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Chapter3
Labor Productivity and Comparative
Advantage:The RicardianModel
n?Chapter Organization
The Concept of Comparative Advantage
A One-Factor Economy
Production Possibilities
Relative Prices and Supply
Trade in a One-Factor World
Box: Comparative Advantage in Practice: The Case of Babe Ruth
Determining the Relative Price after Trade
The Gains from Trade
A Numerical Example
Box: The Losses from Non-Trade
Relative Wages
Misconceptions about Comparative Advantage
Productivity and Competitiveness
The Pauper Labor Argument
Exploitation
Box: Do Wages Reflect Productivity?
Comparative Advantage with Many Goods
Setting Up the Model
Relative Wages and Specialization
Determining the Relative Wage with a Multigood Model
Adding Transport Costs and Non-Traded Goods
Empirical Evidence on the Ricardian Model
Summary
Chapter Overview
The Ricardian model provides an introduction to international trade theory. This most basic model of
trade involves two countries, two goods, and one factor of production, labor. Differences in relative labor
productivity across countries give rise to international trade. This Ricardian model, simple as it is, generates
important insights concerning parative advantage and the gains from trade. These insights are necessary
foundations for the more plex models presented in later chapters.
The text exposition begins with the examination of the production possibility frontier and the relative
prices of goods for one country. The production possibility frontier is linear because of the assumption of
constant returns to scale for labor, the sole factor of production. The opportunity cost of one good in terms
of the other equals the price ratio since prices equal costs, costs equal unit labor requirements times wages,
and wages are equal in each industry.
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