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Trade and Technology: The Ricardian Model - Faculty

Trade and Technology: The Ricardian Model - Faculty

Trade:

Trade: Comparative advantage International Commercial Policy The Ricardian Model Suppose that Home and Foreign can now trade wine and cheese. Denote Foreign variables by “*” and assume that a LC/ a LW < a * LC/a * LW. This implies that the opportunity cost of cheese production is lower in Home than in Foreign so that Home has a comparative advantage in cheese production. 28


Trade: Absolute advantage International Commercial Policy The Ricardian Model Notice that we have not specified whether Home has an absolute advantage in cheese or wine production. Home has an absolute advantage in cheese production if aLC < a * LC . Similarly, Home has an absolute advantage in wine production if aLW < a * LW . The distinction between comparative and absolute advantage is fundamental. As we will see, comparative and not absolute advantage determines the pattern of trade and is the source of gains from trade. 29


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