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1、International EconomicsTenth Edition,Economic Growth and International TradeDominick SalvatoreJohn Wiley&Sons,Inc.,Salvatore:International Economics,10th Edition 2010 John Wiley&Sons,Inc.,CHAPTER S E V E N,7,In this chapter:,IntroductionGrowth of Factors of ProductionTechnical ProgressGrowth and Tra
2、de:The Small-Country CaseGrowth and Trade:The Large-Country CaseGrowth,Change in Tastes,and Trade in Both Nations,Salvatore:International Economics,10th Edition 2010 John Wiley&Sons,Inc.,Introduction,Most trade theory discussed so far is static in nature.However,factor endowments,technology and tast
3、es can change over time,changing a nations comparative advantage.Changes in factor endowments,technology and tastes affect a nations production frontier,offer curve,volume and terms of trade,and gains from trade.,Salvatore:International Economics,10th Edition 2010 John Wiley&Sons,Inc.,Growth of Fact
4、ors of Production,Increases in labor(L)and capital(K)shift the production frontier outward.Type and degree of shift depend on rate of growth:Balanced growth is when L and K grow at the same rate,shifting frontier out evenly in all directions.Slope on each frontier are equal where cut by a ray from t
5、he origin.,Salvatore:International Economics,10th Edition 2010 John Wiley&Sons,Inc.,Growth of Factors of Production,Increases in labor(L)and capital(K)shift the production frontier outward.Type and degree of shift depend on rate of growth:If only L grows,output of both commodities increases.Output o
6、f the L-intensive commodity will increase faster than that of the K-intensive commodity(the opposite is true if only K grows).,Salvatore:International Economics,10th Edition 2010 John Wiley&Sons,Inc.,FIGURE 7-1 Growth of Labor and Capital Over Time.,Salvatore:International Economics,10th Edition 201
7、0 John Wiley&Sons,Inc.,The Rybczynski TheoremAt constant commodity prices,an increase in the endowment of one factor will increase by a greater proportion the output of the commodity intensive in that factor and will reduce the output of the other commodity.,Salvatore:International Economics,10th Ed
8、ition 2010 John Wiley&Sons,Inc.,Growth of Factors of Production,The Rybczynski TheoremFor example,if only L grows in Nation 1,the output of commodity X(the L-intensive commodity)expands more than proportionately,while the output of commodity Y(the K-intensive commodity)declines at constant PX and PY
9、.,Salvatore:International Economics,10th Edition 2010 John Wiley&Sons,Inc.,Growth of Factors of Production,FIGURE 7-2 The Growth of Labor Only and the Rybczynski Theorem.,Salvatore:International Economics,10th Edition 2010 John Wiley&Sons,Inc.,Technical Progress,All technical progress reduces the am
10、ount of both labor and capital required to produce any given level of output.Three different types of Hicksian technical progress:Neutral increases productivity of L and K in same proportion,so K/L remains the same after the technical progress as before,at unchanged relative factor prices(w/r).,Salv
11、atore:International Economics,10th Edition 2010 John Wiley&Sons,Inc.,Technical Progress,All technical progress reduces the amount of both labor and capital required to produce any given level of output.Three different types of Hicksian technical progress:NeutralLabor-saving increases productivity of
12、 K proportionately more than the productivity of L.SO K is substituted for L in production and K/L rises at unchanged w/r.,Salvatore:International Economics,10th Edition 2010 John Wiley&Sons,Inc.,Technical Progress,All technical progress reduces the amount of both labor and capital required to produ
13、ce any given level of output.Three different types of Hicksian technical progress:NeutralLabor-savingCapital-saving increases productivity of L proportionately more than the productivity of K.So L is substituted for K in production and L/K rises at unchanged w/r.,Salvatore:International Economics,10
14、th Edition 2010 John Wiley&Sons,Inc.,Technical Progress,The same rate of neutral technical progress in production of both commodities has the same effect on the production frontier as balanced factor growth.The production frontier will shift out evenly in all directions at the same rate at which tec
15、hnical progress takes place.,Salvatore:International Economics,10th Edition 2010 John Wiley&Sons,Inc.,FIGURE 7-3 Neutral Technical Progress.,Salvatore:International Economics,10th Edition 2010 John Wiley&Sons,Inc.,Growth and Trade:The Small-Country Case,Salvatore:International Economics,10th Edition
16、 2010 John Wiley&Sons,Inc.,A“small country”is too small to affect the relative commodity prices at which it trades(so the nations terms of trade remain constant).,Growth and Trade:The Small-Country Case,Salvatore:International Economics,10th Edition 2010 John Wiley&Sons,Inc.,Growth is protrade if:ou
17、tput of a nations export commodity grows proportionately more than the output of its import commodity at constant relative commodity prices,leading to greater than proportionate expansion of trade.Otherwise,growth is antitrade,or neutral.,Growth and Trade:The Small-Country Case,Salvatore:Internation
18、al Economics,10th Edition 2010 John Wiley&Sons,Inc.,Production is protrade if:output of a nations export commodity grows proportionately more than the output of its import commodity.Consumption is protrade if:The nations consumption of its import commodity increases proportionately more than consump
19、tion of its export commodity.,Growth and Trade:The Small-Country Case,Salvatore:International Economics,10th Edition 2010 John Wiley&Sons,Inc.,What happens to the volume of trade in the process of growth depends on the net result of production and consumption effects.,Growth and Trade:The Large-Coun
20、try Case,A“large country”is sufficiently large to affect the relative commodity prices at which it trades(so the nations terms of trade can change).Terms of trade effectIf growth expands the nations volume of trade at constant prices,terms of trade deteriorate.If growth reduces the nations volume of
21、 trade at constant prices,terms of trade improve.,Salvatore:International Economics,10th Edition 2010 John Wiley&Sons,Inc.,Growth and Trade:The Large-Country Case,Wealth effectChange in output per worker as a result of growth.Alone,positive welfare effect improves welfare,and vice versa.Impact on we
22、lfare depends on net effect of wealth effect and terms of trade effect:,Salvatore:International Economics,10th Edition 2010 John Wiley&Sons,Inc.,Growth and Trade:The Large-Country Case,Immiserizing GrowthIf the wealth effect is positive,but the terms of trade deteriorates so much that the nations we
23、lfare declines,nation experiences immiserizing growth(Bhagwati).More likely to occur in developing nations,although not prevalent in the real world.,Salvatore:International Economics,10th Edition 2010 John Wiley&Sons,Inc.,FIGURE 7-4 Factor Growth and Trade:The Small-Country Case.,(Figure continues o
24、n next slide),Salvatore:International Economics,10th Edition 2010 John Wiley&Sons,Inc.,FIGURE 7-4(continued),Salvatore:International Economics,10th Edition 2010 John Wiley&Sons,Inc.,FIGURE 7-5 Growth and Trade:The Large-Country Case.,(Figure continues on next slide),Salvatore:International Economics
25、,10th Edition 2010 John Wiley&Sons,Inc.,FIGURE 7-5(continued),Salvatore:International Economics,10th Edition 2010 John Wiley&Sons,Inc.,FIGURE 7-6 Immiserizing Growth.,Salvatore:International Economics,10th Edition 2010 John Wiley&Sons,Inc.,FIGURE 7-7(continued),Salvatore:International Economics,10th
26、 Edition 2010 John Wiley&Sons,Inc.,FIGURE 7-7 Growth That Improves Nation 1s Terms of Trade and Welfare.,(Figure continues on next slide),Salvatore:International Economics,10th Edition 2010 John Wiley&Sons,Inc.,Growth,Change in Tastes,and Trade in Both Nations,With balanced growth and neutral techni
27、cal progress in both commodities in both nations:Both nations offer curves will shift outward and move closer to the axis measuring the nations export commodity.Volume of trade expands,terms of trade either does not change or improve for one nation,and deteriorates for the other.Depends on the shape
28、 of each nations offer curve and the degree by which each offer curve rotates.,Salvatore:International Economics,10th Edition 2010 John Wiley&Sons,Inc.,Growth,Change in Tastes,and Trade in Both Nations,With growth and/or change in tastes in both nations:Both nations offer curves will shift,changing
29、volume and/or terms of trade.A shift of the offer curve toward the axis measuring the export commodity will increase trade at constant prices and improve terms of trade.An opposite shift of the offer curve will reduce volume of trade at constant prices and improve terms of trade.,Salvatore:Internati
30、onal Economics,10th Edition 2010 John Wiley&Sons,Inc.,FIGURE 7-8 Growth and Trade in Both Nations.,Salvatore:International Economics,10th Edition 2010 John Wiley&Sons,Inc.,Appendix to Chapter 7,Graphical Proof of the Rybczynski TheoremGrowth with the Specific-Factors ModelHicksian Neutral,L-Saving,a
31、nd K-Saving Technical Progress,Salvatore:International Economics,10th Edition 2010 John Wiley&Sons,Inc.,FIGURE 7-9 Graphical Proof of the Rybczynski Theorem.,Salvatore:International Economics,10th Edition 2010 John Wiley&Sons,Inc.,FIGURE 7-10 Growth with the Specific-Factors Model.,Salvatore:International Economics,10th Edition 2010 John Wiley&Sons,Inc.,FIGURE 7-11 Hicksian Neutral,L-Saving,and K-Saving Technical Progress.,Salvatore:International Economics,10th Edition 2010 John Wiley&Sons,Inc.,
