金融.ppt

金融70421.ppt3. modity 3. position of position of trade(factor proportions)(factor proportions)?? HeckscherHeckscher-Ohlin model-Ohlin model?? Problems with HO model Problems with HO model (empirical testing)(empirical testing)??Alternative theoriesAlternative HeckscherHeckscher-Ohlin Model-Ohlin Model(by the (by the Nobel laureate Nobel laureate economist and his teachereconomist and his teacher))??Question:Question: What are the ultimate determinants of What are the ultimate determinants parative parative advantage? or or What accounts for the differences in What accounts for the differences in average labor productivity?average labor productivity???Ricardo did not bother to answer this Ricardo did not bother to answer this questionquestion??He just assumed that the differences He just assumed that the differences parative advantage depended parative advantage depended parative difference in labor parative difference in labor productivity (that is, differences in productivity (that is, differences in technology), but he did not explain technology), but he did not explain the basis for these differences. the basis for these differences. Implicit reason in his example was Implicit reason in his example was climate...climate...??You might attribute cost adv./You might attribute cost adv./disadvdisadv. . in Ricardo model to less labor versus in Ricardo model to less labor versus cheaper laborcheaper labor(but no reason is given for why (but no reason is given for why less/. less labor in specific or even all less labor in specific or even all industries does not necessarily mean industries does not necessarily mean less labor in the economy as a whole)less labor in the economy as a whole)??It remained to It remained to HeckscherHeckscher and Ohlin to and Ohlin to offer an explanation parative offer an explanation parative advantage advantage ??And this theory has e, since And this theory has e, since 1930s, the or