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1、Modern Trade Theories International EconomicsChapter 3Chapter 3 Modern Trade Thoeriesn3.1 Existence of Intraindustry Trade n3.2 Technological gap, Product life Cycle and International Traden3.3 Theory of Overlapping Demandsn3.4 Economies of Scale, Imperfect competition, and International Traden3.5 R
2、eciprocal Dumping3.1 Existence of Intraindustry TradenAdvanced industrial countries have increasingly emphasized intraindustry trade two-way trade in a similar commodity. nIntraindustry trade involves flows of goods with similar factor requirements. countries that are net exporters of manufactured g
3、oods embodying sophisticated technology also purchase such goods from other countries. 3.1 Existence of Intraindustry TradeIntraindustry Trade in the U.S., 2002 ( in Billion of Dollars)CategoryExportsImportsMotor Vehicles60.39168.1Electrical machinery82.781.2Office machines39.776.9Telecommunications
4、 equipment24.966.3Power-generating equipment34.434.0Industrial machinery31.835.2Scientific instruments29.220.9Transportation equipment46.120.2Chemicals16.830.2Apparel and clothing8.063.83.1 Existence of Intraindustry TradenReasons for Intraindustry TradeuTransportation costsuSeasonaluManufacturers i
5、n each country produce for the “majority” consumer tastes within their country while ignoring “minority” consumer tastesuOverlapping demand segments in trading countriesuEconomies of scaleChapter 3 Modern Trade Thoeriesn3.1 Existence of Intraindustry Trade n3.2 Technological gap, Product life Cycle
6、and International Traden3.3 Theory of Overlapping Demandsn3.4 Economies of Scale, Imperfect competition, and International Traden3.5 Reciprocal Dumping3.2 Technological Gap, Product Life Cycle and International Trade nTechnological gap is a cause of international trade and determines the flow of int
7、ernational trade.3.2 Technological Gap, Product Life Cycle and International Trade nT0-T1: the stage of demand laguthe time lag from the invention of new products in innovating countries to the acceptance of importing countries.nT0-T3: the stage of imitation laguthe time interval from the invention
8、of new products in innovating countries to generic production until the import is zero. nT0-T2: the stage of response laguthe time lag from the invention of new products to imitation of importing countries.nT2-T3: the stage of grasp lagufrom imitation to no import until the generic production can me
9、et domestic demand and turn to export.nT1-T3 is the trading period caused by technological gap.3.2 Technological Gap, Product Life Cycle and International Trade nThe technological gap theory explains the causes of trade among different countries from the perspective of comparative advantage, and pro
10、ves that leading technology can form comparative advantage even among the countries with close endowments and tastes. nHowever, the theory hasnt explained the transfer of trade flow and the causes of the emergence and disappearance of technological gap. 3.2 Technological Gap, Product Life Cycle and
11、International TradenThe life cycle of products means all products will experience the course of innovation, growth, maturity and decline. uThe stage of new productsuThe stage of mature techniqueuThe stage of standardization3.2 Technological Gap, Product Life Cycle and International TradeModel of Pro
12、duct Life Cycle3.2 Technological Gap, Product Life Cycle and International TradenO- t1uthe introduction of new products nt1-t2uthe growing period of products nt2-t3uthe maturing period of products nt3-t4uThe innovating country can manufacture the identical cheaper products than the inventing country
13、 by native cheap non-skilled labor, sell in the international market and compete with the inventing country. nAfter t4uImitation countries begin to sell products to the inventing country, and the output of the inventing country will decrease so substantially as to come to a full stop. And the life c
14、ycle of the products will finish. Chapter 3 Modern Trade Thoeriesn3.1 Existence of Intraindustry Trade n3.2 Technological gap, Product life Cycle and International Traden3.3 Theory of Overlapping Demandsn3.4 Economies of Scale, Imperfect competition, and International Traden3.5 Reciprocal Dumping3.3
15、 Theory of Overlapping DemandsnWealthy (industrial) countries will likely trade with other wealthy countries, and poor (developing) countries will likely trade with other poor countries. The Linder hypothesis is thus known as the theory of overlapping demands.nLinder does not rule out all trade in m
16、anufactured goods between wealthy and poor countries.uThere will always be some overlapping of demand structures: some people in poor countries are wealthy, and some people in wealthy countries are poor. uHowever, the potential for trade in manufactured goods is small when the extent of demand overl
17、ap is limited.3.3 Theory of Overlapping DemandsChapter 3 Modern Trade Thoeriesn3.1 Existence of Intraindustry Trade n3.2 Technological gap, Product life Cycle and International Traden3.3 Theory of Overlapping Demandsn3.4 Economies of Scale, Imperfect competition, and International Traden3.5 Reciproc
18、al Dumping3.4 Economies of Scale, Imperfect Competition, and International TradenMany industries are characterized by economies of scale (also referred to as increasing returns), so that the more efficient production is, the larger the scale at which it takes place. 3.4 Economies of Scale, Imperfect
19、 Competition, and International TradenWhere there are economies of scale, doubling the inputs to an industry will more than double the industrys production. Relationship of Input to Output for a Hypothetical IndustryOutputTotal Labor InputAverage Labor Input510210151.515201.320251.2525301.230351.173
20、.4 Economies of Scale, Imperfect Competition, and International TradeEconomies of Scale as a Basis for Trade3.4 Economies of Scale, Imperfect Competition, and International TradenEconomies of scale provide additional cost incentives for specialization in production. uInstead of manufacturing only a
21、few units of each and every product that domestic consumers desire to purchase, a country specializes in the manufacture of large amounts of a limited number of goods and trades for the remaining goods. nSpecialization in a few products allows a manufacturer to benefit from longer production runs wh
22、ich lead to decreasing average costs.3.4 Economies of Scale, Imperfect Competition, and International TradeTrade and Specialization under Decreasing Costs3.4 Economies of Scale, Imperfect Competition, and International TradeuAs South Korea moves to the right of Point A along its PPF, the relative co
23、st of steel continues to decrease until South Korea totally specializes in steel production at Point C. uSimilarly, as the United States moves to the left of Point B along its PPF, the relative cost of computers continues to fall until the United States totally specializes in computers.uBoth countri
24、es can attain consumption points that are superior to those attained in the absence of trade.3.4 Economies of Scale, Imperfect Competition, and International TradenIn monopolistic competition models, two key assumptions are made to get around the problem of interdependence. uFirst, each firm is assu
25、med to be able to differentiate its product from that of its rivals. uSecond, each firm is assumed to take the prices charged by its rivals as given.3.4 Economies of Scale, Imperfect Competition, and International TradeEquilibrium in Monopolistically Competitive Market3.4 Economies of Scale, Imperfe
26、ct Competition, and International TradenThe number of firms in a monopolistically competitive market, and the prices they charge, are determined by two relationships. uOn one side, the more firms there are, the more intensely they compete, and hence the lower is the industry price. This relationship
27、 is represented by PP.uOn the other side, the more firms there are, the less each firm sells and therefore the higher is its average cost. This relationship is represented by CC.nThe equilibrium price and number of firms occur when price equals average cost, at the intersection of PP and CC.3.4 Econ
28、omies of Scale, Imperfect Competition, and International TradenMonopolistic Competition and Trade uThe number of firms in a monopolistically competitive industry and the prices they charge are affected by the size of the market. uIn larger markets there usually will be both more firms and more sales
29、 per firm; consumers in a large market will be offered both lower prices and a greater variety of products than consumers in small markets.3.4 Economies of Scale, Imperfect Competition, and International TradenAn increase in the size of the market allows each firm, given other things equal, to produ
30、ce more and thus have lower average cost. This is represented by a downward shift from CC1 to CC2.The result is a simultaneous increase in the number of firms (and hence in the variety of goods available) and a fall in the price of each.Chapter 3 Modern Trade Thoeriesn3.1 Existence of Intraindustry Trade n3.2 Technological g
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