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Trade and Technology: The Ricardian Model - Faculty

Trade and Technology: The Ricardian Model - Faculty

Overview of the lecture

Overview of the lecture Discuss the concepts of opportunity cost and comparative advantage. International Commercial Policy The Ricardian Model Develop the Ricardian model: (i) setup, (ii) autarky equilibrium, (iii) free trade equilibrium, (iv) gains from trade. Along the way, consider some real-world applications of the Ricardian model and provide some empirical evidence on the Ricardian model. 4


Opportunity cost International Commercial Policy The Ricardian Model If scarce factors of production are used to produce two goods, producing more of one good always requires producing less of the other good. The opportunity cost of producing more of one good is the required reduction in the production of the other good. Similarly, the opportunity cost of producing some amount of one good is the amount of the other good that could have been produced with the same resources. 5


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