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Trade and Technology: The Ricardian Model - Faculty

Trade and Technology: The Ricardian Model - Faculty

International Commercial

International Commercial Policy The Ricardian Model Trade: Gains from trade (cont.) - example If the domestic country does not trade, it can use one hour of labor to produce 1/a LW = 1/2 liter of wine. If the domestic country does trade, it can use one hour of labor to produce 1/a LC = 1 kg of cheese, sell this amount to the foreign country at current prices to obtain 1 liter of wine. If the foreign country does not trade, it can use one hour of labor to produce 1/a * LC = 1/6 kg of cheese. If the foreign country does trade, it can use one hour of labor to produce 1/a * LW = 1/3 liter of wine, sell this amount to the domestic country at current prices to obtain 1/3 kg of cheese. 56


Trade: Gains from trade (cont.) International Commercial Policy The Ricardian Model In the above discussion we have assumed that the relative demand curve intersects the relative supply curve in its vertical segment. This need not be the case. Suppose instead that the relative demand curve intersects the relative supply curve in one of its horizontal segments. Exercise: show that then one country will gain from trade, while the other country will neither gain nor lose from trade. 57


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