Leonteif paradox presentation
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Wassily Leontief discovered what became known as the "Leontief Paradox" while testing the Hecksher-Ohlin theory empirically in 1954. The paradox was that the United States, the most capital abundant country, exported labor-intensive goods and imported capital-intensive goods, contrary to the Hecksher-Ohlin theory's prediction. Later studies by Robert Baldwin and others continued investigating this paradox by examining trade patterns between countries.
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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.
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.
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.
Meeting 8 - Keynesian model of unemployment (Macroeconomics)
The document discusses key concepts of the Keynesian model of unemployment including:
- Keynes rejected the idea of full employment and wage flexibility, instead arguing wages are rigid which can cause involuntary unemployment.
- Equilibrium in the labor market occurs at less than full employment when the demand for labor intersects the horizontal portion of the rigid wage supply curve.
- Keynes argued that government intervention through fiscal and monetary policies can help remedy unemployment by increasing aggregate demand.
- New Keynesian and neo-Keynesian models build on Keynes' ideas incorporating rational expectations and imperfect competition to explain why prices and wages adjust slowly.
Leontief Paradox.pptx
Wassily Leontief was an economist who won the Nobel Prize for his research on input-output analysis. He is known for discovering the Leontief Paradox, in which his empirical tests of trade theory in 1947 and 1951 found that the US exported more labor-intensive goods and imported more capital-intensive goods, contrary to what economic theory predicted for the highly capital-abundant US economy at the time. Leontief's findings challenged mainstream trade theories and sparked debate around alternative explanations.
Stolper samuelson theorem
It is very helpful for Economics students and as well as all knowledge seekers.- #INTERNATIONAL TRADE - #Developments in Trade Theories
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.
Ie 03 (1)
The document summarizes theories of international trade, including the Heckscher-Ohlin theory and its assumptions. The Heckscher-Ohlin theory states that differences in factor endowments between countries determine comparative advantage and trade patterns. It includes the Heckscher-Ohlin theorem and factor price equalization theorem. Empirical tests by Leontief found results contrary to predictions, known as the Leontief paradox. The document also discusses economies of scale, intra-industry trade, technology gaps, and product cycle models as additional determinants of trade patterns.
Recommended
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.
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.
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.
Meeting 8 - Keynesian model of unemployment (Macroeconomics)
The document discusses key concepts of the Keynesian model of unemployment including:
- Keynes rejected the idea of full employment and wage flexibility, instead arguing wages are rigid which can cause involuntary unemployment.
- Equilibrium in the labor market occurs at less than full employment when the demand for labor intersects the horizontal portion of the rigid wage supply curve.
- Keynes argued that government intervention through fiscal and monetary policies can help remedy unemployment by increasing aggregate demand.
- New Keynesian and neo-Keynesian models build on Keynes' ideas incorporating rational expectations and imperfect competition to explain why prices and wages adjust slowly.
Leontief Paradox.pptx
Wassily Leontief was an economist who won the Nobel Prize for his research on input-output analysis. He is known for discovering the Leontief Paradox, in which his empirical tests of trade theory in 1947 and 1951 found that the US exported more labor-intensive goods and imported more capital-intensive goods, contrary to what economic theory predicted for the highly capital-abundant US economy at the time. Leontief's findings challenged mainstream trade theories and sparked debate around alternative explanations.
Stolper samuelson theorem
It is very helpful for Economics students and as well as all knowledge seekers.- #INTERNATIONAL TRADE - #Developments in Trade Theories
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.
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The document summarizes theories of international trade, including the Heckscher-Ohlin theory and its assumptions. The Heckscher-Ohlin theory states that differences in factor endowments between countries determine comparative advantage and trade patterns. It includes the Heckscher-Ohlin theorem and factor price equalization theorem. Empirical tests by Leontief found results contrary to predictions, known as the Leontief paradox. The document also discusses economies of scale, intra-industry trade, technology gaps, and product cycle models as additional determinants of trade patterns.
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.
Baumol's model of demand for money
The Baumol model describes money demand as a tradeoff between liquidity and interest rate returns. It assumes consumers can keep income as cash or in savings accounts. Cash earns no interest while savings accounts pay interest i, the opportunity cost of holding cash. Consumers minimize costs by choosing the optimal number of trips N to the bank to withdraw cash. Their average money holdings is Y/2N. The Baumol-Tobin money demand function shows real money demand depends positively on income and withdrawal costs, and negatively on the interest rate.
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.
Offer curve
This document discusses offer curves and how they can be used to analyze international trade. It contains the following key points:
1) An offer curve graphically represents the quantities of one good a country is willing to export in exchange for imports of another good at different price ratios, or terms of trade.
2) The derivation of a country's offer curve involves plotting its domestic cost line and determining the export-import combinations it can trade at different terms of trade.
3) The intersection of two countries' offer curves determines the terms of trade and trade quantities that will result from free trade between them. Shifts in the curves can also change the trade outcomes.
4) Gains from trade exist when
The linder hypothesis- Li Wenwen
This document outlines the Linder Hypothesis, an alternative theory to the Heckscher-Ohlin (H-O) model of international trade. The Linder Hypothesis, proposed by Swedish economist Staffan Linder, argues that differences in domestic demand, rather than factor endowments, are the major drivers of trade in manufactured goods. Specifically, it asserts that countries will first produce goods for their domestic markets and then export surpluses to other countries with similar demand patterns and per capita incomes. The hypothesis concludes that while specific export predictions are difficult, international patterns of income and demand largely determine trade volumes in manufactured products between countries.
Absolute advantage theory
This document discusses the theory of comparative advantage. It provides background on the theory, which was first described by Robert Torrens in 1815 and later formalized by David Ricardo. Ricardo used a numerical example to show that even if one country has an absolute advantage in all goods, both countries can still benefit from trade based on their comparative advantages. The document also outlines Ricardo's assumptions, provides his numerical example comparing Kenya and Ethiopia, and discusses limitations of the theory.
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New Keynesian economics evolved in response to new classical critiques of Keynesian macroeconomics. It incorporates Keynesian ideas like sticky prices and wages to explain short-run economic fluctuations. A key difference from new classical economics is the assumption that prices and wages adjust slowly rather than quickly clearing markets. This allows for involuntary unemployment and a role for monetary policy. A new synthesis has emerged merging tools from both new classical and new Keynesian models.
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.
Cost Comparative Theory
The document summarizes David Ricardo's theory of comparative advantage. It explains that according to Ricardo, countries can benefit from trade even if they do not have an absolute advantage in producing goods, as long as they have a comparative advantage in at least one good. This is illustrated using data showing that while England has higher absolute costs of production than Portugal for both wine and cloth, it has a lower relative production cost for cloth, giving it a comparative advantage. International trade allows both countries to specialize in the goods they have a comparative advantage in, increasing total world output.
Dualgap analysis
This document discusses the dual gap analysis model for analyzing savings-investment gaps and foreign exchange gaps that constrain economic growth in developing countries. It explains that if a country's targeted growth rate requires higher investment than can be supported by domestic savings, there will be an ex-ante savings gap that can be filled by foreign aid inflows. Similarly, if the foreign exchange required for imports to support the targeted growth rate exceeds potential foreign exchange earnings, there will be an ex-ante foreign exchange gap that can also be filled by foreign aid. The dual gap analysis is useful for developing countries to estimate capital requirements and calculate how much investment and savings can be generated domestically versus relying on foreign resources.
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The document summarizes several trade theories, including the Heckscher-Ohlin theory and product cycle model. The Heckscher-Ohlin theory posits that differences in factor endowments, like abundance of labor vs capital, determine comparative advantage and trade patterns. Empirical tests found some inconsistencies, like the Leontief paradox. Later theories incorporated increasing returns to scale, product differentiation, and technological developments over a product's life cycle to better explain trade patterns.
Theories of Business Cycles
R.G. Hawtrey viewed business cycles as purely monetary phenomena caused by fluctuations in bank credit and money supply. He argued that expansions are caused when banks lower interest rates and expand credit, stimulating borrowing by traders. This leads to increased production, income, spending and demand in a self-reinforcing cycle. Contractions occur when banks tighten credit due to depleted reserves, raising rates and curbing borrowing. This causes falling demand, income, production, prices and profits in a deflationary spiral. Hawtrey saw uncontrolled credit as the root cause of instability, and argued that controlling credit would regulate economic fluctuations.
Absolute Advantage Theory
The document summarizes David Ricardo's theory of comparative advantage from 1817. It explains that Ricardo formalized the idea that countries can benefit from trade even if one country is more productive in all areas. Ricardo used a numerical example to show that if countries specialize in their comparative advantage goods, where their productivity is relatively higher, then total production can increase. The theory assumes differences in productivity across countries and industries and argues countries should allocate resources to comparative advantage industries to maximize global output through specialization and trade.
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This document discusses the product exhaustion theorem, which states that when factors of production are paid their marginal products, their payments will exactly equal total product. It provides an overview of Euler's theorem, the assumptions of the theorem, and criticisms of the theory. Clark's product exhaustion theorem is also explained, which uses diagrams to show how total product is exhausted between payments to labor and capital under conditions of perfect competition.
Meeting 3 - Rybczynski theorem (International Economics)
The document discusses several economic concepts:
1) The Rybczynski theorem explains that if a country's supply of one factor increases, it will produce more of the good that intensively uses that factor and less of the other good.
2) Dutch disease refers to an economic phenomenon where resource discovery leads to decline of other sectors through currency appreciation and a shift in economic activity.
3) The resource curse or paradox of plenty suggests that countries with an abundance of natural resources tend to have less economic growth and worse development outcomes than countries with fewer natural resources, due to issues like overdependence on commodity exports and weak institutions.
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.
Classical theory of employment
The classical model of employment is based on the assumptions of full employment, laissez-faire, a self-adjusting economy, a barter system, and a closed economy. It is based on Say's law that supply creates its own demand. The model assumes wages and prices are flexible and will adjust to achieve full employment equilibrium in the labor market. If unemployment occurs due to a fall in demand, a general wage cut will increase demand for labor and eliminate unemployment, restoring full employment.
classical vs Keynesian theory.pptx
The classical doctrine—that the economy is always at or near the natural level of real GDP (full employment)—is based on two firmly held beliefs:
The assumption of the full employment of labour and other productive resources
Belief that prices, wages, and interest rates are flexible.
Keynesian Theory
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.
Meeting 4 - Stolper - Samuelson theorem (International Economics)
The document discusses the Stolper-Samuelson theorem, which states that a decrease in the price of a good will lead to a decrease in the return to the factor that is used intensively in the production of that good. It will conversely lead to an increase in the return to the other factor. The theorem is based on assumptions of perfect competition and factor mobility. It predicts that increased trade with developing countries likely contributed to rising wage inequality in skilled countries. While trade increases overall welfare, it benefits some factors more than others according to their intensity of use.
International Trade Theories
The document discusses several theories of international trade:
1. Mercantilism held that a nation's wealth depended on accumulating gold and silver through trade surpluses. It advocated subsidies for exports and tariffs/quotas on imports.
2. Adam Smith's absolute advantage theory argued that countries should specialize in goods they produce most efficiently and trade for other goods. Both countries can benefit through specialization and trade.
3. David Ricardo's comparative advantage theory extended this, showing that trade can benefit both sides even if one country is more efficient overall. Countries should import goods they have a comparative - not absolute - disadvantage in.
4. Later theories examined factors like differences in factor endowments
5 paradox leontief dan harberler
The document discusses Wassily Leontief's paradox theory and the theory of opportunity costs. It explains that Leontief's theory showed that US exports consisted of labor-intensive goods, contrary to the Heckscher-Ohlin theory. It also discusses production possibility curves with constant and increasing costs, and how international trade can increase gains by allowing consumption beyond the domestic production possibility curve.
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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.
Baumol's model of demand for money
The Baumol model describes money demand as a tradeoff between liquidity and interest rate returns. It assumes consumers can keep income as cash or in savings accounts. Cash earns no interest while savings accounts pay interest i, the opportunity cost of holding cash. Consumers minimize costs by choosing the optimal number of trips N to the bank to withdraw cash. Their average money holdings is Y/2N. The Baumol-Tobin money demand function shows real money demand depends positively on income and withdrawal costs, and negatively on the interest rate.
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.
Offer curve
This document discusses offer curves and how they can be used to analyze international trade. It contains the following key points:
1) An offer curve graphically represents the quantities of one good a country is willing to export in exchange for imports of another good at different price ratios, or terms of trade.
2) The derivation of a country's offer curve involves plotting its domestic cost line and determining the export-import combinations it can trade at different terms of trade.
3) The intersection of two countries' offer curves determines the terms of trade and trade quantities that will result from free trade between them. Shifts in the curves can also change the trade outcomes.
4) Gains from trade exist when
The linder hypothesis- Li Wenwen
This document outlines the Linder Hypothesis, an alternative theory to the Heckscher-Ohlin (H-O) model of international trade. The Linder Hypothesis, proposed by Swedish economist Staffan Linder, argues that differences in domestic demand, rather than factor endowments, are the major drivers of trade in manufactured goods. Specifically, it asserts that countries will first produce goods for their domestic markets and then export surpluses to other countries with similar demand patterns and per capita incomes. The hypothesis concludes that while specific export predictions are difficult, international patterns of income and demand largely determine trade volumes in manufactured products between countries.
Absolute advantage theory
This document discusses the theory of comparative advantage. It provides background on the theory, which was first described by Robert Torrens in 1815 and later formalized by David Ricardo. Ricardo used a numerical example to show that even if one country has an absolute advantage in all goods, both countries can still benefit from trade based on their comparative advantages. The document also outlines Ricardo's assumptions, provides his numerical example comparing Kenya and Ethiopia, and discusses limitations of the theory.
New keynesian economics
New Keynesian economics evolved in response to new classical critiques of Keynesian macroeconomics. It incorporates Keynesian ideas like sticky prices and wages to explain short-run economic fluctuations. A key difference from new classical economics is the assumption that prices and wages adjust slowly rather than quickly clearing markets. This allows for involuntary unemployment and a role for monetary policy. A new synthesis has emerged merging tools from both new classical and new Keynesian models.
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.
Cost Comparative Theory
The document summarizes David Ricardo's theory of comparative advantage. It explains that according to Ricardo, countries can benefit from trade even if they do not have an absolute advantage in producing goods, as long as they have a comparative advantage in at least one good. This is illustrated using data showing that while England has higher absolute costs of production than Portugal for both wine and cloth, it has a lower relative production cost for cloth, giving it a comparative advantage. International trade allows both countries to specialize in the goods they have a comparative advantage in, increasing total world output.
Dualgap analysis
This document discusses the dual gap analysis model for analyzing savings-investment gaps and foreign exchange gaps that constrain economic growth in developing countries. It explains that if a country's targeted growth rate requires higher investment than can be supported by domestic savings, there will be an ex-ante savings gap that can be filled by foreign aid inflows. Similarly, if the foreign exchange required for imports to support the targeted growth rate exceeds potential foreign exchange earnings, there will be an ex-ante foreign exchange gap that can also be filled by foreign aid. The dual gap analysis is useful for developing countries to estimate capital requirements and calculate how much investment and savings can be generated domestically versus relying on foreign resources.
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The document summarizes several trade theories, including the Heckscher-Ohlin theory and product cycle model. The Heckscher-Ohlin theory posits that differences in factor endowments, like abundance of labor vs capital, determine comparative advantage and trade patterns. Empirical tests found some inconsistencies, like the Leontief paradox. Later theories incorporated increasing returns to scale, product differentiation, and technological developments over a product's life cycle to better explain trade patterns.
Theories of Business Cycles
R.G. Hawtrey viewed business cycles as purely monetary phenomena caused by fluctuations in bank credit and money supply. He argued that expansions are caused when banks lower interest rates and expand credit, stimulating borrowing by traders. This leads to increased production, income, spending and demand in a self-reinforcing cycle. Contractions occur when banks tighten credit due to depleted reserves, raising rates and curbing borrowing. This causes falling demand, income, production, prices and profits in a deflationary spiral. Hawtrey saw uncontrolled credit as the root cause of instability, and argued that controlling credit would regulate economic fluctuations.
Absolute Advantage Theory
The document summarizes David Ricardo's theory of comparative advantage from 1817. It explains that Ricardo formalized the idea that countries can benefit from trade even if one country is more productive in all areas. Ricardo used a numerical example to show that if countries specialize in their comparative advantage goods, where their productivity is relatively higher, then total production can increase. The theory assumes differences in productivity across countries and industries and argues countries should allocate resources to comparative advantage industries to maximize global output through specialization and trade.
The adding up problem product exhaustion theorem yohannes mengesha
This document discusses the product exhaustion theorem, which states that when factors of production are paid their marginal products, their payments will exactly equal total product. It provides an overview of Euler's theorem, the assumptions of the theorem, and criticisms of the theory. Clark's product exhaustion theorem is also explained, which uses diagrams to show how total product is exhausted between payments to labor and capital under conditions of perfect competition.
Meeting 3 - Rybczynski theorem (International Economics)
The document discusses several economic concepts:
1) The Rybczynski theorem explains that if a country's supply of one factor increases, it will produce more of the good that intensively uses that factor and less of the other good.
2) Dutch disease refers to an economic phenomenon where resource discovery leads to decline of other sectors through currency appreciation and a shift in economic activity.
3) The resource curse or paradox of plenty suggests that countries with an abundance of natural resources tend to have less economic growth and worse development outcomes than countries with fewer natural resources, due to issues like overdependence on commodity exports and weak institutions.
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.
Classical theory of employment
The classical model of employment is based on the assumptions of full employment, laissez-faire, a self-adjusting economy, a barter system, and a closed economy. It is based on Say's law that supply creates its own demand. The model assumes wages and prices are flexible and will adjust to achieve full employment equilibrium in the labor market. If unemployment occurs due to a fall in demand, a general wage cut will increase demand for labor and eliminate unemployment, restoring full employment.
classical vs Keynesian theory.pptx
The classical doctrine—that the economy is always at or near the natural level of real GDP (full employment)—is based on two firmly held beliefs:
The assumption of the full employment of labour and other productive resources
Belief that prices, wages, and interest rates are flexible.
Keynesian Theory
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.
Meeting 4 - Stolper - Samuelson theorem (International Economics)
The document discusses the Stolper-Samuelson theorem, which states that a decrease in the price of a good will lead to a decrease in the return to the factor that is used intensively in the production of that good. It will conversely lead to an increase in the return to the other factor. The theorem is based on assumptions of perfect competition and factor mobility. It predicts that increased trade with developing countries likely contributed to rising wage inequality in skilled countries. While trade increases overall welfare, it benefits some factors more than others according to their intensity of use.
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International Trade Theories
The document discusses several theories of international trade:
1. Mercantilism held that a nation's wealth depended on accumulating gold and silver through trade surpluses. It advocated subsidies for exports and tariffs/quotas on imports.
2. Adam Smith's absolute advantage theory argued that countries should specialize in goods they produce most efficiently and trade for other goods. Both countries can benefit through specialization and trade.
3. David Ricardo's comparative advantage theory extended this, showing that trade can benefit both sides even if one country is more efficient overall. Countries should import goods they have a comparative - not absolute - disadvantage in.
4. Later theories examined factors like differences in factor endowments
5 paradox leontief dan harberler
The document discusses Wassily Leontief's paradox theory and the theory of opportunity costs. It explains that Leontief's theory showed that US exports consisted of labor-intensive goods, contrary to the Heckscher-Ohlin theory. It also discusses production possibility curves with constant and increasing costs, and how international trade can increase gains by allowing consumption beyond the domestic production possibility curve.
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
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.
Heckscher Ohlin Model
The document outlines the Heckscher-Ohlin model of international trade. The model assumes two countries, two goods, and two factors of production (labor and land). It is assumed that each country has a relative abundance in one of the two factors. The labor-abundant country will export and specialize in the good that uses its abundant factor intensively. Free trade equalizes factor prices between the countries and benefits the owners of each country's abundant factor through increased productivity.
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.
International product life cycle
The document summarizes the international product life cycle theory, which describes how industries and companies evolve their marketing strategies over time and across borders. It outlines the four primary elements of the theory - demand, manufacturing, competition/marketing strategies, and the innovating company's strategy - and how they change through a product's introduction, growth, maturity, and decline stages in different markets. The introduction stage involves building awareness and a niche market with high costs, risk, and promotion expenses. Growth sees rising sales and profits as production scales up, allowing more promotion. Maturity is the most competitive as companies focus on market share while considering innovations. Eventually decline begins as the market becomes saturated or consumers switch to newer products.
Trade theories
This document provides an overview of several trade theories:
1. Mercantilism theory held that a country's wealth depended on exports exceeding imports to gain precious metals. It advocated government control to gain at others' expense.
2. Absolute advantage theory stated countries should specialize in what they produce most efficiently. Comparative advantage theory argued specialization benefits all, even without absolute advantage.
3. Factor endowment theory linked comparative advantage to abundant resources. Heckscher-Ohlin and Leontief paradox theories refined this based on capital and labor.
4. Other theories examined included product life cycles, Porter's diamond model of competitive advantage, and new trade theory focusing on increasing returns to scale.
International product life cycle
The document discusses Raymond Vernon's international product life cycle theory from 1966. It proposes that a new product is launched in the innovating country, then enters mature and standardized stages as production shifts to other developed and developing nations respectively. This occurs as production costs decline through economies of scale, and local competitors in other countries emerge over time. The theory explains the three stages from the perspective of the innovating country's trade and markets.
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.
International economic ch04
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.
Competition law
The document discusses competition law in India. It provides an overview of the Monopolies and Restrictive Trade Practices Act (MRTP Act) of 1969 and explains some of its key provisions. It then summarizes the Competition Act of 2002 which replaced the MRTP Act, outlining its three main elements of prohibiting anti-competitive agreements, abuse of dominant position, and regulating combinations.
International trade-theories-1226929140596587-8
The document summarizes several theories of international trade from mercantilism to contemporary theories like Porter's national competitive advantage theory. It discusses key concepts like absolute advantage, comparative advantage, factor proportions theory, product life cycle theory, and new trade theory. Porter's diamond framework identifies factor conditions, demand conditions, related industries, and firm strategy/rivalry as determinants of a nation's competitive advantage in a given industry. The document aims to help understand why and how international trade improves welfare according to different trade theories.
Intra Industry
The document discusses various metrics for measuring intra-industry trade, including the Grubel-Lloyd index. It provides examples of intra-industry trade between the Philippines and Japan in 1998 across various industries. It also examines the intra-industry trade index values of different countries from 1988-2000 and explores explanations for intra-industry trade such as economies of scale and variety in demand.
Paradox
1. The document discusses various types of paradoxes found in literature and philosophy. It provides examples from Lewis Carroll's works, Joseph Heller's novel Catch-22, and Gilbert and Sullivan operas.
2. A key paradox from Catch-22 is that pilots could be excused from flying missions if declared insane, but trying to be declared insane proved they were sane.
3. Paradoxes highlight logical inconsistencies and can occur during paradigm shifts when old and new systems compete, sometimes acting as social commentary. Science fiction often explores time travel paradoxes.
Nature and Functions of NAFTA - Cost Benefit Analysis
This document outlines a presentation on the North American Free Trade Agreement (NAFTA). It begins with background on free trade and then describes NAFTA, including its objectives, structure, benefits, and disadvantages. NAFTA created the world's largest free trade area between the US, Canada, and Mexico in 1994. It aims to eliminate barriers to trade and facilitate cross-border movement of goods and services. The document discusses impacts such as increased trade, foreign investment, economic growth, and agriculture trade between the three countries.
Hecksher Ohlin Theory of Factor Proportions
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.
Hecksher-Ohlin model
The document summarizes the Hecksher-Ohlin model of international trade. The model assumes two countries, two factors of production (labor and capital), and two goods (corn and steel). It derives four main theorems: 1) the Heckscher-Ohlin theorem states that the capital abundant country will export and import goods that intensively use capital and labor respectively; 2) the Stolper-Samuelson theorem shows that trade increases returns to a country's abundant factor and decreases returns to its scarce factor; 3) the factor-price equalization theorem demonstrates that trade equalizes factor prices between countries; and 4) the Rybczynski theorem establishes that an expansion in a country's abundant factor increases
International Theories
The document provides an overview of several theories of international trade, including:
1) Mercantilism which holds that nations should accumulate wealth through trade surpluses and restricting imports.
2) Absolute advantage theory proposed by Adam Smith which argues that countries should specialize in goods they produce most efficiently.
3) Comparative advantage theory of David Ricardo which extends this to argue for importing even if less efficient in production to maximize efficiency.
4) Product life cycle theory which proposes that products move through stages from export to foreign investment as they mature.
Balance of Payment Disequilibrium and Causes
1.Balance of Payment
The balance of payment of a country is a systematic accounting record of all economic transactions during a given period of time between the residents of the country and residents of foreign countries.
2.Componets of BOP
Current Account
It includes imports and exports of goods and services and unilateral transfer of goods and services.
Capital Account
Under this are grouped transactions leading to changes in foreign assets and liabilities of the country.
3. Accounting Treatment of Items (Debit and Credit Items)
Any item which gives rise to a sale of foreign exchange (an inflow) is recorded as a credit item (+) in the accounts e.g. export of goods and services
Any item which gives rise to the purchase of foreign exchange (an outflow) is recorded as a debit item (-) in the accounts e.g imports of goods and services.
4. BOP Disequilibrium
BOP is a double entry accounting record, then apart from errors and omissions, it must always balance.
The BOP deficit or surplus indicate imbalance in the BOP.
This imbalance is interpreted as BOP Disequilibrium.
A country’s balance of payments is said to be in disequilibrium when its autonomous receipts (credits) are not equal to its autonomous payments (debits).
5.BOP Deficit
A deficit or an unfavorable balance exists when the value of autonomous debit items exceeds the value of autonomous credit items.
6. BOP Surplus
A surplus or a favourable balance exists when the value of autonomous credit items exceeds the value of autonomous debit items.
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Nature and Functions of NAFTA - Cost Benefit Analysis
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This document discusses empirical tests of the Heckscher-Ohlin theorem, beginning with Leontief's paradoxical finding in 1953 that contradicted the theory. It examines several explanations for the paradox, including adding natural resources as a third factor and distinguishing between high- and low-skilled labor. Later empirical studies found mixed results, with some supporting the theory by accounting for these additional factors, while others still found contradictions. The document concludes that properly testing the theory requires considering multiple factors of production and that the theory remains useful despite its unrealistic assumptions about countries and trade.
Ie 03 (3)
The document summarizes several trade theories, including the Heckscher-Ohlin theory and product cycle model. The Heckscher-Ohlin theory posits that differences in factor endowments between countries determine comparative advantage and trade patterns. Empirical tests by Leontief found results contrary to predictions, known as the Leontief paradox. The product cycle model suggests that as products mature, production shifts to less advanced countries with cheaper labor. International trade is also influenced by economies of scale, product differentiation, and technological changes between countries.
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Hecksher Ohlin theory, Factor endowments theory, Modern Theory of International Trade, 2*2 theory, factor proportions theory, H-O Model, theory of International Trade
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.
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You are to use a topic for the question you chose.WORD REQUIRE.docx
You are to use a topic for the question you chose.
WORD REQUIREMENT IS 300 Words
1. Jean Jacque Rousseau was a Frenchman who wrote the Rights of Man. After viewing the film on the French Revolution, how much of the Rights of Man were followed, especially during the Reign of Terror? Give examples.
2. This week, we read about liberalism and conservatism, two terms that are by no means new to use today. Per your readings discuss the premise of liberalism. Has this ideology changed over time? Can we see elements of this in today’s society? Examples.
3. Per your readings this week, discuss the views of conservatism. Has this ideology changed over time? Do we see some elements of this in today’s society? Examples.
4. Doyle discusses the reasons for the French Revolution. In your mind, which do you believe is the most important and why. Examples.
5. Discuss the issues that led to the American Revolution. Example.
6. Prior to its revolution, Haiti was one of the wealthiest colonies in the world. The French reaped those rewards. So what happened? Why a revolution? Why a violent revolution? Give examples.
7. Discuss Polverel’s interpretation of the French giving Haitian slave emancipation and discuss what he hoped to accomplish. Examples.
8. Agriculture Revolution had a great impact on European society, it has many great accomplishments but there were a few downfalls. Discuss these downfalls. Examples.
9. There was a change in Dynasties in China, the Manchu’s came to power. Discuss the organization of the Manchu Dynasty. Was this effective? Examples.
10. Discuss the foreign relations of the Chinese Empire with its European counter parts. Discuss whether or not this experience was positive or negative. Give examples.
11. Discuss the most important issue that was the foundation for the 1848 Revolutions. Examples.
.
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
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You are to use a topic for the question you chose.WORD REQUIRE.docx
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✅ More survey results in the presentation.
✅ Video presentation: https://youtu.be/4ZvsSKd1MzE
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二、回国进私企、外企、自己做生意的情况，这些单位是不查询毕业证真伪的，而且国内没有渠道去查询国外文凭的真假，也不需要提供真实教育部认证。鉴于此，办理一份毕业证【微信bwp0011】即可
三、进国企，银行，事业单位，考公务员等等，这些单位是必需要提供真实教育部认证的，办理教育部认证所需资料众多且烦琐，所有材料您都必须提供原件，我们凭借丰富的经验，快捷的绿色通道帮您快速整合材料，让您少走弯路。
留信网认证的作用:
1:该专业认证可证明留学生真实身份
2:同时对留学生所学专业登记给予评定
3:国家专业人才认证中心颁发入库证书
4:这个认证书并且可以归档倒地方
5:凡事获得留信网入网的信息将会逐步更新到个人身份内，将在公安局网内查询个人身份证信息后，同步读取人才网入库信息
6:个人职称评审加20分
7:个人信誉贷款加10分
8:在国家人才网主办的国家网络招聘大会中纳入资料，供国家高端企业选择人才
【关于价格问题（保证一手价格）】
我们所定的价格是非常合理的，而且我们现在做得单子大多数都是代理和回头客户介绍的所以一般现在有新的单子 我给客户的都是第一手的代理价格，因为我想坦诚对待大家 不想跟大家在价格方面浪费时间
对于老客户或者被老客户介绍过来的朋友，我们都会适当给一些优惠。
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falcon-invoice-discounting-a-premier-investment-platform-for-superior-returns...
falcon-invoice-discounting-a-premier-investment-platform-for-superior-returns...Falcon Invoice Discounting
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.一比一原版宾夕法尼亚大学毕业证(UPenn毕业证书)学历如何办理
挂科购买【微信号:176555708】【挂科购买(UPenn毕业证书)】【微信号:176555708】《成绩单、外壳、offer、真实留信官方学历认证（永久存档/真实可查）》采用学校原版纸张、特殊工艺完全按照原版一比一制作（包括：隐形水印，阴影底纹，钢印LOGO烫金烫银，LOGO烫金烫银复合重叠，文字图案浮雕，激光镭射，紫外荧光，温感，复印防伪）行业标杆！精益求精，诚心合作，真诚制作！多年品质 ,按需精细制作，24小时接单,全套进口原装设备，十五年致力于帮助留学生解决难题，业务范围有加拿大、英国、澳洲、韩国、美国、新加坡，新西兰等学历材料，包您满意。
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【业务选择办理准则】
一、工作未确定，回国需先给父母、亲戚朋友看下文凭的情况，办理一份就读学校的毕业证【微信号:176555708】文凭即可
二、回国进私企、外企、自己做生意的情况，这些单位是不查询毕业证真伪的，而且国内没有渠道去查询国外文凭的真假，也不需要提供真实教育部认证。鉴于此，办理一份毕业证【微信号:176555708】即可
三、进国企，银行，事业单位，考公务员等等，这些单位是必需要提供真实教育部认证的，办理教育部认证所需资料众多且烦琐，所有材料您都必须提供原件，我们凭借丰富的经验，快捷的绿色通道帮您快速整合材料，让您少走弯路。
留信网认证的作用:
1:该专业认证可证明留学生真实身份
2:同时对留学生所学专业登记给予评定
3:国家专业人才认证中心颁发入库证书
4:这个认证书并且可以归档倒地方
5:凡事获得留信网入网的信息将会逐步更新到个人身份内，将在公安局网内查询个人身份证信息后，同步读取人才网入库信息
6:个人职称评审加20分
7:个人信誉贷款加10分
8:在国家人才网主办的国家网络招聘大会中纳入资料，供国家高端企业选择人才
留信网服务项目：
1、留学生专业人才库服务（留信分析）
2、国（境）学习人员提供就业推荐信服务
3、留学人员区块链存储服务
【关于价格问题（保证一手价格）】
我们所定的价格是非常合理的，而且我们现在做得单子大多数都是代理和回头客户介绍的所以一般现在有新的单子 我给客户的都是第一手的代理价格，因为我想坦诚对待大家 不想跟大家在价格方面浪费时间
对于老客户或者被老客户介绍过来的朋友，我们都会适当给一些优惠。
选择实体注册公司办理，更放心，更安全！我们的承诺：客户在留信官方认证查询网站查询到认证通过结果后付款，不成功不收费！
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Leonteif paradox presentation
- 1. THE LEONTIEF PARADOX THEORY PRESENTED BY: ASWADI BIN ISMAIL NORHASHIMAH BINTI ISMAIL JUWAIRIAH SHARIF NUR ASILAH SALIM
- 2. (1905~1999) Russian-American economist notable for his research on how changes in one economic sector may have an effect on other sectors With three of his doctoral students Paul Samuelson, Robert Solow, Vernon L. Smith won the Nobel Committee's Nobel Memorial Prize in Economic Sciences in 1973
- 3. to test the Hecksher – Ohlin theory empirically. In 1954, Leontief found that the United States the most capital abundant country in the world exported labor-intensive goods and imported capital-intensive goods, in contradiction with Hecksher – Ohlin theory ("H–O theory"). the finding that was contrary with the prediction called paradox
- 4. 1947, US endowed more capital intensive goods than other country. HO theory predict that US export would required more capital intensive goods than US import labour intensive goods Leontief surprise the world with discovering that US import 30% more capital intensive good than US export Wassily W. Leontief done 2 test : the first Empirical Test of the HO theory Leontief's Second Test 1971, Professor Robert Baldwin continue the study with Baldwin's Third Test
- 5. Leontief : US more efficient argued that US workers may be more efficient than foreign workers U.S. workers were three times as effective as foreign workers. US had special advantage in producing new products or goods made with innovative technology Us tend to be highly skilled, able to produce labour intensive product which required highly skilled labour inputs
- 7. Change their manufacturing plant from Example: Cheaper labour than Malaysia labour intensive
- 9. POP QUIZ are you ready???
- 10. Based on the slide, give the full name the inventor of Leontief Paradox Theory? 1
- 11. In your words, explain a little bit about Leontief Paradox Theory? 2
- 12. The Leontief paradox questioned the validity of the theory of: a. Comparative advantage b. Factor endowments c. Overlapping demands d. Absolute advantage 3
- 13. 4 Based on the slide, named 3 country that also been studied by Leontief?
- 14. 5 The Leontief Paradox states that: A)the US exports are less capital intensive than US imports. B)the US exports are more capital intensive than US imports. C)the US exports are usually in balance with US imports. D)the US exports are not a factor with US imports.