictions that make importing goods difficult. [Tariffs are used to restrict imports and protect domestic industries, while common non-tariff barriers include quotas, product standards, labeling requirements, and packaging rules.] The document outlines different types of tariffs such as specific duties based on weight or volume, ad valorem duties as a percentage of value, and countervailing duties. It also discusses non-tariff barriers such as quota systems, domestic content rules, and other regulations.
Meeting 5 - Leontief Paradox (International Economics)
Leontief attempted to empirically test the Heckscher-Ohlin theory that predicted countries would export goods intensive in their abundant factors and import goods intensive in their scarce factors. However, his analysis found the opposite - that the US exported labor-intensive goods despite being capital abundant. This contradiction became known as Leontief's paradox. Explanations for the paradox included differences in labor productivity between countries and the oversimplification of excluding natural resources. Later studies by others found similar paradoxical results for other countries like Japan. The paradox led some economists to dismiss the Heckscher-Ohlin theory in favor of models based on technological differences.
Theory of Comparative Advantage
The theory of comparative advantage, first developed by English economist David Ricardo in 1817, is a theory about the potential gains from trade for companies, countries or people that arise on account of differences in factor endowments or technological progress.
Theories of international trade
This document outlines several theories of international trade, including classical and modern theories. It discusses classical theories such as mercantilism, absolute advantage, comparative advantage, and the Hecksher-Ohlin theory. Modern theories covered include the country similarity theory, product life cycle theory, global strategy rivalry theory, and Porter's theory of competitive advantage of nations. The document provides details on the key aspects and implications of each theory.
Balance Of Payment
This document provides information about a seminar presentation on the balance of payments. It defines the balance of payments as a systematic record of all economic transactions between residents of a country and the rest of the world. It discusses the key components of the balance of payments including the current account, capital account, and official reserve account. It also covers topics such as balance of payments equilibrium and disequilibrium, and causes of imbalance.
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Similar to Hecksher Ohlin Theory of Factor Proportions
International TradeTheories
The document discusses several international trade theories:
1) Heckscher-Ohlin theory which states that countries export goods that use their abundant factors intensively.
2) Product life cycle theory which argues production location moves from innovating to other countries as a product matures.
3) It provides examples of how different countries' factor endowments impact their exports, such as the US exporting capital intensive goods due to abundant capital.
Comparison among trade theories
This document discusses and compares theories of comparative advantage and the Heckscher-Ohlin theory of international trade. The comparative advantage theory states that countries benefit from specializing in goods they can produce relatively more efficiently. The Heckscher-Ohlin theory extends this by attributing comparative advantage to differences in factor endowments like capital, labor, and land between countries. It predicts that countries will export goods intensive in their abundant factors and import goods intensive in their scarce factors. While comparative advantage focuses on opportunity costs, Heckscher-Ohlin explains specialization through differences in national resources.
Post Heckscher Ohlin Theories
Thought the H-O theory did not supplant the comparative cost theory, but supported it by providing explanation for the relative commodity price differences between the countries and their respective comparative advantages. The Heckscher-Ohlin theory focuses on the differences in the relative abundance of factors of production in various nations as the most important determinant of the difference in relative commodity prices and comparative advantage. However Leontief in his empirical examination found opposite of what the H-O model predicted, given the high level of U.S. wages and the relatively high amount of capital per worker in the United States. Leontief’s discovery was termed the Leontief Paradox.
However this did not disprove H-O theory, instead we have various explanations on such paradoxical situation. The Post H-O theory mainly looked in this aspect.
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The document summarizes the Heckscher-Ohlin theory of international trade. The theory was developed by Swedish economists Eli Heckscher and Bertil Ohlin and proposes that countries will export goods that make intensive use of their abundant and cheap production factors, and import goods that make intensive use of their scarce and expensive factors. For example, a labor-abundant country will export labor-intensive goods and import capital-intensive goods. The theory is based on assumptions including two countries, two goods, two factors of production, identical technologies, and the absence of trade barriers. It predicts that capital-abundant countries will specialize in and export capital-intensive goods, while labor-abundant countries will specialize
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The chapter discusses the Heckscher-Ohlin model of international trade. The model assumes two countries that produce two goods using two factors of production, labor and land. It predicts that a country will export the good that uses its abundant factor intensively and import the good that uses its scarce factor intensively. The model shows that trade leads to equalization of factor prices between countries and benefits owners of a country's abundant factor but harms owners of its scarce factor. Empirical tests find mixed support for the model and technological differences are also important in determining trade patterns.
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This document discusses the Heckscher-Ohlin model of international trade. The model predicts that countries will export goods that intensively use their abundant and cheap factors of production. It suggests trade will equalize factor prices between countries. Changes in trade patterns can impact income distribution by benefiting owners of a country's abundant factors and hurting owners of scarce factors. Empirical evidence generally finds countries' export patterns match their relative factor endowments as the model predicts.
MODULE 5 - INTERNATIONAL TRADE THEORY.pdf
This document provides an overview of various international trade theories, including:
1. Mercantilism, which argued that a nation's wealth depended on accumulating gold/silver by maintaining a trade surplus through tariffs and subsidies.
2. Absolute advantage, referring to being able to produce a good at lower cost. Countries export goods they have an absolute advantage in.
3. Heckscher-Ohlin theory, which states countries export goods that utilize their relatively abundant factors of production, like labor-intensive goods for labor-abundant countries.
4. Comparative advantage allows for gains from trade even if one country is more efficient, by specializing in what it can produce at a lower opportunity
Aqui
This document summarizes several theories of international trade, including:
- The Heckscher-Ohlin theorem that trade is based on comparative advantage from differences in factor endowments.
- The Leontief paradox that challenged this by finding the US exported labor-intensive goods.
- The Stolper-Samuelson theorem about how trade impacts factor prices.
- Linders theory of overlapping demand explaining intra-industry trade between similar countries.
L.n international trade
The document summarizes several theories of international trade:
1) Mercantilism focused on accumulating gold through trade surpluses. Countries aimed to export more than import through tariffs and subsidies.
2) Absolute advantage theory says countries should specialize in goods they produce most efficiently. If each country focuses on its absolute advantage, global production increases.
3) Comparative advantage theory expanded on this, showing even without an absolute advantage, specializing in your comparative advantage - where you have the lowest opportunity cost - benefits all trading partners.
4) The Heckscher-Ohlin model predicts trade patterns based on whether a country is abundant in labor or capital. Labor-abundant countries export labor
Theory of absolute advantage.1
This document summarizes several theories of international business and trade. It discusses theories including absolute advantage, comparative advantage, factor proportions theory, product life cycle theory, and theories related to country size, similarity, and dependence. The theories aim to explain patterns of specialization and trade between countries based on factors such as resources, costs, demand, and political/cultural relationships.
international trade theories
International trade theories provide explanations for why nations trade and patterns of trade. Theories show that even if a country can produce goods domestically, all countries can benefit from trade by specializing in goods where they have a comparative advantage. While absolute advantage looks at productivity differences, comparative advantage considers opportunity costs and shows that two countries can both gain from trade. The Heckscher-Ohlin model specifically predicts that countries will export goods intensive in their abundant factors of production and import goods intensive in their scarce factors. However, empirical tests by Leontief found paradoxical results when applying this model to US trade patterns.
Theories of international trade
The document summarizes several theories of international trade:
Mercantilism aimed to accumulate wealth by maximizing exports and limiting imports. Absolute cost advantage theory stated that countries should specialize in what they can produce at lower cost. Comparative cost advantage incorporated opportunity costs and argued for specializing based on relative productivity. Factor endowment theory predicts that countries will export goods intensive in their abundant, cheap factors and import goods intensive in scarce, expensive factors. Porter's competitive advantage diamond model explains how factor conditions, demand conditions, related/supporting industries, and firm strategy/rivalry can lead to competitive success in international trade.
Heckscher ohlin theory
The document summarizes the Heckscher-Ohlin theory of factor endowments. It was developed by Eli Heckscher and Bertil Ohlin to explain international trade patterns based on differences in factor endowments between countries. The theory assumes two countries, two goods, and two factors of production (capital and labor). It predicts that a capital-abundant country will export capital-intensive goods, while a labor-abundant country will export labor-intensive goods. The document outlines the assumptions and criteria used to determine whether a country is relatively capital or labor abundant.
11. theories of international trade
This document discusses different theories of international trade. It begins by defining domestic and international trade, noting they both involve the exchange of goods and services between buyers and sellers. It then explains David Ricardo's comparative cost advantage theory, which states that countries will export products where they have a lower relative production cost and import goods with a higher relative cost. The document also outlines the Heckscher-Ohlin theory of international trade, which argues that differences in a country's abundant factors of production (e.g. capital vs. labor) lead to differences in production costs and drive trade patterns. Both theories posit that international trade allows for increased specialization and production.
International business
- Mercantilism was an economic theory dominant in Europe from the 16th to 18th centuries that promoted governmental regulation of the economy to increase state power and accumulate monetary reserves through positive trade balances. It led to war and colonial expansion.
- Adam Smith criticized mercantilism and argued that free trade allowing specialization according to absolute advantage would benefit all nations through increased global production. Absolute advantage refers to the ability to produce a good using fewer resources.
- Comparative advantage built on this and holds that nations should specialize and trade based on lower opportunity costs rather than absolute efficiency differences. Ricardo showed how this allows all parties to gain through trade even if one nation has an absolute advantage in all goods.
Innovation Class 6
The document discusses several theories of international trade, including classical and new trade theories. Classical theories include mercantilism and theories of absolute advantage and comparative advantage. Comparative advantage suggests that countries should specialize in goods they can produce relatively more efficiently. New trade theories examine increasing returns to scale, first-mover advantages, and government policies that can influence national competitive advantage.
international trade theory unit 2 classical theory.pptx
hi
everyone
topic international trade theory
Introduction
International trade theory is a branch of economics that studies the exchange of goods and services between countries. It examines the patterns, benefits, and consequences of international trade, as well as the policies that govern it. The theory provides a framework for understanding the complex cvmxcrelationships between countries, firms, and individuals involvcxxced in international trade.
Classical Theories
The classical theories of international trade were developed in the 18th and 19th centuries by economists such as Adam Smith and David Ricardo. These theories emphasize the benefits of free trade and the gains from specialization.
Absolute Advantage Theory: Adam Smith's theory states that countries should specialize in producing goods for which they have an absolute advantage, or the ability to produce at a lower cost than other countries.
Comparative Advantage Theory: David Ricardo's theory states that countries should specialize in producing goods for which they have a comparative advantage, or the ability to produce at a lower opportunity cost than other countries.
Modern Theories
Modern theories of international trade were developed in the 20th century and provide a more nuanced understanding of international trade.
Heckscher-Ohlin Theory: This theory states that countries will export goods that use their abundant factors of production and import goods that use their scarce factors.
New Trade Theory: This theory emphasizes the role of increasing returns to scale, product differentiation, and imperfect competition in international trade.
Gravity Model: This theory states that trade between two countries is inversely proportional to the distance between them and directly proportional to their economic sizes.
Gains from Trade
International trade theory identifies several gains from trade, including:
Increased Efficiency: Trade allows countries to specialize in producing goods and services in which they have a comparative advantage, leading to increased efficiency.
Increased Variety: Trade provides consumers with a wider range of goods and services than would be available in a closed economy.
Lower Prices: Trade leads to increased competition, which can drive down prices and improve consumer welfare.
Economic Growth: Trade can stimulate economic growth by increasing investment, innovation, and productivity.
Trade Barriers and Policies
International trade theory also examines the impact of trade barriers and policies on international trade. Trade barriers, such as tariffs and quotas, can reduce the gains from trade and lead to trade wars. Trade policies, such as free trade agreements and trade liberalization, can promote trade and economic growth.
In conclusion, international trade theory provides a framework for understanding the complex relationships between countries, firms, and individuals involved in international trade. It identifies the gains from trade and exam
1. IB UNIT 2 - INT TRADE THEORY.pptx
This presentation covers the fundamental concepts and models related to the study of international trade. It includes discussions on comparative advantage, international trade models, and trade policies. The aim is to provide a basic understanding of the theories of the international trade.
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Modern theory of factor endowment heckscher ohilin theory
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Hecksher Ohlin Theory of Factor Proportions
- 2. The Heckscher-Ohlin theory According to this theory, one condition for trade is that countries differ with respect to the availability of the factors of production.
- 3. The Heckscher-Ohlin theory focuses on the two most important factors of production: labor and capital.
- 4. Understanding The Concept of Factor Abundance In the 2x2x2 model or two countries, two commodities & two factor model, implies that the capital rich country will export capital intensive commodity and the labor rich country will export labor intensive commodity
- 5. Differences in factor endowments not on differences in productivity determine patterns of trade. Products differ according to the types of factors that they need as inputs. A country has a comparative advantage in producing products that intensively use factors of production (resources) it has in abundance. Factors of production: labor, capital, land, human resources, technology
- 6. Price Criterion for defining Factor Abundance A country where capital is relatively cheaper and labor is relatively costly is said to be capital rich country. Whereas a country where labor is relatively cheaper and capital is relatively costly is said to be labor rich country.
- 7. Example #1: US and England have relatively more abundant capital yet imports goods more capital intensive than those it exports. US has special advantage on producing new products made with innovative technologies. Whereas in India and Egypt, labour is cheaper, and produce wheat with labor intensive techniques.
- 8. Example #2 Steel production generally involves large amounts of expensive machines and equipment spread over perhaps hundreds of acres of land, but also uses relatively few workers. In the tomato industry, in contrast, harvesting requires hundreds of migrant workers to hand-pick and collect each fruit from the vine. The amount of machinery used in this process is relatively small.
- 9. Thus, if the two goods that a country can produce are steel and clothing, and if steel production uses more capital per unit of labor than is used in clothing production, then we would say the steel production is capital- intensive relative to clothing production. Also, if steel production is capital intensive, then it implies that clothing production must be labor-intensive relative to steel.