Trade and Technology: The Ricardian Model - Faculty
Trade and Technology: The Ricardian Model - Faculty
Trade and Technology: The Ricardian Model - Faculty
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Setup (cont.)<br />
All markets are perfectly competitive.<br />
International Commercial Policy<br />
<strong>The</strong> <strong>Ricardian</strong> <strong>Model</strong><br />
As one consequence, wine <strong>and</strong> cheese producers take<br />
prices <strong>and</strong> wages as given.<br />
As another consequence, profits are zero so that<br />
revenues equal the wage bill.<br />
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