Unit- 2 Lecture-3 (comparative advantage theory)
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1) The comparative cost advantage theory originated from works by Robert Torrens, David Ricardo, James Mill, and John Stuart Mill in the early 19th century. 2) According to Ricardo's law of comparative advantage, even if one country is more efficient than another in producing every good, both countries can still benefit from trade. A country should specialize in the goods where they have the lowest relative production costs. 3) The assumptions of the comparative cost advantage theory include two countries and commodities, perfect competition, labor as the only factor of production, and free international trade. Gains from trade occur when countries specialize according to their comparative advantages.
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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.
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.
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.
Mills theory of reciprocal demand
J.S. Mill developed Ricardo's theory of comparative costs by introducing the concept of reciprocal demand. Reciprocal demand refers to the intensity of demand one country has for another country's exports. Mill argued that terms of trade are determined by the relative strength and elasticity of reciprocal demand between countries, as represented by their offer curves. While pioneering, Mill's theory makes unrealistic assumptions and neglects supply-side factors, leading some economists to criticize it as an imperfect framework for analyzing international trade.
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.
General equilibrium theory
1. The document discusses general equilibrium theory (GET) and defines general equilibrium as a state where all markets and decision-making units are in simultaneous equilibrium.
2. It presents a simple two-sector general equilibrium model of an economy with two consumers, two goods, and two factors of production. Equations represent consumer demand, factor supply, factor demand, good supply, and market clearing for goods and factors.
3. With the number of equations equal to the number of unknowns, a general equilibrium solution exists in this Walrasian model under certain assumptions. GET provides a framework for understanding the complexity of economic systems through interdependent markets.
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.
The Heckscher-Ohlin theory of international trade/ Modern International Trade...
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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.
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.
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.
Mills theory of reciprocal demand
J.S. Mill developed Ricardo's theory of comparative costs by introducing the concept of reciprocal demand. Reciprocal demand refers to the intensity of demand one country has for another country's exports. Mill argued that terms of trade are determined by the relative strength and elasticity of reciprocal demand between countries, as represented by their offer curves. While pioneering, Mill's theory makes unrealistic assumptions and neglects supply-side factors, leading some economists to criticize it as an imperfect framework for analyzing international trade.
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.
General equilibrium theory
1. The document discusses general equilibrium theory (GET) and defines general equilibrium as a state where all markets and decision-making units are in simultaneous equilibrium.
2. It presents a simple two-sector general equilibrium model of an economy with two consumers, two goods, and two factors of production. Equations represent consumer demand, factor supply, factor demand, good supply, and market clearing for goods and factors.
3. With the number of equations equal to the number of unknowns, a general equilibrium solution exists in this Walrasian model under certain assumptions. GET provides a framework for understanding the complexity of economic systems through interdependent markets.
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.
The Heckscher-Ohlin theory of international trade/ Modern International Trade...
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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.
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 classical theory of international trade was formulated by Robert Torrens, David Ricardo, and John Stuart Mill. Their theory relates to comparative advantage. Ricardo's theory states that countries will export commodities where they have a comparative advantage and import commodities where they have a comparative disadvantage. Ricardo used a numerical example to illustrate how trade benefits both Portugal and England even when Portugal has an absolute advantage in both goods - by specializing in their comparative advantages, both countries can consume beyond their production possibilities.
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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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This presentation introduces the Heckscher-Ohlin theory of international trade. It is presented by Group 1 to Hailey College of Commerce at the University of the Punjab. The presentation discusses the theory's key assumptions around two countries, two commodities, and two factors of production. It uses a 2x2x2 model to illustrate how the capital abundant country will export and import different commodities than the labor abundant country. The presentation examines international trade's impact on production possibility frontiers and national welfare in both countries. It also notes some limitations of the Heckscher-Ohlin theory.
Mercantilism: International Trade Theory
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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.
The Gains from International Trade
This document discusses the gains from international trade. It defines gains from trade as the advantages that countries enjoy through specialization and division of labor when participating in international trade. There are static and dynamic gains. Static gains come from short-term reallocation to comparative advantage sectors, while dynamic gains accumulate over time through factors like increased productivity and investment. Countries can measure gains from trade through approaches looking at reduced production costs, improved terms of trade, and increases in real income. Smaller countries tend to benefit more from trade than larger countries due to greater opportunities for specialization.
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
development gap
The document discusses development gaps between rich and poor countries. It provides definitions and classifications of development gaps. There are three stages of economic development: preparatory, take-off, and self-sustained growth. There are large income gaps between nations and people, classified as North-South divide and by continent or World Bank definitions. Measures of development gaps include absolute income gap, relative income gap, standard deviation, coefficient of variation, and Gini ratio. These measure differences in per capita income levels and dispersion to quantify narrowing or widening of gaps over time.
International Economics
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The document provides information about terms of trade including:
- Terms of trade measures the price of a country's exports relative to its imports. It is calculated as the index of export prices divided by the index of import prices.
- Types of terms of trade include net barter, gross barter, income, single factorial, double factorial, real cost, and utility terms of trade. Each type has strengths and limitations in measuring trade.
- Factors influencing terms of trade include the elasticity of demand and supply for exports and imports, as well as the relative size of demand for exports and imports. Changes in terms of trade can impact standards of living, import prices, and a country's balance of payments.
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Theory of absolute and comparative advantage
This document summarizes key economic concepts from a class presentation, including theories of trade, specialization, opportunity cost, and the contributions of Adam Smith and David Ricardo. It explains that according to Adam Smith, trade arises from humans' innate desire to barter and exchange goods. Specialization refers to countries focusing production on goods they have advantages in. Opportunity cost is what is given up when making an economic choice. Both Smith and Ricardo supported free trade based on absolute and comparative advantage over mercantilism.
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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.
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Determination of Employment and Output in the Classical Model,
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Principle of Effective Demand, and on many more topics...
International Trade Theories .pptx
International trade theories
How do every nation trade
Why study trade theory
What are it's advantage and it's disadvantage
An overview of trade theory
Absolute advantage theory
INTERNATIONAL ECONOMICS
This document provides an overview of different theories of international trade, including:
- Absolute advantage theory proposed by Adam Smith which states that countries should specialize in goods they have an absolute cost advantage in.
- Comparative advantage theory by Ricardo which expanded on this to show benefits of specialization based on comparative rather than absolute costs.
- Modern theories like Heckscher-Ohlin which propose that differences in factor endowments between countries (e.g. capital vs. labor) lead to trade in factor-intensive goods.
It also outlines key assumptions and limitations of each theory, and differences between internal and international trade.
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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.
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.
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 classical theory of international trade was formulated by Robert Torrens, David Ricardo, and John Stuart Mill. Their theory relates to comparative advantage. Ricardo's theory states that countries will export commodities where they have a comparative advantage and import commodities where they have a comparative disadvantage. Ricardo used a numerical example to illustrate how trade benefits both Portugal and England even when Portugal has an absolute advantage in both goods - by specializing in their comparative advantages, both countries can consume beyond their production possibilities.
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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.
Hecsher-ohlin theorem, Modern theory of international trade.
This presentation introduces the Heckscher-Ohlin theory of international trade. It is presented by Group 1 to Hailey College of Commerce at the University of the Punjab. The presentation discusses the theory's key assumptions around two countries, two commodities, and two factors of production. It uses a 2x2x2 model to illustrate how the capital abundant country will export and import different commodities than the labor abundant country. The presentation examines international trade's impact on production possibility frontiers and national welfare in both countries. It also notes some limitations of the Heckscher-Ohlin theory.
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The document discusses how economic growth and changes in factors of production, technology, and tastes can impact international trade. It examines different types of factor growth, technical progress, and their effects on production possibilities and trade. Growth can lead to increased, decreased, or unchanged trade volumes depending on whether production and consumption effects are pro-trade or anti-trade. In large countries, growth impacts welfare through terms-of-trade and wealth effects, and can potentially cause immiserizing growth under certain conditions. Growth and changes in both trading nations will shift their production possibilities and can influence trade volumes and terms of trade.
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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.
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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
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Terms of-trade
The document provides information about terms of trade including:
- Terms of trade measures the price of a country's exports relative to its imports. It is calculated as the index of export prices divided by the index of import prices.
- Types of terms of trade include net barter, gross barter, income, single factorial, double factorial, real cost, and utility terms of trade. Each type has strengths and limitations in measuring trade.
- Factors influencing terms of trade include the elasticity of demand and supply for exports and imports, as well as the relative size of demand for exports and imports. Changes in terms of trade can impact standards of living, import prices, and a country's balance of payments.
Life cycle income hypothesis
The life cycle income hypothesis asserts that consumers save and consume based on their optimal consumption pattern over their lifetime, subject to resource constraints. It emphasizes saving during working years to fund consumption in retirement years when income is lower. The hypothesis divides a person's life into three stages - childhood, middle age, and old age - with consumption gradually rising and income peaking in middle age then declining in retirement, resulting in dissaving early and late in life and saving in middle years.
Theory of absolute and comparative advantage
This document summarizes key economic concepts from a class presentation, including theories of trade, specialization, opportunity cost, and the contributions of Adam Smith and David Ricardo. It explains that according to Adam Smith, trade arises from humans' innate desire to barter and exchange goods. Specialization refers to countries focusing production on goods they have advantages in. Opportunity cost is what is given up when making an economic choice. Both Smith and Ricardo supported free trade based on absolute and comparative advantage over mercantilism.
Classical trade theory
• International Trade, basic concepts, Classical Trade Theories, Adam Smith, David Ricardo, foreign trade, specialization, efficient resource allocation, new technologies, skills, higher productivity, assumptions, two countries, perfect mobility, Transportation cost, resources are equally divided, Theory of Mercantilism, Father of Economics, Wealth of Nations, Western European economic, encourage export and discourage import, balance of export minus import, subsidies and taxes, gold was used for trading goods, abundant gold, selfish trade, zero-sum game, Theory of Absolute Advantage, one factor of production, labour, services available to their citizens, cheaper, beneficial for both the countries, specialization, Theory of Comparative Advantage, David Ricardo, absolute advantage in all the products, zero transport cost, no trade barriers, diseconomies, restrict trade.
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 emplyment
It includes:
CLASSICAL THEORY OF EMPLOYMENT,
SAY’S LAW OF MARKET,
Determination of Employment and Output in the Classical Model,
Keynesian Theory of Employment,
Principle of Effective Demand, and on many more topics...
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The aim of trade theories is to explain trade patterns and their impacts, and guide public policy to increase national well-being.
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The document provides an overview of various theories of international trade, including:
- Mercantilism promoted government intervention to achieve trade surpluses.
- Absolute advantage theory argues that countries should specialize in what they produce most efficiently and trade.
- Comparative advantage theory shows that even if one country is more efficient in all goods, both can still benefit from trade based on their comparative efficiencies.
- Factor endowment theory claims that a country's trade pattern is determined by its relative abundance of factors like land, labor, and capital. It will export goods that intensively use locally abundant factors.
The document also discusses theories like product life cycle theory and Porter's diamond model of national
11internationalfinanceintroduction 120512074938-phpapp01
This document provides an overview of key concepts in international finance and international trade theories. It discusses that international finance deals with international trade, exchange rates, foreign investment, and the global financial system. It then explains several theories of international trade, including absolute advantage theory, comparative advantage theory, Heckscher-Ohlin theory, overlapping product ranges theory, and product life cycle theory. Each theory aims to explain patterns of international specialization and trade between countries.
Meeting 1 - Introduction to international economics (International Economics)
This document provides an introduction and overview of the scope of international economics. It discusses key concepts like globalization, patterns of trade, and different economic institutions. It also summarizes different theories of international trade, including absolute advantage, comparative advantage, and theories exploring the effects of technology and scale economies on trade patterns. Modern analyses use econometrics to identify various trade factors. The document also briefly mentions terms of trade, infant industries, and debates around trade policies.
international trade and balance of payments for 2nd semester economics for BBA
This document discusses international trade and the gains from trade according to comparative advantage theory. It provides evidence that countries who liberalized trade grew faster than those who did not. While comparative advantage theory predicts patterns of trade well, it oversimplifies specialization and does not account for differences in resources or economies of scale between countries. The model also ignores potential negative impacts of trade like income distribution effects.
International business environment
The document discusses key concepts in international business including definitions of international business and trade. It outlines differences between domestic and international business such as differences in currencies, natural conditions, and legal systems. The importance of international business is explained as helping with expansion, managing product life cycles, accessing new opportunities and technologies, and earning foreign exchange. International trade theories covered include mercantilism, absolute cost advantage, and comparative cost advantage. Trends in international business like regional trade agreements, developing country trade, and e-commerce are also summarized.
Ibe
The document discusses various topics related to international business including:
- Definitions of international business, trade, and differences between domestic and international business.
- The importance of international business such as helping expansion, managing product life cycles, and earning foreign exchange.
- Problems in international business like multinationals controlling markets and exhausting natural resources.
- Theories of international trade like mercantilism, absolute cost advantage, and comparative cost advantage.
- Types of international business activities like export-import trade, foreign direct investment, licensing, franchising, and management contracts.
Internatioanal Trade
The document discusses various theories of international trade, including:
1. Mercantilism promoted exports and discouraged imports to accumulate wealth. Adam Smith argued for free trade based on absolute advantage.
2. David Ricardo introduced comparative advantage, showing that trade benefits both parties even if one country is more efficient.
3. Heckscher-Ohlin theory states that countries export goods intensive in locally abundant factors and import goods intensive in scarce factors.
4. Product life cycle theory suggests optimal production locations change as products mature, affecting trade flows over time.
International Business Environment
The document discusses various topics related to international business including:
- The key aspects of international business such as trade across borders and enterprises expanding activities globally.
- The differences between domestic and international business including currencies, geographical conditions, legal systems, and political barriers.
- The importance of international business for expansion, managing product lifecycles, accessing new opportunities and technologies, utilizing resources efficiently, and earning foreign exchange.
- Trends in international business like regional trade agreements, developing country trade, air cargo, global production networks, intra-firm trade, and e-commerce.
- Theories of international trade such as mercantilism, absolute cost advantage, and comparative cost advantage.
Ibe
This document provides an overview of international business and trade. It defines international business as the buying and selling of goods and services across borders. It also defines trade and distinguishes between domestic and international trade. Some key differences between domestic and international business are differences in currencies, geographical conditions, legal systems, and political barriers imposed by sovereign states. The document then discusses several theories of international trade such as mercantilism, absolute cost advantage, and comparative cost advantage. It also outlines some common types of international business arrangements.
Tadele Power Point.pptx
This document discusses international trade theory and history. It begins with an overview of key concepts in international trade like trade, trade policy, and trade agreements. It then covers the history of international trade from ancient times through modern trade agreements like the GATT. The document also summarizes theories of international trade like mercantilism, absolute advantage, comparative advantage, and factor endowment theories. It provides examples to illustrate comparative advantage and factor endowment theories.
Microeconomics_14_Globalization and Trade.pptx
Globalization allows countries to specialize and trade based on comparative advantage. While barriers like tariffs aim to protect domestic industries, free trade overall benefits economies through gains from specialization and scale. Some costs of globalization include job losses, but most economists argue the gains outweigh the costs when balanced with appropriate domestic policies. Over the long term, organizations like GATT and WTO have significantly reduced trade barriers worldwide through negotiation rounds between member nations.
MACRO_15Globalization+and+Trade+(1).pptx
Globalization allows countries to specialize and trade based on comparative advantage. While barriers like tariffs aim to protect domestic industries, free trade overall benefits economies through gains from specialization and scale. The General Agreement on Tariffs and Trade and World Trade Organization have worked to gradually reduce trade barriers worldwide through negotiation rounds, supporting a trend toward more open global markets.
Similar to Unit- 2 Lecture-3 (comparative advantage theory) (20)
11internationalfinanceintroduction 120512074938-phpapp01
11internationalfinanceintroduction 120512074938-phpapp01
Meeting 1 - Introduction to international economics (International Economics)
Meeting 1 - Introduction to international economics (International Economics)
international trade and balance of payments for 2nd semester economics for BBA
international trade and balance of payments for 2nd semester economics for BBA
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Unit- 3: Lecture-8(international Labor Relations)
This document discusses key concepts in international industrial relations. It begins by defining industrial relations and international industrial relations. The key players are identified as governments, employers/employer organizations, employees/trade unions. Approaches to industrial relations are discussed as unitarist, pluralist, and Marxist. Trade unions and their functions in representation and welfare are outlined. International industrial relations issues cover who should handle labor relations between headquarters and subsidiaries, and union tactics across countries. Influences on this decision and on human resource practices are also noted. The response of trade unions to multinational corporations through international secretariats, lobbying, and international organizations is summarized. The concept of social dumping and its industrial relations implications are defined. Finally,
BEM 1006- Unit -1:Topic-1(Introduction to Macro Economics)
This document provides an introduction to macroeconomics. It defines macroeconomics as the study of the structure and performance of national economies and the policies that governments use to affect economic performance. The key differences between microeconomics and macroeconomics are outlined, with microeconomics focusing on individual units and macroeconomics looking at entire economies and economic aggregates. Aggregate supply and demand curves are introduced as tools to analyze inflation, recession, and other macroeconomic concepts at an economy-wide level. The history and development of macroeconomics as a field of study since The General Theory is also briefly discussed.
KMB -302: Unit- 3 -Lecture- 7 (Expatriate Management)
This document discusses international human resource management, specifically expatriate management. It covers approaches to staffing expatriates such as recruitment and selection procedures. Factors that contribute to expatriate success and failure are examined. The roles of non-expatriates in international business are also reviewed. Barriers to and advantages of female expatriates are outlined. Trends in global staffing like diversity and dual career couples are mentioned.
Unit- 3: lecture-6 (International Staffing Approaches)
This document discusses different approaches to international staffing for multinational companies. It outlines four main approaches: ethnocentric, which imposes the home country culture; polycentric, which adapts to local cultures; geocentric, which takes a global approach based on ability; and regiocentric, which has regional autonomy. It also discusses factors to consider like political/legal issues, development levels, and cultural differences when choosing a staffing approach. Expatriate recruitment and selection involves deciding source countries and dealing with costs, training needs, and cultural adjustment challenges.
Unit- 3:Lecture-5 (International Product Life Cycles Theory)
The document discusses the international product life cycles theory, which proposes that the location of production for many products shifts between countries as the product moves through different stages of its life cycle. It describes the four main stages as innovation, growth, maturity, and decline. In the innovation stage, a product is developed and initially produced and sold in the innovating country. In the growth stage, exports from the innovating country increase as demand grows globally. The maturity stage sees a decline in exports from the innovating country as production starts in emerging economies. Finally, in the decline stage production is concentrated in emerging economies and the innovating country becomes a net importer. Examples of products like light bulbs and calculators are provided to illustrate how production
KMB- 302 : Unit -3: Lecture _4 (International Segmentation)
This document discusses international market segmentation strategies used by Lenovo for their computer products. It explains that Lenovo segments the global market into mature markets, emerging markets, and four main regions: China, North America, EMEA, and Asia Pacific/Latin America. Lenovo also uses demographic segmentation based on gender, age, and income levels. The document notes that Lenovo has been successful targeting business and enterprise segments in China and India.
Unit- 3: Lecture -3(International Marketing Orientations)
This document discusses international marketing orientations using the EPRG framework. It describes the four orientations as ethnocentric, polycentric, regiocentric, and geocentric. The ethnocentric orientation views the home country as superior and assumes a standardized global approach. The polycentric orientation sees each country as unique and requires localized adaptation. The regiocentric orientation treats regions (like NAFTA or the EU) as the relevant unit. Finally, the geocentric orientation views the entire world as a potential market and combines both standardized and adapted approaches.
KMB -302: Unit- 3 Lecture -1 (International Marketing: Nature and Significance)
International marketing involves marketing goods and services across national borders. It refers to strategies, processes, and implementation of marketing activities in global markets. International marketing requires special management skills to deal with at least two sets of uncontrollable variables from different countries. It also faces risks such as political and cultural challenges. Common methods for international marketing include establishing foreign branches, licensing arrangements, franchising, joint ventures, using foreign agents or distributors, strategic alliances, and providing consultancy or turnkey contract services. International marketing is important to expand markets, boost brand reputation, connect businesses globally, open doors to future opportunities, and fulfill economic needs through trade while promoting cultural exchange between countries.
Uttar Pradesh Economic Facts: For PCS Examination 2020
For IAS, PCS, SSC, IBPS, Bank-PO,RBI, and Other One day Exams
Uttar Pradesh Economic Facts: For PCS Examination 2020
U. P. Budget: 2020- 21(U.P. PCS- 2020)
The document summarizes key points from the Uttar Pradesh budget for fiscal year 2020-21:
- The UP Finance Minister presented a budget of Rs. 5,12,860.72 crores for 2020-21, the largest in UP's history.
- The budget aims to move UP's economy toward $1 trillion and proposes establishing 7 new universities.
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Indian Economy: Current Affairs (July-Aug-Sep 2020)English Medium
The document summarizes recent developments in the Indian economy and banking sector. It reports that the United States remains India's top trading partner for the second year in a row. It also notes that India has become the second largest source of foreign direct investment for the United Kingdom. Additionally, it provides details on the Reserve Bank of India extending a $400 million currency swap with Sri Lanka and appointing a committee led by KV Kamath to recommend parameters for restructuring COVID-19 related loans.
Indian Economy: Current Affairs (April-May-June 2020)English medium
This document discusses several topics related to the Indian economy and banking sector:
1) It discusses the concept of "helicopter money" proposed to stimulate struggling economies and its suggestion for the Indian economy.
2) It explains the terms "force majeure" and how it applies to COVID-19 related deaths and cancellations.
3) It provides details about the RBI's OBICUS survey and recent changes to India's FDI policy in response to the pandemic.
Indian Economy: Current affairs (Jan-Feb-March 2020)English medium
The document provides an overview of current economic and banking developments in India from January-February 2020. Some key points covered include:
1) RBI launched the MANI application to help visually impaired identify currency notes. The government also introduced an e-auction platform called eBkray for banks to sell attached assets.
2) The Union Budget 2020-21 focused on structural reforms, inclusive growth, and introduced themes like Aspirational India and Economic Development.
3) An "Assemble in India" model was proposed to generate 80 million jobs and help achieve the target of a $5 trillion economy. The first banana container train was also launched to boost exports.
4) RBI decided to
Unit- 2: lecture-9 (forms of protection)
Forms of protection against imports include tariffs, subsidies, import quotas, voluntary export restraints, administrative policies, and anti-dumping policies. Tariffs are taxes imposed on imported goods, either as an ad valorem percentage of the good's value or as a specific fee. Subsidies provide domestic producers cash payments or tax breaks to lower production costs. Import quotas set physical limits on the quantity of goods that can be imported in a given time period. Voluntary export restraints are agreements between countries to limit exports. Administrative policies use bureaucratic rules to restrict imports. Anti-dumping policies punish foreign firms that sell goods in foreign markets below production costs or fair market value.
Subject: International Business Management-Unit- 2: lecture-8 (free trade-adv...
This document discusses international trade theories, specifically free trade and protectionism. It provides background on free trade, noting that free trade involves no government restrictions on imports or exports between countries. The document then covers several international trade agreements that promote free trade to varying degrees, such as NAFTA and the WTO. Both the advantages and disadvantages of free trade are summarized. The document also discusses protectionism and various forms it can take, such as tariffs, subsidies, import quotas, voluntary export restraints, and anti-dumping policies. Protectionism aims to shield domestic industries from foreign competition.
Unit-2 Lecture-7 (International Investment Theory Part-2 )- Internationalizat...
Unit-2 Lecture-7 (International Investment Theory Part-2 )- Internationalization Theory, Location Specific Advantage Theory, and Eclectic Theory
Unit -2 lecture-6 (international investment theory)
The document discusses several theories of international investment:
1. The theory of capital movements explains international investment as the transfer of capital between countries to obtain profits through interest, dividends, or share of profits. It can involve physical or financial capital.
2. Market imperfections theory explains international investment flows that arise due to markets not meeting the standards of perfect competition.
3. Internalization theory explains why firms choose foreign direct investment over licensing to retain control of proprietary knowledge and avoid transaction costs of contracting.
4. Location-specific advantage theory considers location factors like resources, labor costs, or infrastructure that make one location more profitable for investment than others.
5. Dunning's eclectic theory
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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
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.一比一原版美国新罕布什尔大学(unh)毕业证学历认证真实可查
永久可查学历认证【微信：A575476】【美国新罕布什尔大学(unh)毕业证成绩单Offer】【微信：A575476】（留信学历认证永久存档查询）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。
【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：A575476】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：A575476】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。
选择实体注册公司办理，更放心，更安全！我们的承诺：可来公司面谈，可签订合同，会陪同客户一起到教育部认证窗口递交认证材料，客户在教育部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！
Tdasx: Unveiling the Trillion-Dollar Potential of Bitcoin DeFi
Tdasx: Unveiling the Trillion-Dollar Potential of Bitcoin DeFi
在线办理(UMASS毕业证书)马萨诸塞大学阿默斯特分校毕业证完成信一模一样
学校原件一模一样【微信：741003700 】《(UMASS毕业证书)马萨诸塞大学阿默斯特分校毕业证》【微信：741003700 】学位证，留信认证（真实可查，永久存档）原件一模一样纸张工艺/offer、雅思、外壳等材料/诚信可靠,可直接看成品样本，帮您解决无法毕业带来的各种难题！外壳，原版制作，诚信可靠，可直接看成品样本。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，包您满意。
本公司拥有海外各大学样板无数，能完美还原。
1:1完美还原海外各大学毕业材料上的工艺：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、复印防伪等防伪工艺。材料咨询办理、认证咨询办理请加学历顾问Q/微741003700
【主营项目】
一.毕业证【q微741003700】成绩单、使馆认证、教育部认证、雅思托福成绩单、学生卡等！
二.真实使馆公证(即留学回国人员证明,不成功不收费)
三.真实教育部学历学位认证（教育部存档！教育部留服网站永久可查）
四.办理各国各大学文凭(一对一专业服务,可全程监控跟踪进度)
如果您处于以下几种情况：
◇在校期间，因各种原因未能顺利毕业……拿不到官方毕业证【q/微741003700】
◇面对父母的压力，希望尽快拿到；
◇不清楚认证流程以及材料该如何准备；
◇回国时间很长，忘记办理；
◇回国马上就要找工作，办给用人单位看；
◇企事业单位必须要求办理的
◇需要报考公务员、购买免税车、落转户口
◇申请留学生创业基金
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
South Dakota State University degree offer diploma Transcript
办理美国SDSU毕业证书制作南达科他州立大学假文凭定制Q微168899991做SDSU留信网教留服认证海牙认证改SDSU成绩单GPA做SDSU假学位证假文凭高仿毕业证GRE代考如何申请南达科他州立大学South Dakota State University degree offer diploma Transcript
Ending stagnation: How to boost prosperity across Scotland
A toxic combination of 15 years of low growth, and four decades of high inequality, has left Britain poorer and falling behind its peers. Productivity growth is weak and public investment is low, while wages today are no higher than they were before the financial crisis. Britain needs a new economic strategy to lift itself out of stagnation.
Scotland is in many ways a microcosm of this challenge. It has become a hub for creative industries, is home to several world-class universities and a thriving community of businesses – strengths that need to be harness and leveraged. But it also has high levels of deprivation, with homelessness reaching a record high and nearly half a million people living in very deep poverty last year. Scotland won’t be truly thriving unless it finds ways to ensure that all its inhabitants benefit from growth and investment. This is the central challenge facing policy makers both in Holyrood and Westminster.
What should a new national economic strategy for Scotland include? What would the pursuit of stronger economic growth mean for local, national and UK-wide policy makers? How will economic change affect the jobs we do, the places we live and the businesses we work for? And what are the prospects for cities like Glasgow, and nations like Scotland, in rising to these challenges?
falcon-invoice-discounting-a-strategic-approach-to-optimize-investments
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(RMIT毕业证)皇家墨尔本理工大学毕业证如何办理
RMIT硕士学位证成绩单【微信95270640】《皇家墨尔本理工大学毕业证书》《QQ微信95270640》学位证书电子版：在线制作皇家墨尔本理工大学毕业证成绩单GPA修改（制作RMIT毕业证成绩单RMIT文凭证书样本）、皇家墨尔本理工大学毕业证书与成绩单样本图片、《RMIT学历证书学位证书》、皇家墨尔本理工大学毕业证案例毕业证书制作軟體、在线制作加拿大硕士学历证书真实可查.
【本科硕士】皇家墨尔本理工大学皇家墨尔本理工大学本科学位证成绩单（GPA修改）；学历认证（教育部认证）；大学Offer录取通知书留信认证使馆认证；雅思语言证书等高仿类证书。
办理流程：
1客户提供办理皇家墨尔本理工大学皇家墨尔本理工大学本科学位证成绩单信息：姓名生日专业学位毕业时间等（如信息不确定可以咨询顾问：我们有专业老师帮你查询）；
2开始安排制作毕业证成绩单电子图；
3毕业证成绩单电子版做好以后发送给您确认；
4毕业证成绩单电子版您确认信息无误之后安排制作成品；
5成品做好拍照或者视频给您确认；
6快递给客户（国内顺丰国外DHLUPS等快读邮寄）
真实网上可查的证明材料
1教育部学历学位认证留服官网真实存档可查永久存档。
2留学回国人员证明（使馆认证）使馆网站真实存档可查。
我们对海外大学及学院的毕业证成绩单所使用的材料尺寸大小防伪结构（包括：皇家墨尔本理工大学皇家墨尔本理工大学本科学位证成绩单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）都有原版本文凭对照。质量得到了广大海外客户群体的认可同时和海外学校留学中介做到与时俱进及时掌握各大院校的（毕业证成绩单资格证结业证录取通知书在读证明等相关材料）的版本更新信息能够在第一时间掌握最新的海外学历文凭的样版尺寸大小纸张材质防伪技术等等并在第一时间收集到原版实物以求达到客户的需求。
本公司还可以按照客户原版印刷制作且能够达到客户理想的要求。有需要办理证件的客户请联系我们在线客服中心微信：95270640 或咨询在线父亲的家很狭小除了一张单人床和一张小方桌几乎没有多余的空间山娃一下子就联想起学校的男小便处山娃很想笑却怎么也笑不出来山娃很迷惑父亲的家除了一扇小铁门连窗户也没有墓穴一般阴森森有些骇人父亲的城也便成了山娃的城父亲的家也便成了山娃的家父亲让山娃呆在屋里做作业看电视最多只能在门口透透气不能跟陌生人搭腔更不能乱跑一怕迷路二怕拐子拐人山娃很惊惧去年村里的田鸡就因为跟父亲进城一不小心被人拐跑了至今不见踪影害不
Independent Study - College of Wooster Research (2023-2024)
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
University of North Carolina at Charlotte degree offer diploma Transcript
办理美国UNCC毕业证书制作北卡大学夏洛特分校假文凭定制Q微168899991做UNCC留信网教留服认证海牙认证改UNCC成绩单GPA做UNCC假学位证假文凭高仿毕业证GRE代考如何申请北卡罗莱纳大学夏洛特分校University of North Carolina at Charlotte degree offer diploma Transcript
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.Recently uploaded (20)
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South Dakota State University degree offer diploma Transcript
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Ending stagnation: How to boost prosperity across Scotland
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Independent Study - College of Wooster Research (2023-2024)
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Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...
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Unit- 2 Lecture-3 (comparative advantage theory)
- 1. Branch - MBA International Business Management DR. APJ ABDUL KALAM TECHNICAL UNIVERSITY By Dr. B. B.Tiwari Professor Department of Management Shri Ramswaroop Memorial Group of Professional Colleges, Lucknow Lecture – 3 International Trade Theories: Comparative Cost Advantage Theory
- 2. Origin of the theory: Introduction•The original description of the idea can be found in “An Essay on the External Corn Trade” by Robert Torrens in 1815. •David Ricardo formalized the idea using a compelling, yet simple, numerical example in his 1817 book titled, “On the Principles of Political Economy and Taxation”. •The idea appeared again in James Mill's “Elements of Political Economy” in 1821. Finally, the concept became a key feature of international political economy upon the publication of “Principles of Political Economy” by John Stuart Mill in 1848.
- 3. Comparative Advantage Theory: Ricardo • Ricardo's Law of Comparative Advantage improved upon the earlier Law of Absolute Advantage. How? • If A (Advanced land) is more productive than B (Backward land) in every productive activity, would both countries benefit from trade? • The law of absolute advantage has no answer to this question. • Ricardo's law of comparative advantage showed that the answer is yes.
- 4. Comparative Advantage•If one nation is less efficient in the production of a good than another nation, there is still a basis of gains from trade •A nation should specialize in production and export the good for which its relative (comparative) advantage is greatest •A nation should specialize in production and export the good for which it has the least relative disadvantage •A nation should import the good for which its relative (comparative) advantage is the least •A nation should import the good for which it has the greatest relative disadvantage
- 5. 1. There are two countries and two commodities. 2. There is a perfect competition both in commodity and factor market. 3. Cost of production is expressed in terms of labour i.e. value of a commodity is measured in terms of labour hours/days required to produce it. Commodities are also exchanged on the basis of labour content of each good. 4. Labour is the only factor of production other than natural resources. 5. Labour is homogeneous i.e. identical in efficiency, in a particular country. 6. Labour is perfectly mobile within a country but perfectly immobile Assumptions
- 6. Cont….. • There is free trade i.e. the movement of goods between countries is not hindered by any restrictions. • Production is subject to constant returns to scale. • There is no technological change. • Trade between two countries takes place on barter system. • Full employment exists in both countries. • There is no transport cost.
- 7. India’s and Nepal’s Individual Possibilities (Without Trade and With Trade) Textiles Per Day Chocolate Per Day India 4000 Yards 1 Ton Nepal 1000 Yards 4 Ton Total 5000 Yards 5 Tons
- 9. Production Possibilities with Trade • This is where each nation is focusing on that activity for which it has a comparative advantage. • India produces 4,000 yards of textile. • Nepal produces 4 tons of chocolate. • Nepal has the comparative advantage in chocolate production, but India has the comparative advantage in textile production. • Both countries are better trade-off if Nepal produces chocolate
- 10. Limitations • It is possible for a nation not to have an absolute advantage in anything but it is not possible for one nation to have a comparative advantage in everything and the other nation to have a comparative advantage in nothing. That's because comparative advantage depends on relative costs. • We have used trading models in which only two goods are produced and consumed and in which trade is confined to two countries the real world of international trade involves more than two products and two countries; each country produces thousands of products and trades with many countries
- 11. Conclusion: • When a large number of goods is produced by two countries, operation of comparative advantage requires that the goods be ranked by the degree of comparative cost. • Each country exports the product(s) in which it has the greatest comparative advantage. • Conversely, each country imports the product(s) in which it has greatest comparative disadvantage.
- 12. THANK YOU