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Trade and Technology: The Ricardian Model - Faculty

Trade and Technology: The Ricardian Model - Faculty

Trade:

Trade: Relative wages (cont.) 46
 a LC /a LW = 1/2 < a * LC /a* LW International Commercial Policy The Ricardian Model Unit labor requirements for domestic and foreign countries Cheese Wine Domestic a LC = 1 hour/kg a LW = 2 hours/L Foreign a * LC = 6 hours/kg a* LW = 3 hours/L = 2

Trade: Relative wages (cont.) Suppose that P C = $12/kg and P W = $12/L. Since domestic workers specialize in cheese production after trade, their hourly wages will be (1/a LC)P C = (1/1)$12 = $12 Since foreign workers specialize in wine production after trade, their hourly wages will be (1/a * LW)P W = (1/3)$12 = $4 The relative wage of domestic workers is therefore 47
 $12/$4 = 3 International Commercial Policy The Ricardian Model

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