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Trade and Technology: The Ricardian Model - Faculty

Trade and Technology: The Ricardian Model - Faculty

Trade:

Trade: Relative wages (cont.) The relative wage lies between the ratio of the productivities in each industry. International Commercial Policy The Ricardian ModelThe domestic country is 6/1 = 6 times as productive in cheese production, but only 3/2 = 1.5 times as productive in wine production. � The domestic country has a wage rate 3 times as high as that in the foreign country. These relationships imply that both countries have a cost advantage in production. � The cost of high wages can be offset by high productivity. � The cost of low productivity can be offset by low wages. 48


Trade: Relative wages (cont.) International Commercial Policy The Ricardian Model Because foreign workers have a wage that is only 1/3 the wage of domestic workers, they are able to attain a cost advantage (in wine production), despite low productivity. Because domestic workers have a productivity that is 6 times that of foreign workers (in cheese production), they are able to attain a cost advantage, despite high wages. 49


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