441:
we understand the trade and international economy. Still the core of international trade theory continues to be dominated by theories which assume trade of complete goods. As
Grossman and Rossi-Hansberg put it, it needs a new paradigm to better understand the implication of these trends. Extended Ricardian trade model provides a new theory that can treat trade of input goods and the emergence of global value chains. Based on the new theory of trade, which he names theory of international values, Shiozawa explained why and how global value chains rapidly spread all over the world at the end of the 20th century.
88:
69:, Adam Smith, discussing gains from trade, provides a literary model for absolute advantage based upon the example of growing grapes from Scotland. He makes the argument that while it is possible to grow grapes and produce wine in Scotland, the investment in the factors of production would cost thirty times more than the cost of purchasing an equal quantity from a foreign country. The minimization of aggregate real costs and efficient
346:
brought
Ricardo's theory of comparative advantage back to center stage." The Ricardian trade theory was expanded and generalized multiple times: notably to treat many-country many-product situation and to include intermediate input trade, and choice of production techniques. In Ricardian framework, capital goods (comprising fixed capital) are treated as goods which are produced and consumed in the production.
377:. Countries have different access to technology. The bundle of inputs is assumed as the same across commodities within a country. This means that all industries of a country consume the same bundle of inputs and there is no distinction between petrol-consuming and iron-consuming industries. This is the major reason why Eaton and Kortum (2002) cannot be used as framework for analyzing
1534:
369:. McKenzie was more interested in the patterns of trade specialisiations (including incomplete specializations), whereas Jones was more interested in the patterns of complete specialization, in which the prices moves freely within a certain limited range. The formula he found is often cited as Jones' inequality or Jones' criterion.
389:
different technologies. Wages determined in this model are different according to the productivity of countries. The model is therefore more suitable than H-O models in analyzing relations between developing and developed countries. Shiozawa's theory is now extended as "the new theory of international values."
388:
Third phase: Shiozawa succeeded to construct a
Ricardian theory with many-country, many-commodity model which permits choice of production techniques and trade of input goods. All countries have their own set of production techniques. Major difference with H-O model that this Ricardian model assumes
349:
Another attempt to restore comparative advantage to the center of the stage is the "basic laws of trade". Comparative advantage is the first law in the basic laws of trade. At the international level, the basic laws require real exchange rates for tradables only (RER-T). The basic laws state that if
262:
published a study in which he tested the validity of the
Heckscher-Ohlin theory. The study showed that the United States was more abundant in capital compared to other countries, therefore the United States would export capital-intensive goods and import labor-intensive goods. Leontief found out that
440:
Revolutionary change in communication and information techniques and drastic downs of transport costs have enabled an historic breakup of production process. Networks of fragmented productions across countries are now called global value chains. The emergence of global production has changed the way
345:
According to Eaton and Kortum, in the 21 century, "the
Ricardian framework has experienced a revival. Much work in international trade during the last decade has returned to the assumption that countries gain from trade because they have access to different technologies. ... This line of thought has
284:
New trade theory tries to explain empirical elements of trade that comparative advantage-based models above have difficulty with. These include the fact that most trade is between countries with similar factor endowment and productivity levels, and the large amount of multinational production (i.e.,
174:
In this model labor mobility among industries is possible while capital is assumed to be immobile in the short run. Thus, this model can be interpreted as a short-run version of the
Heckscher-Ohlin model. The "specific factors" name refers to the assumption that in the short run, specific factors of
309:
New trade theory is a theory of international trade inaugurated by Marc Melitz in 2003. It discovered that efficiency of firms in a country changes much and those firms engaged in international trade have higher productivity than firms which produce only for domestic market. As it is fitted to big
449:
Unemployment is closely related to international trade. Four generations of trade theories assumed full employment as one of initial conditions and could not treat unemployment. Shiozawa, based on his discovery of a new definition of regular international value, succeeded to construct a new theory
249:
Simply put, this theorem indicates that an increase in the price of a product rises the income earned by resources that are used intensively in its production. Conversely, a decrease in the price of a product reduces the income of the resources that it uses intensively. The abundant resource that
144:
As for the meanings of four magic numbers, a new interpretation became popular in the 21st century. In 2002, Roy Ruffin pointed the possibility of new reading of
Ricardo's explanations. Andrea Maneschi made a detailed account in 2004. Now the new interpretation has become almost as established as
413:
John S. Chipman observed in his survey that McKenzie stumbled upon the questions of intermediate products and postulated that "introduction of trade in intermediate product necessitates a fundamental alteration in classical analysis". It took many years until
Shiozawa succeeded in removing this
417:
Based on an idea of
Takahiro Fujimoto, who is a specialist in automobile industry and a philosopher of the international competitiveness, Fujimoto and Shiozawa developed a discussion in which how the factories of the same multi-national firms compete between them across borders. International
401:
McKenzie and Jones emphasized the necessity to expand the
Ricardian theory to the cases of traded inputs. McKenzie (1954, p. 179) pointed that "A moment's consideration will convince one that Lancashire would be unlikely to produce cotton cloth if the cotton had to be grown in England."
372:
Second phase: Ricardo's idea was even expanded to the case of continuum of goods by Dornbusch, Fischer, and Samuelson (1977) This model is restricted to two country case. It is employed for example by Matsuyama and others. These theories use a special property that is applicable only for the
245:
According to the Stolper-Samuelson theorem, the export of a product which is a relatively cheap, abundant resource makes this resource more scarce in the domestic market. Thus, the increased demand for the abundant resource leads to an increase in its price and an increase in its income.
332:
The Gravity model of trade presents a more empirical analysis of trading patterns. The gravity model, in its basic form, predicts trade based on the distance between countries and the interaction of the countries' economic sizes. The model mimics the Newtonian
99:
The Ricardian theory of comparative advantage became a basic constituent of neoclassical trade theory. Any undergraduate course in trade theory includes a presentation of Ricardo's example of a two-commodity, two-country model. For the modern development, see
301:, which asserts that, if an industry tends to cluster in one location because of returns to scale and if that industry faces high transportation costs, the industry will be located in the country with most of its demand, in order to minimize cost.
250:
have comparative advantage realizes an increase in income, and the scarce resource realizes a decrease in its income regardless of industry. This trade theory concludes that some people will suffer losses from free trade even in the long-term.
175:
production such as physical capital are not easily transferable between industries. The theory suggests that if there is an increase in the price of a good, the owners of the factor of production specific to that good will profit in real terms
397:
Ricardian trade theory ordinarily assumes that the labor is the unique input. This has been thought to be a significant deficiency for Ricardian trade theory since intermediate goods comprise a major part of world international trade.
373:
two-country case. They normally assume fixed expenditure coefficients. Eaton and Kortum (2002) inherited Ricardian model with a continuum of goods from Dorbusch, Fischer, and Samuelson (1977). It has succeeded to incorporate trade of
59:
in production of particular goods, relative to each other. Within Adam Smith's framework, absolute advantage refers to the instance where one country can produce a unit of a good with less labor than another country.
1282:
Y. Shiozawa 2017 The New Theory of International Values: An Overview. In Shiozawa, Oka and Tabuchi (Eds.) A New Construction of Ricardian Theory of International Values, Springer Science, Singapore. Chap. 1,
141:
below. Relative ratio of labor input coefficients has a valid meaning only for simple cases such as two-country, many commodity case or many-country, two-commodity case without no intermediate goods.
1382:
Escaith, H., and S. Miroudot (2016) Industry-level competitiveness and inefficiency spillovers in global value chains. 24th International Input-Output Conference 4–8 July 2016, Seoul, Korea, p.2.
201:. This theory has subsequently become known as the Heckscher–Ohlin model (H–O model). The results of the H–O model are that the pattern of international trade is determined by differences in
707:
Gilbert Faccarello (2017) A calm investigation into Mr. Ricardo's principles of international trade. Senga et al. (eds.) Ricardo and International Trade. London and New York: Routledge.
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Bardhan, Ashok Deo, and Jaffee, Dwight (2004), "On Intra-Firm Trade and Multinationals: Foreign Outsourcing and Offshoring in Manufacturing" in Monty Graham and Robert Solow eds.,
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the actual exchange rate is the same as the RER-T, then trade between countries tends to be relatively balanced and gains of trade are optimal for all participating countries.
38:
has been highly controversial since the 18th century. International trade theory and economics itself have developed as means to evaluate the effects of trade policies.
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After the appearance of Leontief's paradox, many researchers tried to save the Heckscher-Ohlin theory, either by new methods of measurement, or by new interpretations.
1310:
Fujimoto, T.; Shiozawa, Y. (2011). "Inter and Intra Company Competition in the Age of Global Competition: A Micro and Macro Interpretation of Ricardian Trade Theory".
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Shiozawa, Y (2007). "A New Construction of Ricardian Trade Theory—A Many-country, Many-commodity Case with Intermediate Goods and Choice of Production Techniques—".
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through trade without strong consideration for comparative costs form the basis of Adam Smith's model of absolute advantage in international trade.
1383:
1051:"A Ricardian Model with a Continuum of Goods under Nonhomothetic Preferences: Demand Complementarities, Income Distribution, and North-South Trade"
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Dornbusch, R.; Fischer, S.; Samuelson, P. A. (1977). "Comparative Advantage, Trade, and Payments in a Ricardian Model with a Continuum of Goods".
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J. Eaton and S. Kortum (2002) Technology, Geography, and Trade. Econometrica 70(5): 1741-1779. See p.1745 in particular for the model building.
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Golub, S. S. (1995) Comparative and absolute advantage in the Asia-Pacific region (No. 95-09). Federal Reserve Bank of San Francisco. p.4
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Ricardo's text, not only for the first third of Chapter 7 but for all descriptions throughout his book concerning international trade.
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which also considers distance and physical size between two objects. The model has been shown to have significant empirical validity.
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that make intensive use of locally abundant factors and will import goods that make intensive use of factors that are locally scarce.
137:
This is incomplete, because the Ricardian model can be extended to the situation where many goods can be inputs for a production. See
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Shiozawa, Y. (2017) The new theory of international values: an overview. Chapter 1 (pp.3-73) in Shiozawa, Oka and Tabuchi (eds.)
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Competing to Be Really, Really Good: The Behind the Scenes Drama of Capability-Building Competition in the Automobile Industry
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deficiency. The new theory of international values is now the unique theory that can deal with input trade in a general form.
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Shiozawa, Y. and T. Fujimoto (2018) The nature of international competition among firms. In T. Fujimoto and F. Ikuine (eds.)
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and international trade between democracies and autocracies can stabilize autocracies. International organizations can apply
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Simultaneously, the income of the resource used intensively in the import-competing product decreases as its demand falls.
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The relative ratios of labor at which the production of one good can be traded off for another, differ between countries.
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Chwieroth, J. M. (2010). Capital Ideas: The IMF and the Rise of Financial Liberalization. Princeton University Press.
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Pronin, Pavel (2020). "International Trade And Democracy: How Trade Partners Affect Regime Change And Persistence".
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Jones, Ronald W. (1961). "Comparative Advantage and the theory of Tariffs; A Multi-Country, Multi-commodity Model".
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Jones, Ronald W. (1961). "Comparative Advantage and the theory of Tariffs; A Multi-Country, Multi-commodity Model".
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David H. Autor, David Dorn, Gordon H. Hanson, Jae Song (2014) Trade Adjustment: Worker-Level Evidence.
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International trade can increase economic inequality in a country while strengthening democratic and
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the United States' exports were less capital intensive than its imports. The result became known as
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A New Construction of Ricardian Theory of International Values: Analytical and Historical Approach
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institutions in underdeveloped democracies. International trade between democracies can prevent
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interest in explaining the migration of workers from the rural to urban areas after the
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McKenzie, Lionel W. (1954). "Specialization and Efficiency in the World Production".
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The Ricardian model is often presented as being based on the following assumptions:
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Alan V. Deardorff (2005) Ricardian comparative advantage with intermediate inputs.
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Bloomfield, Arthur I. (1994) . "Adam Smith and the Theory of International Trade".
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reflects a really new aspect of international competition in the age of so-called
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The amount of labor and capital in two countries differ (difference in endowments)
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McKenzie, Lionel W. (1954). "Specialisation and Efficiency in World Production".
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McKenzie, Lionel W. 1954 Specialization and Efficiency in the World Production,
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Andrea Maneschi (2004) The true meaning of David Ricardo's four magic numbers.
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381:. The paper has gotten a big success as giving theoretical foundation for
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The Basic Laws of Trade: Reconstructing the Theory of International Trade
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Roy J. Ruffin (2002) David Ricardo's discovery of comparative advantage.
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data age, the research produced many follows and the trend is now called
289:) that exists. New trade theories are often based on assumptions such as
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In the early 1900s, a theory of international trade was developed by two
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Shiozawa, Y. (2020) A new framework for analyzing technological change.
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Maxfield, Sylvia (2000). "Capital Mobility and Democratic Stability".
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Robbins, Lionel (1998). Medema, Steven G.; Samuels, Warren J. (eds.).
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Jonathan Eaton and Samuel Kortum (2012) Putting Ricardo to Work.
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Technology is the same among countries (a long-term assumption)
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INTERNATIONAL ENCYCLOPEDIA OF THE SOCIAL SCIENCES, 2ND EDITION
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describes trade taking place as a result of countries having
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Fragmentation: New Production Patterns in the World Economy
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There were three waves of expansions and generalizations.
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Labor and capital flow freely between sectors equalising
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is an extension of the Ricardian model. It was due to
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The law of comparative advantage was first proposed by
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Subfield of economics focusing on trade between nations
603:. Princeton, NJ: Princeton University Press. pp.
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101:
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A History of Economic Thought : the LSE Lectures
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First phase: Major general results were obtained by
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The H–O model makes the following core assumptions:
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Essays in the history of international trade theory
1294:The Evolution of a Manufacturing System at Toyota
734:Proceedings of the American Philosophical Society
254:Empirical Evidence for the Heckscher–Ohlin model
1354:Industrial Competitiveness and Design Evolution
1312:Evolutionary and Institutional Economics Review
1102:Evolutionary and Institutional Economics Review
670:North American Journal of Economics and Finance
786:Rahman, Abdurrahman Arum (November 23, 2023).
445:Unemployment in international trade situations
130:Labor is the only primary input to production.
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565:Marrewijk, Charles van (January 18, 2007).
1367:Global value chains in a changing world.
1296:, Productivity Press. Fujimoto, T. 2007
410:to name the gains from trade of inputs.
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640:. Aldershot, Hants, England: E. Elgar.
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1518:http://www.jstor.org/stable/j.ctt7sbnq
297:. One result of these theories is the
1371:Global Value Chain Development Report
7:
1151:, (Oxford University Press, Oxford).
530:"ABSOLUTE AND COMPARATIVE ADVANTAGE"
470:to international trade agreements.
1440:https://doi.org/10.1093/qje/qju026
696:Journal of International Economics
205:. It predicts that countries will
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1417:Journal of Evolutionary Economics
341:Ricardian trade theory extensions
139:Ricardian trade theory extensions
102:Ricardian trade theory extensions
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774:Journal of Economic Perspectives
314:in comparison to Paul Krugman's
224:across sectors within a country.
26:which analyzes the patterns of
1433:Quarterly Journal of Economics
1223:Journal of Economic Literature
539:. pp. 1–2. Archived from
1:
63:In Book IV of his major work
1211:, Kazuo Nishimura, Page 232.
1198:(3): 161–175. See pp. 166–8.
1181:(3): 165–180. See pp. 177–9.
1058:Journal of Political Economy
1032:The American Economic Review
683:History of Political Economy
576:. Princeton University Press
450:that permits unemployment.
236:are the same upon countries
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1555:International trade theory
1539:International trade theory
1256:(3): 477–519 Section 1.8.
1192:Review of Economic Studies
1175:Review of Economic Studies
951:Review of Economic Studies
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881:Review of Economic Studies
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20:International trade theory
505:Preferential trading area
393:Traded intermediate goods
287:foreign direct investment
241:Stolper-Samuelson theorem
1356:, Tokyo, Springer Japan.
291:monopolistic competition
1488:SSRN Electronic Journal
719:International Economics
480:Economic liberalization
30:, its origins, and its
1560:Management cybernetics
1049:Matsuyama, K. (2000).
464:democratic backsliding
420:intra-firm competition
328:Gravity model of trade
161:specific factors model
149:Specific factors model
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1465:10.1353/jod.2000.0080
1235:10.1257/jel.39.4.1204
790:(Report). Economics.
375:intermediate products
185:Heckscher–Ohlin model
179:Heckscher–Ohlin model
169:Industrial revolution
112:comparative advantage
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66:the Wealth of Nations
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1541:at Wikimedia Commons
1496:10.2139/ssrn.3717614
1453:Journal of Democracy
1138:Singapore, Springer.
717:Carbaugh, Robert J.
567:"absolute advantage"
485:Great Trade Collapse
454:Effects on democracy
312:New new trade theory
1114:10.14441/eier.3.141
776:26(2): 65-89. p.66.
468:democracy promotion
430:Global value chains
379:global value chains
155:Ricardo-Viner model
71:resource allocation
28:international trade
1292:Fujimoto, T. 2001
436:Global value chain
424:global competition
299:home-market effect
265:Leontief's paradox
122:New interpretation
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57:absolute advantage
42:Adam Smith's model
22:is a sub-field of
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754:71(6): 1695-1725.
203:factor endowments
116:factor endowments
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258:In 1953,
24:economics
1283:pp.3-75.
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474:See also
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