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The traditional theory of comparative advantage Review

British classical economist Adam Smith in his masterpiece "The Wealth of Nations" and to clarify the famous "invisible hand" mechanism, he believes in a market economy, driven by the interests, for their own subjective microeconomic body may through the division of labor and trade and the objective for social work, in order to achieve self-interest and mutual benefit, individual and community interests of each other. Therefore, the relationship between the interests of economic agents do not like the mercantilists claimed as certain non-win-lose, but is likely to achieve "win-win". Economic entities "selfish" should not be achieved through the loss of people go, but should be achieved through altruism. Specific ways for the various social economic entities division of labor according to their expertise, conduct specialized production, and through market transactions, resulting in the overall achievement of social welfare maximization. Obviously, once beyond the national scope of trading activity, the international division of labor and international trade has emerged. This theory is known as Smith's theory of absolute advantage. This theory solves the important international trade motivation, but can not answer a question, that is, if a country on any commodity production are no absolute advantage, then this country can not participate in the international division of labor? Another British classic economist David Ricardo's comparative cost (comparative advantage) theory to solve this problem. He believes that, regardless of a country's economy is in what state, economic forces are strong or weak, the technical level is high or low, can determine their respective comparative advantages, even if the overall disadvantage, can also be found from a number of disadvantages relative advantage . The key is to compare the comparative cost.

Ricardo's theory of comparative advantage answered Smith absolute advantage theory can not answer the question, but in the end is what causes the countries in the production of different products on the comparative cost difference? Swedish economists Heckscher and Ohlin factor endowments theory (abbreviated H-O theory) has given this explanation. The theory is that the same kinds of goods in different countries of the production function under the same conditions, the root cause of comparative advantage lies in countries or regions relative endowments of factors of production are different, and the different elements used in the production of goods intensive style differences. Therefore, countries should use their own production of export-intensive relative abundance of those elements of the product, while imports relative scarcity of those elements of the intensive use their products. This logic is assumed to be established on the premise of factors of production between countries production efficiency units are the same, namely national production function is the same. Unlike this, Ricardo's theory is that national comparative cost differences by national factors of production caused by differences in production efficiency, but also the production function that countries are different, and different kind of period of time remains unchanged. In Smith and Ricardo's trade theory, labor is the only factor of production, production technology is given exogenous variables, constant returns to scale production, market structure is perfectly competitive. As part of the system of classical economic theory, the two theories are called "classical trade theory." In the H-O theory, labor is no longer the sole input, but production remained constant returns to scale, is still perfectly competitive market structure. H-O theory is called the "neoclassical trade theory."

Whether it is "classical", or "neo-classical" trade theory (we may collectively referred to these two traditional trade theory), emphasizes comparative advantage structures are built on a country estate on the basis of comparative advantage The. Is often the case in developing countries lack capital and technology, and there are abundant natural resources and cheap labor resources advantage. Developed countries have the capital and technology advantages. Therefore, the comparative advantage of the general performance of the pattern of trade: imports of developed countries, labor-intensive or natural resource-intensive products, the export of capital or technology-intensive products. Developing countries which import and export the former. It should be said that the above theories to explain the reality of some of the trade pattern is quite successful and has had quite a long time in the international division of labor and constitute the mainstream trade theory, but they will eventually have their limitations.

Whether it is based on the difference in labor productivity theory of comparative advantage, or to the supply of factors of production-based resource endowment theory, its comparative advantage on the premise that all countries produce the supply, production conditions can not be changed, resources and factors of production can not be in the international flow This traditional comparative advantage with static characteristics. But in today's economy under the conditions of globalization, factors of production, resources can be internationally mobile; natural resources could be improved through technological advances, synthetic or replaced by new materials, human resources and human capital investment through to the "quality" on the edge to make up the "quantity" of the disadvantages. This indicates that the majority of developing countries have static comparative advantage in international competition is not necessarily a dynamic competitive advantage.

The formation of new trade theory and disadvantages

As traditional trade theory based on "constant returns to scale of production" and "perfect competition" as the basic assumptions, it is difficult to explain the emergence of World War II to 1975 the number of new phenomenon: international trade, monopolistic competition, new technologies, protectionism within the industry trade. In fact, these phenomena can use the "economies of scale", "product differentiation", "imperfect competition" to be summarized.

Swedish economist Lindell proposed in 1962, even if the factor endowments between different geographical conditions and the production function is no different, but because of inter-regional differences in demand preferences can lead to mutually beneficial trade. He noted that many countries tend to be kind to each other export the same, but different brands of products. They are obtained from international trade in most cases the performance benefits for the consumer to buy a desired because a particular brand of industrial and won the utility. Therefore, intra-industry trade can be explained. In this type of trade, product differentiation has an important role. The so-called product differentiation refers to similar products or services, vendors through quality, functionality, style, brand, advertising, service and other aspects of the efforts to make their own business has some kind of specialty. It is not perfectly competitive, monopolistic competition, especially linked. In monopolistic competition market, the similarities between the products make them the possibility of substitution increases, resulting in competition; while the differential between the products have resulted in a certain degree of monopoly. The higher the degree of product differentiation, product substitutability smaller the price elasticity of demand for the product is lower, the result is that manufacturers can control to some extent, the price of their products. And this is the assumption of perfect competition traditional trade theory can not explain. For the deficiencies of traditional trade theory, imperfect competition to the assumption of new trade theory emerged. In addition to product differentiation outside, the theory is the most important one is the central concept of economies of scale. Refers enterprise under conditions of imperfect competition in international trade due to expansion of the market so that the resulting long-term average costs decline as production increases. Compared with the traditional trade theory, extensive use of new trade theory of industrial organization, market structure, imperfect competition, economies of scale, product differentiation and other new concepts and ideas to construct a theoretical model of the theory of international trade has made new significant progress. However, until the early 1980s, based on economies of scale based on the new trade theory is still not compatible with the traditional comparative advantage, so the ability to trade still does not explain the reality of generalization. In 1985, Helpman and Krugman's "Market Structure and Foreign Trade," a book published, marking the new trade theory mature. The book combines a variety of new trade theory, proposes a systematic analytical framework, thus bringing new trade theory raised to the height of the basic theory to further enhance the applicability. The book made a business model not only importing economies of scale, product differentiation factors, in line with the conditions of monopolistic competition hypothesis, but also compatible with the traditional comparative advantage, so that the new trade theory more general, explaining stronger. The model suggests that, first, the inter-industry trade is based on comparative advantage and factor endowments based on the abundant labor resources countries have become net exporters of labor-intensive products and capital, a net importer of technology-intensive products, from the decisive role of the main factors is still comparative advantage. Second, intra-industry trade is built on economies of scale and product differentiation on the basis that even countries with the same level of technology and the same capital - labor ratio, the two countries will continue to produce the same vendor heterogeneous industrial products, consumer differences on foreign demand for manufactured goods will lead to intra-industry trade. Since the pursuit of economies of scale, trading parties generally produce only a limited range of products, and then through intra-industry trade to enhance mutual social welfare. Third, the comparative advantage based inter-industry trade and economies of scale, product differentiation based on intra-industry trade is symbiotic coexistence.  

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