Foreign Trade
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Foreign Trade sözleri ve alıntılarını, Foreign Trade kitap alıntılarını, Foreign Trade en etkileyici cümleleri ve paragragları 1000Kitap'ta bulabilirsiniz.
The first significant study on the effects of technological differences on international trade is the Imitation Lag Hypothesis of Posner introduced in 1961.
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The shift of an indifference curve represents a welfare increase.
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The comparative advantage law is one of the most important laws of economy, as it is useful for individuals as well as for nations, as well as for revealing many serious fallacies. (…) the term is usually attributed to David Ricardo who explained it in his 1817 book “The Principles of Taxation and Political Economy”. (…)
According to David
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Intra-industry trade arises when a country both exports and imports within the same commodity classification category. Intra-industry trade is high for the commodities that require high technology or more sophistication. Examples for intra-industry trade can be seen at the machinery, transport equipment, electronics industry as well as chemicals. (…) The level of intra-industry trade is usually measured by the Grubel-Lloyd Index.
Main Reasons of Intra-Industry Trade: Internal economies of scale, Product differentiation, Transportation costs, Scope of commodity classification, Differences in distribution of income
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External economies of scale exist when the cost per unit of production depends on the size of the industry. In other words, average cost of production decreases as the scale of the industry increases. Internal economies of scale exist when the cost per unit of production depends on the size of the firm itself. In other words, average cost of production decreases as the scale of the individual firm increases.
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Standard Assumptions in International Trade Theory Analysis
In its most simple form, the international trade models assume that two countries produce two goods using labour as the only factor of production. Goods are assumed to be homogeneous across firms and countries. Labor is homogeneous (identical) within a country but heterogeneous (non-identical) across countries. Goods can be transported costless between countries. Labor (workforce) can be re-allocated costless between industries within a country but cannot move between countries. Labor is always fully employed. There is no expense such as insurance. There is no technical change; technology differences exist across industries and across countries and are reflected in labor productivity parameters.The labor and goods markets are assumed to be perfectly competitive in both countries. Firms are assumed to maximize profit, while consumers are assumed to maximize utility. Trade is only through exchange, no money for trade. There is no state intervention or any kind of restrictions on trade such as tariff, quota, etc. Production factors are fully mobile among industries within each country and completely immobile among countries.
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In 2017, the top trading countries in merchandise trade are China, the US, and Germany. In total exports, China is the leader but in total imports it is the US while the position of Germany is the same in both rankings, the third.
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We all know that industry level economies of scale refer to external economies of scale. In our world today, we experience that, in some industries, production concentration within a defined location can reduce the average costs of the industry as a whole. Actually, the studies on product concentration and their economic effects date back to
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General equilibrium of an economy is determined by the intersection of the production possibilities frontier, the autarky relative price line, and the indifferent curve.
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Heckscher-Ohlin Theory states that comparative advantage of the trading countries are explained exclusively by differences in relative supply conditions. Essentially, the Theory accepts the trading countries’ factor endowments (resource endowments) as the main determinant of their comparative advantage. (…) It is impossible to explain the international trade among countries that have similar or identical factor abundance with the Hecskcher-Ohlin Theory.
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Under the increasing opportunity costs, production possibilities frontier is drawn concave to the origin. The shape of the production possibilities frontier is determined by the opportunity costs.
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Such a point that is outer than the production possibilities frontier represents scarcity.
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In the international trade analysis, production possibilities frontier (PPF) represents the total supply of the trading country while total demand is exhibited by the indifference curve (I).
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Ricardo explained the law of comparative advantage in terms of the labour theory of value, which is unacceptable. Gottfried Haberler came to save the law of comparative advantage in terms of the opportunity cost theory.
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Mercantilist theorists such as Thomas Mun were in fact strong proponents of capitalism; they just propounded a different model than liberalism.
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