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曼昆《经济学原理》applications


Application: International Trade

9

Copyright?2004 South-Western

? What determines whether a country imports or exports a good?

Copyright ? 2004 South-Western/Thomson Learning

? Who gains and who loses from free trade among countries?

Copyright ? 2004 South-Western/Thomson Learning

? What are the arguments that people use to advocate trade restrictions?

Copyright ? 2004 South-Western/Thomson Learning

THE DETERMINANTS OF TRADE
? Equilibrium Without Trade
? Assume:
? A country is isolated from rest of the world and produces steel. ? The market for steel consists of the buyers and sellers in the country. ? No one in the country is allowed to import or export steel.

Copyright ? 2004 South-Western/Thomson Learning

Figure 1The Equilibrium without International Trade
Price of Steel Domestic supply
Consumer surplus Equilibrium price Producer surplus Domestic demand 0

Equilibrium quantity

Quantity of Steel
Copyright ? 2004 South-Western

The Equilibrium Without International Trade
? Equilibrium Without Trade
? Results:
? Domestic price adjusts to balance demand and supply. ? The sum of consumer and producer surplus measures the total benefits that buyers and sellers receive.

Copyright ? 2004 South-Western/Thomson Learning

The World Price and Comparative Advantage
? If the country decides to engage in international trade, will it be an importer or exporter of steel?

Copyright ? 2004 South-Western/Thomson Learning

The World Price and Comparative Advantage
? The effects of free trade can be shown by comparing the domestic price of a good without trade and the world price of the good. The world price refers to the price that prevails in the world market for that good.

Copyright ? 2004 South-Western/Thomson Learning

The World Price and Comparative Advantage
? If a country has a comparative advantage, then the domestic price will be below the world price, and the country will be an exporter of the good.

Copyright ? 2004 South-Western/Thomson Learning

The World Price and Comparative Advantage
? If the country does not have a comparative advantage, then the domestic price will be higher than the world price, and the country will be an importer of the good.

Copyright ? 2004 South-Western/Thomson Learning

Figure 2 International Trade in an Exporting Country
Price of Steel Price after trade Price before trade Exports Domestic demand Quantity of Steel
Copyright ? 2004 South-Western

Domestic supply World price

0

Domestic quantity demanded

Domestic quantity supplied

Figure 3 How Free Trade Affects Welfare in an Exporting Country
Price of Steel

Price after trade

Domestic supply
A B Exports World price

D

Price before trade

C
Domestic demand

0

Quantity of Steel
Copyright ? 2004 South-Western

Figure 3 How Free Trade Affects Welfare in an Exporting Country
Price of Steel Consumer surplus before trade Price after trade A B Exports

Domestic supply
World price

D

Price before trade

C
Producer surplus before trade Domestic demand Quantity of Steel
Copyright ? 2004 South-Western

0

How Free Trade Affects Welfare in an Exporting Country

Copyright ? 2004 South-Western/Thomson Learning

THE WINNERS AND LOSERS FROM TRADE
? The analysis of an exporting country yields two conclusions:
? Domestic producers of the good are better off, and domestic consumers of the good are worse off. ? Trade raises the economic well-being of the nation as a whole.

Copyright ? 2004 South-Western/Thomson Learning

The Gains and Losses of an Importing Country
? International Trade in an Importing Country
? If the world price of steel is lower than the domestic price, the country will be an importer of steel when trade is permitted. ? Domestic consumers will want to buy steel at the lower world price. ? Domestic producers of steel will have to lower their output because the domestic price moves to the world price.

Copyright ? 2004 South-Western/Thomson Learning

Figure 4 International Trade in an Importing Country
Price of Steel

Domestic supply Price before trade Price after trade Imports 0 Domestic quantity supplied Domestic quantity demanded World price Domestic demand Quantity of Steel
Copyright ? 2004 South-Western

Figure 5 How Free Trade Affects Welfare in an Importing Country
Price of Steel Domestic supply
A Price before trade Price after trade C B D

Imports

World price Domestic demand

0

Quantity of Steel
Copyright ? 2004 South-Western

Figure 5 How Free Trade Affects Welfare in an Importing Country
Price of Steel
Consumer surplus before trade

Domestic supply

A Price before trade Price after trade C Producer surplus before trade B World price Domestic demand Quantity of Steel
Copyright ? 2004 South-Western

0

Figure 5 How Free Trade Affects Welfare in an Importing Country
Price of Steel
Consumer surplus after trade

Domestic supply

A Price before trade Price after trade C B D World price Domestic demand Quantity of Steel
Copyright ? 2004 South-Western

Imports Producer surplus after trade

0

How Free Trade Affects Welfare in an Importing Country

Copyright ? 2004 South-Western/Thomson Learning

THE WINNERS AND LOSERS FROM TRADE
? How Free Trade Affects Welfare in an Importing Country
? The analysis of an importing country yields two conclusions:
? Domestic producers of the good are worse off, and domestic consumers of the good are better off. ? Trade raises the economic well-being of the nation as a whole because the gains of consumers exceed the losses of producers.

Copyright ? 2004 South-Western/Thomson Learning

THE WINNERS AND LOSERS FROM TRADE
? The gains of the winners exceed the losses of the losers. ? The net change in total surplus is positive.

Copyright ? 2004 South-Western/Thomson Learning

The Effects of a Tariff
? A tariff is a tax on goods produced abroad and sold domestically. ? Tariffs raise the price of imported goods above the world price by the amount of the tariff.

Copyright ? 2004 South-Western/Thomson Learning

Figure 6 The Effects of a Tariff
Price of Steel

Domestic supply

Equilibrium without trade Price with tariff

Tariff Imports with tariff Q
S

Price without tariff

Domestic demand
Q
D

World price

0

Q

S

Q

D

Quantity of Steel
Copyright ? 2004 South-Western

Imports without tariff

Figure 6 The Effects of a Tariff
Price of Steel

Consumer surplus before tariff

Domestic supply

Producer surplus before tariff

Equilibrium without trade

Price without tariff

Domestic demand
Q
S

World price

0

Q Imports without tariff

D

Quantity of Steel
Copyright ? 2004 South-Western

Figure 6 The Effects of a Tariff
Price of Steel

Consumer surplus with tariff

Domestic supply

A

Equilibrium without trade B

Price with tariff

Tariff Imports with tariff Q
S

Price without tariff

Domestic demand
Q
D

World price

0

Q

S

Q

D

Quantity of Steel
Copyright ? 2004 South-Western

Imports without tariff

Figure 6 The Effects of a Tariff
Price of Steel

Domestic supply

Producer surplus after tariff
Price with tariff

Equilibrium without trade

C Imports with tariff Q
S

Tariff World price

Price without tariff G

Domestic demand
Q
D

0

Q

S

Q

D

Quantity of Steel
Copyright ? 2004 South-Western

Imports without tariff

Figure 6 The Effects of a Tariff
Price of Steel

Domestic supply

Tariff Revenue
Price with tariff

Tariff E Imports with tariff Q
S

Price without tariff

Domestic demand
Q
D

World price

0

Q

S

Q

D

Quantity of Steel
Copyright ? 2004 South-Western

Imports without tariff

Figure 6 The Effects of a Tariff
Price of Steel

Domestic supply

A

Deadweight Loss
B Price with tariff C Tariff D E Imports with tariff Q
S

Price without tariff G

F

Domestic demand
Q
D

World price

0

Q

S

Q

D

Quantity of Steel
Copyright ? 2004 South-Western

Imports without tariff

The Effects of a Tariff

Copyright ? 2004 South-Western/Thomson Learning

The Effects of a Tariff
? A tariff reduces the quantity of imports and moves the domestic market closer to its equilibrium without trade. ? With a tariff, total surplus in the market decreases by an amount referred to as a deadweight loss.

Copyright ? 2004 South-Western/Thomson Learning

The Effects of an Import Quota
? An import quota is a limit on the quantity of a good that can be produced abroad and sold domestically.

Copyright ? 2004 South-Western/Thomson Learning

Figure 7 The Effects of an Import Quota
Price of Steel

Domestic supply
Equilibrium without trade Quota

Isolandian price with quota Price World without = price quota 0 Q
S

Domestic supply + Import supply

Equilibrium with quota World price

Imports with quota Q
S

Domestic demand Q
D

Q

D

Quantity of Steel
Copyright ? 2004 South-Western

Imports without quota

The Effects of an Import Quota
? Because the quota raises the domestic price above the world price, domestic buyers of the good are worse off, and domestic sellers of the good are better off. ? License holders are better off because they make a profit from buying at the world price and selling at the higher domestic price.

Copyright ? 2004 South-Western/Thomson Learning

Figure 7 The Effects of an Import Quota
Price of Steel

Domestic supply
Equilibrium without trade Quota

A
Isolandian price with quota Price World without = price G quota 0

Domestic supply + Import supply

B

C

D

E'

Equilibrium with quota E" F Domestic demand Q
D

Imports with quota Q
S

World price

Q

S

Q

D

Quantity of Steel
Copyright ? 2004 South-Western

Imports without quota

The Effects of an Import Quota

Copyright ? 2004 South-Western/Thomson Learning

The Effects of an Import Quota
? With a quota, total surplus in the market decreases by an amount referred to as a deadweight loss. ? The quota can potentially cause an even larger deadweight loss, if a mechanism such as lobbying is employed to allocate the import licenses.

Copyright ? 2004 South-Western/Thomson Learning

The Lessons for Trade Policy
? If government sells import licenses for full value, revenue equals that of an equivalent tariff and the results of tariffs and quotas are identical.

Copyright ? 2004 South-Western/Thomson Learning

The Lessons for Trade Policy
? Both tariffs and import quotas . . .
? ? ? ? raise domestic prices. reduce the welfare of domestic consumers. increase the welfare of domestic producers. cause deadweight losses.

Copyright ? 2004 South-Western/Thomson Learning

The Lessons for Trade Policy
? Other Benefits of International Trade
? ? ? ? Increased variety of goods Lower costs through economies of scale Increased competition Enhanced flow of ideas

Copyright ? 2004 South-Western/Thomson Learning

THE ARGUMENTS FOR RESTRICTING TRADE
? ? ? ? ? Jobs National Security Infant Industry Unfair Competition Protection-as-a-Bargaining Chip

Copyright ? 2004 South-Western/Thomson Learning

CASE STUDY: Trade Agreements and the World Trade Organization
? Unilateral: when a country removes its trade restrictions on its own. ? Multilateral: a country reduces its trade restrictions while other countries do the same.

Copyright ? 2004 South-Western/Thomson Learning

CASE STUDY: Trade Agreements and the World Trade Organization
? NAFTA
? The North American Free Trade Agreement (NAFTA) is an example of a multilateral trade agreement. ? In 1993, NAFTA lowered the trade barriers among the United States, Mexico, and Canada.

Copyright ? 2004 South-Western/Thomson Learning

CASE STUDY: Trade Agreements and the World Trade Organization
? GATT
? The General Agreement on Tariffs and Trade (GATT) refers to a continuing series of negotiations among many of the world’s countries with a goal of promoting free trade. ? GATT has successfully reduced the average tariff among member countries from about 40 percent after WWII to about 5 percent today.

Copyright ? 2004 South-Western/Thomson Learning

Summary
? The effects of free trade can be determined by comparing the domestic price without trade to the world price.
? A low domestic price indicates that the country has a comparative advantage in producing the good and that the country will become an exporter. ? A high domestic price indicates that the rest of the world has a comparative advantage in producing the good and that the country will become an importer.

Copyright ? 2004 South-Western/Thomson Learning

Summary
? When a country allows trade and becomes an exporter of a good, producers of the good are better off, and consumers of the good are worse off. ? When a country allows trade and becomes an importer of a good, consumers of the good are better off, and producers are worse off.

Copyright ? 2004 South-Western/Thomson Learning

Summary
? A tariff—a tax on imports—moves a market closer to the equilibrium than would exist without trade, and therefore reduces the gains from trade. ? Import quotas will have effects similar to those of tariffs.

Copyright ? 2004 South-Western/Thomson Learning

Summary
? There are various arguments for restricting trade: protecting jobs, defending national security, helping infant industries, preventing unfair competition, and responding to foreign trade restrictions. ? Economists, however, believe that free trade is usually the better policy.

Copyright ? 2004 South-Western/Thomson Learning



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