International Trade by Mia Mikić (auth.)

By Mia Mikić (auth.)

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17a) As a result of technical progress in Home, w* / w decreases, but proportionately less than a(z), so that the Foreign real wage in terms of consistently imported goods actually rises. 1O*a) The last category of goods is that of the so-called transitional goods, the ones that Foreign used to export but is now importing from Home. When these goods were produced in Foreign, the real wage expressed in them was l/a*(z). Obviously, Foreign would not import these goods from Home if it did not gain from it.

If that happens, Foreign will either produce both goods along RB, such as point G, (if pT = a*LF/a*Lc) or specialise in food at point B (if pT > a*LF/a*Lc)Y Ricardian Model and Extensions 13 c A Produced { in Home • C" Produced in Foreign M " .............. 5 F Produced in Foreign World production possibility frontier Determination of the world commodity relative price or the terms of trade depends on where exactly - that is, at which point on the world PPF - these two countries find themselves once they start trading.

However, there is an interesting exception to this when countries differ not only in technology but also in size. Say that Home again has a comparative advantage in production of food but is now very large relative to Foreign (L » L*). 9. 9 F B F Incomplete specialisation The World PPF is given by ARB and the fact that Home is economically much larger is signified by the segment A·R being much longer than segment F1B (or A* A» FIR). When Foreign completely specialises in cloth in which it has a comparative advantage, it still cannot meet demand from the much larger Home.

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