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Trade and Technology: The Ricardian Model - Faculty

Trade and Technology: The Ricardian Model - Faculty

Setup (cont.) All

Setup (cont.) All markets are perfectly competitive. International Commercial Policy The Ricardian Model As one consequence, wine and cheese producers take prices and wages as given. As another consequence, profits are zero so that revenues equal the wage bill. 14


Autarky: Unit labor requirement International Commercial Policy The Ricardian Model Because of constant returns to scale, we can define a unit labor requirement as the amount of labor required to produce one unit of output. � a LW is the unit labor requirement for wine in the domestic country. For example, if a LW = 2, then it takes 2 hours of labor to produce one liter of wine in the domestic country. � a LC is the unit labor requirement for cheese in the domestic country. For example, if a LC = 1, then it takes 1 hour of labor to produce one kg of cheese in the domestic country. � A high unit labor requirement means low labor productivity. 15


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