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Trade and Technology: The Ricardian Model - Faculty

Trade and Technology: The Ricardian Model - Faculty

Autarky: PPF (cont.) In

Autarky: PPF (cont.) In general, the amount of the domestic economy’s production is defined by a LC Q C + a LW Q W ≤ L International Commercial Policy The Ricardian Model This describes what an economy can produce, but to determine what the economy does produce, we must consider prices and wages. 20


Autarky: Prices and wages International Commercial Policy The Ricardian Model Let P C be the price of cheese and P W be the price of wine. Because zero profits imply that revenues equal the wage bill, hourly wages of cheese makers are equal to the market value of the cheese produced in an hour: P C /a LC . Similarly, hourly wages of wine makers are equal to the market value of the wine produced in an hour: P W /a LW. Because workers like high wages, they will work in the industry that pays a higher hourly wage. 21


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