国际贸易理论(英)第4章 demand and supply, offer curves, and the terms of trade

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1、EASTCHINAJIAOTONGUNIVERSITYECONOMICANDMANGEMENTSCHOOLZHOUYESlide1Chapter4DemandandSupply,OfferCurves,andtheTermsofTrade•TheoryofReciprocalDemand•Partialequilibriumanalysis•ToolsofWelfareAnalysis•Generalequilibriumanalysis•OfferCurvesSlide2KeyConceptsandTerms•N

2、o-tradeboundary不贸易边界•Offercurve提供曲线•Outerlimitsfortheequilibriumtermsoftrade贸易均衡条件的极限•Regionofmutuallybeneficialtrade互惠贸易区域•Theoryofreciprocaldemand相互需求理论•Importanceofbeingunimportant充当不重要角色的重要性Slide34.1TheoryofReciprocalDemand•FormulatedbyJohnStuartMill(1806-

3、1873)EssaysonsomeUnsettledQuestionsofPoliticalEconomy(1844),PrinciplesofPoliticalEconomy(1848).Thistheorysuggeststhattheactualpriceatwhichtradetakesplacedependsonthetradingpartners’interactingdemands.Itbestapplieswhenbothnationsareofequaleconomicsize.Ifonenati

4、onissignificantlylargerthantheother,thesmallernationattainsmostofthegainsfromtrade,whichischaracterizedastheimportanceofbeingunimportant.Slide4EquilibriumTermsofTradeU.KPriceRatio(2:1)2.0CImprovingU.S.TermsofTradett1(1:1)1.5ImprovingU.KTermsofTradeWheatDE1.0U.

5、S.PriceARatio(0.5:1)0.5B00.51.01.52.0AutosSlide54.2Theequilibriumrelativecommoditypricewithtrade---PartialequilibriumanalysisSlide6ToolsofWelfareAnalysis•ConsumerSurplus(CS)–“theincreaseintheeconomicwell-beingofconsumerswhoareabletobuytheproductatamarketpricel

6、owerthanthehighestpricethattheyarewillingandabletopayfortheproduct.…ConsumerSurplusisequaltotheareabelowthedemandcurveandabovethepriceline.”ThomasPugelandPeterLindert,InternationalEconomics,pp19-20Slide7ConsumerSurplus•Forinstance,atapriceof$2,000permotorbike,

7、consumersbuy40,000motorbikesandpay$80millionintotal(pricetimesquantity).•Becausemanyconsumersvaluetheproductmorehighlythan$2,000permotorbike,payingthegoingmarketpricestillleavesconsumerswithanetgainineconomicwell-being.•Thisnetgainiscalledconsumersurplus.Slide

8、8ToolsofWelfareAnalysis•ProducerSurplus(PS)–“theincreaseintheeconomicwell-beingofproducerswhoareabletoselltheproductatamarketpricehigherthanthelowestpricethatwouldhavedrawnouttheir