上市公司的优势

上市，是指股份有限公司在证券交易所公开发行股票后并公开上市交易。

公司上市解决了企业发展所需要的资金，为公司的持续发展获得稳定的长期融资渠道，并借此可以形成良性的资金循环，可以在更广阔的范围内进行融资，从而扩大公司的资本金规模，进而扩大生产，提高盈利空间，并且上市公司股票融资是不用向投资者退还本金的，盈利了就分红，亏了就由股东和公司一起承担亏损。而非上市公司就只能通过借贷的方式来融资，有借就有还，非上市公司因此会承受很大的财务负担，增加企业经营的风险。

成为公众公司，可以大大提高知名度（媒体给予一家上市公司的关注远远高于非上市企业），同样可获得名牌效应，积聚无形资产。因为一上市，好多机构投资者就会研究，好多股民也会关注，而且只要上市，也就证明公司的注册资本、人员、管理水平等已上了一个台阶，比较规范，社会上那么多的不相关人士都会增加对上市公司的信任度。

上市公司的知名度会引起社会和媒体的高度关注，可以促进对企业的监督和管理作用，从而促进企业管理水平进一步提高，同时也可以把更优秀的人才吸引到企业来，为企业的发展注入更强大的动力。

上市公司可以增大与其他知名企业的合作空间，进行强强合作，做大做强企业，如江苏大明与山西太原不锈钢厂的合作就是一个很好的典范。太钢非常愿意与大明进行战略合作，只要大明在国内某地设立加工中心（子公司），太钢就愿意加盟入股。如最近大明与太钢合作在太原投资设立了太原太钢大明加工中心，该项目是江苏大明金属制品有限公司与太钢合资兴建的现代化钢铁综合服务中心。项目将依托太钢的生产能力和品牌优势，引进国际一流的加工设备及工艺，运用先进的创新型加工中心运营管理模式，打造以不锈钢深加工为主的钢铁服务型制造企业，成为钢铁产业链增值、不锈钢产业集成化发展的示范基地，项目建成后将为大型化工设备、桥梁结构、核电风电、轨道交通、特种船舶制造、工程机械等新兴领域提供配套服务。预计到2015年，实现不锈钢深加工量30万吨，碳钢20万吨。同时大明与太钢合作准备在武汉成立加工中心，预计明年5月开工建设，目前正在做可行性报告及公司营业执照注册等工作。

从产业竞争角度来讲，一方面上市可以支持企业更快速地成长以取得在同行业领先的时机，另一方面，如果同行竞争者均已上市，企业同样需要充足资本与竞争对手对抗。

上市也有一定的负面之处。首先每季度需要公布上市公司的财务报表及投资项目等，上市公司需要让股民知道拿着这些钱干什么。同时竞争对手也会看到上市公司的这些数据，因此保密性不强。

其次上市会造成控制权失控。一上市随着时间的推移，上市公司的股份会变成全流通，这个时候一些有钱人就会轻而易举的把上市公司买走，让上市公司改名换姓。Search Images Videos Maps Shopping Translate More ▼ScholarBlogsCalendarPhotosDocumentsEven more »

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Trade Equilibrium PriceIt is crucial to note that the import demand and export supply curves are not themselvestypical demand and supply curves. Each of them already has within it a whole structure ofproduction and demand.Real Incomes, Production, Elasticities and the Trade Pattern (appendix)[The following is based on the appendices of Caves and Jones.]We would like to begin by setting out the sources of welfare charges. A first examination showsthat these can come about due to (1) changes in the terms of trade, or (2) endowment changes.The relevant expression, where RY refers to real income in units of the Y good:This formidable-looking expression actually has some intuitive content. We have chosen tomeasure welfare in terms of your real consumption measured in units of the importable Y good.Not surprisingly then, the change in welfare is given by the change in consumption that isattained -- viz. P dDX + dDY (note that the price converts units of X into “real” terms, i.e. units ofY). The final expression of this has two terms. The first is a “terms of trade” effect. Noting thatwhen pˆ −1 > 0 then the price of the importable has risen relatively, or equivalently the terms oftrade have worsened, we are not surprised to find that this lowers welfare. The second term islooking at the effects of small shifts in our production bundle. Assuming that we maintain fullemployment, so remain on the PPF, the first order effect of these changes is zero. The reason isthat we were already at an optimum, so along the PPF MRT = dY/dX = -P. But simplymultiplying and rearranging then shows P dX + dY = 0. [The more advanced student mayrecognize this as an example of the Wong/Viner envelope theorem.]When the terms of trade change, what happens to the domestic demand for imports? This is acomplicated question. We have to consider substitution effects and income effects in demand, aswell as any induced effects on supply. The expression which we will derive reflects all of these:Our decisions about imports and exports are intimately linked by the requirement ofbalanced trade. What does this suggest about the relation of the elasticities of import demand andexport supply? First let us recall the definitions of each of these terms:Elasticity of import demand We would like to have an idea how the terms of trade adjust to exogenous changes(anything but prices) in import demands in the two countries. The result that we will derive isthat the terms of trade will turn against whichever has the larger proportional growth in importdemand at unchanged prices:III. The Ricardian ModelIn the last chapter we established an important principle: If autarky relative prices differ,it is possible for countries to trade at an intermediate price ratio such that both may gain. Ourdevelopment of the world equilibrium was in very general terms based on demand and supply ineach country. However it was left unexplained why autarky prices should differ. The presentchapter develops the Ricardian model of trade, and uses the concept of comparative advantageas the basis of trade. We will see that in the Ricardian model, this comparative advantage derivesfrom underlying differences in the technology available to each country.Derivation of the Ricardian PPFOne factor (labor) in fixed supplyTwo Goods: X and YThe technology is fully described by the constant unit labor inputs: aLX and aLYFactor market clearing requires:MRT = aLX/aLY defines the marginal rate of transformation, which tells how much Y must bereduced to produce one more unit of X (note that it is constant here). [see Figure 1]Autarky Equilibrium in a Ricardian WorldWe will assume homogeneous homothetic preferences so that we can use the construct of asingle representative consumer.Assuming that both goods are produced, the optimality conditions in a competitive economyinsure that:Ability to TransformMRS = [∂U/∂X]/[∂U/∂Y]Willingness to SubstituteHomogeneous preferences means everybody in the society has the same preferences.Homothetic preferences mean that for a given relative price P, the proportion in which the goodsare consumed is independent of the level of income. [These allow us to put aside for the momentproblems of income distribution.]Ricardian Supply and DemandThe prices of the goods produced depend on labor costs. If any price was strictly above its laborcosts, then assuming a given wage and fixed input coefficients, we could have infinite profits byexpanding production of that good to an infinite level. Thus the assumption of competition andfinite production levels insures that the price must be less than or equal to the labor costs; that is:PX ≤ w aLXand PY ≤ w aLY(equality if actually produced)If both goods are produced, it follows that:P = PX/PY = (w aLX)/(w aLY) = aLX/aLY = MRTSo we can draw the Ricardian Supply Curves for X and Y. Note that, the autarky price has beendetermined even before considering demand. The division of output between the two goods, thenwill correspond to that demanded at the supply-determined price.Comparative AdvantageWhy do countries trade? What determines which countries produce which goods? A firstidea might occur: since labor is the only input, home should produce those goods which it canproduce with less labor than the foreign country. It should import the other goods. This is the so-called Principle of Absolute Advantage. By this principle, if aLX < aLX* then we should exportgood X. But is this an adequate characterization of the determinants of trade? What shouldhappen if the home country has an absolute advantage in producing every good? In this case,aLi aLX/aLY.We will say that home has a comparative advantage in the production of good X justwhen:Note that in the autarky equilibrium, we had the condition that P = MRT, so also in the foreigncountry we had P* = MRT*. Thus, recalling that P = PX/PY, we have a comparative advantage ingood X when P < P*, that is when we have a lower autarky relative price of good X.This may seem a bit hard to follow. But the basic idea is simple. We are the relativelyefficient producer of X. When our autarky price is lower, this means that we have to give up lessY to get one more unit of X than is true in the foreign country. Conversely, if the foreign countrywere to produce one unit less of X, they could use the extra labor to produce more Y than wegave up. Intuitively, this extra amount of Y could be divided up and both would be better off.Comparative Advantage: An ExampleHere home has an absolute advantage in each good (check!). However its comparative advantagelies in good X, since:Thus from an autarky position, if home produced one less Y, it could produce two moreX. If foreign produced one less X it could produce 3/2 more Y. The net gain to the world ofshifting the site of production is one X and one-half Y. Both could be made better off.Note, then, absolute advantage is not an adequate determinant of the pattern of trade.Although home has an absolute advantage in the production of good Y (as well as good X), itdoes not export Y. The reason is that in spite of the absolute advantage in Y, it has a comparativedisadvantage in Y.Derivation of the Ricardian World Production Possibilities FrontierThe world PPF shows the maximum feasible combinations of X and Y, given theavailable technology and labor supplies. A combination of X and Y is said to be the maximumfeasible if it is not possible to produce more of one without producing less of the other. These arealso called points of production efficiency.If each country is on its PPF, does it follow that the world is on the world PPF? No! Itmay be that the distribution of production across countries is accomplished inefficiently. In sucha case, by shifting the site of production of each good to the country with comparative advantageof that good, we can increase the availability of some goods without reducing the availability ofothers. That is, we can move towards a point of world production efficiency.We would like to derive the world PPF. Two points are easily derivable, namely thosewhen both countries produce only X, or only Y. In this case:To proceed, we must know the pattern of comparative advantage. Suppose, as before, that homehas a comparative advantage in good X. Then MRT < MRT*. Thus if any X at all should beproduced, it should be produced in the home country. Thus, starting from a position where onlyY is produced, have the home country produce one unit of X; the amount of Y we have to giveup is exactly MRT (recall that is how we defined it!). It is obvious that we would have the homestart producing X first, since the fact that it has a lower MRT means that we have to give up lessY for that first unit of X. Note, though, that since the labor input requirements are constant foreach country, the same must be true of their ratio, the MRT. That is, for each extra X weproduce, we have to give up MRT units of Y. This continues to be true up until the point thathome is completely specialized in X. If we want the world to produce yet more X, then theforeign country will have to start producing it. But, now that the foreign country starts to produceit, we have to give up more Y to get a unit of X, since MRT* > MRT.Note that if actual production is to the left of the kink in the world PPF, then the priceunder trade is equal to the home autarky price: PT = PA = MRT. If we actually produce to theright of the kink, then PT = PA* = MRT*. If we actually produce at the kink, then all that we cansay is that the trade price is in the range: PT ∈ [PA, PA*].To determine the actual point on the world PPF where we will produce, we have to lookat world demand and supply. As before, assume MRT < MRT*, and the prices are P PX/PY.Note that the world supply curve is in the nature of a step function. This corresponds to thecondition that a country will produce both goods only if P = MRT in that country. Thus thehorizontal sections occur at the levels at which P = MRT in the respective countries. We can thendefine three regions in which both goods are supplied. At a price equal to the home autarkyprice, PT = MRT only home will produce X (although it may produce some Y as well); foreignwill specialize in Y. At a price such that MRT < PT < MRT*, both countries specialize--home ingood X and foreign in good Y. At a trade price such that PT = MRT* the home country willspecialize in good X and the foreign will be willing to produce any feasible combination of goodX and Y. Of course, given the supply conditions, the prices and quantities depend on the demandconditions. However, note that small shifts in demand affect production levels only when one ofthe countries is producing both goods. Further, in this case, the price is wholly unaffected. On theother hand, if both countries are completely specialized, then small shifts in demand lead to nochange in production levels, only a change in the price level!Ricardian Gains From TradeSo long as the trade prices differ from autarky prices, there are gains to trade. In general,the gains will be larger the larger the divergence.Relative Wages in a Ricardian WorldThe Ricardian model can be used to take a fist look at what might give rise to theobserved distribution of wages in the world.If both countries specialize, which occurs when MRT < PT < MRT*, it must be true thatPX = w aLX and PY = w* aLY*.This implies that w/w* = [PX (1/aLX)]/[PY (1/aLY*)]. Note that 1/aLX is the marginalproduct of labor, so PX (1/aLX) gives the value of the marginal product for good X. Thus the ratioof wages between the two countries equals the ratio of the value of the respective marginalproducts. Note that a shift of demand that raised P = PX/PY yet still left production completelyspecialized would raise home relative wages.We can say a bit more about relative wages in this first case. So long as the trade pricesare (weakly) between the autarky prices, we can give a bound for relative wages (also known asthe factoral terms of trade):If home specialized, but foreign did not, then it must be the case that:PX = w aLX = w* aLX* and so w/w* = aLX*/aLX.That is, here relative wages are fixed wholly by the technical differences in the good produced incommon. This is true so long as one does not specialize.Small Ricardian Economy Capable of Producing N GoodsBy definition, a small Ricardian economy faces fixed prices for its output. Even if it iscapable of producing N goods, it will specialize in one (or several in the knife-edge case of a tie)for which there is the largest value of the marginal product: Pi (1/aLi) = VMPi (recall 1/aLiis themarginal product in the i'th good. There will be a tie if and only if Pi/Pj = aLi/aLj.Notice that this suggests that if we actually lived in a Ricardian world there would likelybe a very high degree of specialization. As always in a Ricardian model, we have the technicalcoefficients (here the labor input requirements) independent of the level of output. Labor isassumed to be homogeneous and perfectly mobile domestically.Technical Progress in a Ricardian Model & Distribution of the GainsBy definition, a small Ricardian economy faces fixed prices for its output. Even if it iscapable of producing N goods, it will specialize in one (or several in the knife-edge case of a tie)for which there is the largest value of the marginal product: Pi (1/aLi) = VMPi (recall 1/aLiis themarginal product in the i'th good. There will be a tie if and only if Pi/Pj = aLi/aLj.Notice that this suggests that if we actually lived in a Ricardian world there would likelybe a very high degree of specialization. As always in a Ricardian model, we have the technicalcoefficients (here the labor input requirements) independent of the level of output. Labor isassumed to be homogeneous and perfectly mobile domestically.Technical Progress in a Ricardian Model & Distribution of the GainsLet five goods be produced: goods one to three at home and four and five abroad. Suppose thereis technical progress in good one (i.e. aL1 falls). Suppose further that w is fixed (so prices ofgoods two and three are fixed). What will happen to the welfare of the two countries?1. If P4 and P5 remain unchanged, both benefit as wage rates are the same and P1 hasfallen.2. If P4 and P5 rise, say because demand for good one is inelastic, the foreign country willdefinitely gain, but it is possible here that the home country will lose. [Jones 80-81 says thatthere is necessarily a loss to home if consumption is in fixed proportions].3. If P4 and P5 fall, then home must gain, but foreign could gain or lose. This might be thecase, say, if good one is a substitute for goods four and five.Nontraded Goods in the Ricardian Small Open EconomyNontraded goods are those for which transport costs make trade in such goodsprohibitively costly (e.g. land, haircuts, etc.]. As before, the small open economy will produceonly that traded good for which Pi/aLi is a maximum. It will import all other tradable goods that itconsumes. But we know that this gives the wage rate w = Pi/aLi. Thus given the technology of thenontraded good, and specifically its unit labor requirement, we must have PNT = w aLNT as itsprice. Note that our assumptions on how specialization in traded goods occurs implies thatrelatively small changes in relative traded prices can lead to a complete change in tradedspecialization. This is not surprising given the rigid Ricardian technical conditions that we havespecified. What is noteworthy is that the small shift in prices will change the wage, and so theprice of the nontraded good, but it will not lead to the same violent change in production. Thenontraded sector is able to adjust prices and production levels with relatively minor fluctuations.The nontraded sector can pass on the increased labor costs, while the original traded sectorcannot. Note that we could have done an essentially identical comparative static if there wastechnical change in the traded goods. What does this suggest about the possible advantages anddisadvantages of an open economy? [Due to Caves/Jones].Intraindustry Trade in the Ricardian EconomyIn recent years, a number of international economists have made much of the fact thatmuch of world trade is “intraindustry” trade -- that is, trade is in goods of similar factor intensity.As we will see later, they have argued that we can account for such atrade only if we turn toincreasing returns to scale and imperfect competition. However, they ignored the very simplestmodel -- that of Ricardo. Since there is only one factor, goods necessarily have identical factor“intensity.” That is, the simple Ricardian model is the paradigmatic model of competitiveintraindustry trade. As we will see later, this can be generalized to a world with more goods andfactors. The important point is that when there are goods that are excellent substitutes inproduction, then technical differences matter. If these lead to strong specialization, then similarcountries may engage in intraindustry trade.Ricardian World with International Labor MobilityIt is left ambiguous whether the Ricardian technological differences are due todifferences in the workers themselves or other technical conditions. Assuming the latter, perfectlabor mobility will insure that under conditions of competition, the site of production will bedetermined by absolute advantage. If one country has an absolute advantage in both goods, theother country ceases to exist. Assume aLX < aLX* but aLY > aLY*. Then all X is produced at homeand all Y is produced abroad. The new world PPF lies outside the old world PPF, touching itonly at the point of initial complete specialization. The slope is -aLX/aLY*.Ricardian ProblemT, F, or uncertain? By opening to trade, we risk having one (or more) of our industries whollyeliminated due to competition. This raises grave doubts about the possibility of enjoying gainsfrom trade. Surprisingly, in the Ricardian world, losing an industry is a necessary condition for acountry to experience gains from trade. The reason is simple. It will maintain all industries onlyin the event that trade and autarky prices are equal. But this is exactly the condition for enjoyingno gains from trade! Here it may be significant that we are able to abstract from themacroeconomic issues of full employment, since we would want to be sure that the release offactors in one sector here allows expansion in a relatively more efficient sector.Ricardian ProblemT, F, or uncertain? In a world Ricardian economy in which two countries initially produce thesame good, one can be certain of capturing the entire market if it experiences faster technicalgrowth. Since both produce good X, say, we must have w aLX = PX = PX* = w* aLX*. The onethat ends up with the lower price capture the entire market. We can see that this depends not onlyon the rate of technical change, but also on the growth rate of wages generally in each country.[show proportional changes.]IV. The Heckscher-Ohlin-Samuelson Model: The FactorProportions TheoryIn this chapter we will develop the factor proportions theory of international trade. Ourjob of analyzing trade here will be easier if we first review a few microeconomic principles anddevelop a few useful diagrams that illustrate these.Isoquants, Isocost Lines and the Lerner DiagramIn developing our intuition regarding the determinants of patterns of international trade, itis useful to have some basic diagrams that help us to think about the implications of changes inthe economic environment. One basic building block is the Lerner diagram. To derive it, though,we must begin by reviewing the meaning of an isoquant.It may be worthwhile recalling that the term "iso-" means essentially "constant." So anisoquant is a line along which the quantity produced is constant. The isoquant for a good X isdrawn with the axes given by the factor inputs used to produce that good. In our work, we willhave two factors, capital and labor, and so these will correspond to our axes. If we draw a unitisoquant of X, we will show the combinations of K and L that are just capable of producing oneunit of X. Note that in general as we use more labor, we can use less capital, but each time thatwe do this the amount of labor that we have to add increases as we have less and less capital, yetkeep producing one unit of X. This gives the isoquant the familiar "bowed-in" shape, convex tothe origin. Since the MRTS (marginal rate of technical substitution) is the slope of the isoquant,we can see that this corresponds to diminishing MRTS as labor is substituted for capital. [seefigure 1]Given that a unit of output could be produced with any of the different combinations of Kand L along the isoquant curve, the producer is faced with the problem of choosing which to use.The obvious answer is to choose the one that produces the given output at least cost. From theperspective of the individual producer, the factor price ratio, w/r, is beyond her control.Thus, for any given factor price ratio we can draw a line in capital/labor space with slope -w/rthat is an isocost line. That is, every combination of K and L on that line will be such that (w L +53r K) equals the same constant number.[see figure 2] Obviously lines with the same slope butfurther from the origin represent higher levels of costs. [By now you should see the symmetrybetween these isocost lines and the consumer's typical budget line, or "iso-expenditure" line.]Thus the way to produce it at least cost is to pick the point of tangency between the isoquant andthe isocost line for the given w/r. This point of tangency gives the optimal capital to labor ratiofor the given w/r.[see figure 3] Moreover, very significantly, we can note that as w/r rises (theisocost curves become steeper) the optimal capital to labor mix will rise.[see figures 4] Thisshould not be surprising--as the cost of labor (the wage) rises relative to capital (the rental cost)we should substitute toward the factor that has become relatively cheaper (capital here). Thisestablishes the fact that, say for good X, the optimal kX will be monotonically increasing in w/r.Geometrically this corresponds to a steeper line from the origin to the point of tangency.[seefigure 5] Moreover, the fact that we are working with a constant returns to scale productionfunction means that the optimal capital to labor mix depends only on the factor price ratio--noton the scale of production.[see appendix on CRS production functions]Figure 5By looking at the exchange model, we have already developed a relatively sophisticatednotion of demand. Now we need to add production, which it turns out is very simple here. Asprice changes, production moves along the PPF. Thus we can summarize supply of X as X =X(P). Since P = PX/PY we easily verify that the supply of X is increasing in P. Similarly Y = Y(P-1be surprising. A rise in P necessarily means a fall in P-1, so a rise in production of X and a fall inproduction of Y.We can now insert this directly into the framework of import demand/export supply thatwe developed earlier -- only now with production variable. Let us look at the home country first.What would the autarky (pre-trade) situation look like? We can see that in this competitiveeconomy, production and consumption would occur at a common point, where MRS = MRT =PA, and where MRTS = w/r (since we have full employment and are on the PPF). [see Figure 14]This would put us at the autarky equilibrium, point A. In the import demand/export supplydiagram, this implies MY = 0 just when P = PA.We continue to derive the import demand schedule just as before, only now we allow forproduction to vary. For example, we could ask what would happen if P were PB > PA (i.e. PB-1 − DX(P, R) = EX(P, R).50

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贸易平衡价格

关键是要注意的进口需求和出口供给曲线本身并不
典型的需求和供给曲线。他们每个人都已经在它的整体结构
生产和需求。



实际收入，生产，弹性和贸易格局（附录）



[以下基础上的洞穴和琼斯的附录。
我们希望开始列明福利费用的来源。第一个检查显示
这些可以来约因（1）贸易条件的变化，或（2）养老变化。
有关的表达，其中RY是指在良好的Y单位的实际收入：
这一艰巨的前瞻性的表达，实际上有一些直观的内容。我们选择
衡量您的真实单位导入Ÿ良好的消费方面的福利。
不出意料的话，消费的变化，那就是福利的变化
达到 - 即。 P级DDX + DDY（注意，价格转换成“真实”的条款，即单位X单位
Y）在这最后的表达，有两个方面。首先是“贸易条款”的影响。注意到
当p -1> 0，则导入的价格已上升相对，或等价的条款
贸易恶化，我们并不感到惊讶地发现，这降低了福利。第二项是

看在我们的生产包的小变化的影响。假设我们保持充分
就业，所以留在PPF的，这些变化的一阶效应是零。原因是
我们已经在一个最佳的，因此沿PPF的捷运= DY / DX = - P。但仅仅
相乘，然后重新排列，显示P级DX + DY = 0。 [更先进的学生可
承认黄/的瓦伊纳信封定理的例子。贸易变化的条款，当进口的国内需求会发生什么？这是一个
复杂的问题。我们要考虑需求替代效应和收入效应，作为
以及供应任何诱导作用。我们将获得的表达反映所有这些：

我们决定对进口和出口密切相关的要求
贸易平衡。这是什么进口需求弹性的关系，并建议有关
出口供应量呢？首先让我们回顾这些条款的定义：



进口需求弹性，我们想有一个想法，贸易条件如何调整外生变化
（除了价格），在这两个国家的进口需求。我们会得到的结果是
贸易条件会变成对进口中的比例增长，具有较大的为准
需求不变的价格：
第三。李嘉图模型




在最后一章中，我们建立了一个重要的原则：如果自给自足的相对价格差异，
它有可能为国家交易的中间价格比等，都可能获得。我们的
世界平衡发展，是基于需求和供给非常笼统
每一个国家。然而，它留给不明为什么自给自足的价格应该有所不同。本
章开发李嘉图贸易模型，并利用比较优势的概念
作为贸易的基础。我们将会看到，在李嘉图模型，这种比较优势派生
从底层的技术提供给每个国家的差异。



李嘉图人民警察的推导
在定点供应的因素之一（劳动）
X和Y两种商品：
该技术是完全描述不断单位劳动投入：ALX和ALY
要素市场的结算要求：
捷运= ALX / ALY定义转型的边际税率，它告诉Y必须是多少
降低生产一个单位的X（注意，它是不断在这里）。 [见图1]



在李嘉图的世界自给自足均衡



我们将假设均匀的位似偏好，使我们可以使用一个构造
单具有代表性的消费者。

假设两种商品的生产，在经济竞争力的最优性条件
确保能力变换

刘健= [∂的U /∂X] / [∂的U /∂Ÿ]
替代的意愿


同质偏好，是指在社会的每个人都有同样的喜好。
位似偏好意味着，对于一个给定的相对价格P的比例，其中商品
消耗是独立的收入水平。这些让我们姑且不论
收入分配问题。



李嘉图的供应和需求

生产该商品的价格取决于劳动力成本。如果任何价格是严格按照以上的劳动
成本，然后假定一个给定的工资和固定投入系数，我们可以有无限的利润
扩大到无限的水平，良好的生产。因此，假设竞争
有限的生产水平，确保价格必须小于或等于劳动力成本，这就是：

PX的 ≤瓦特ALX
和坪 ≤W ALY
（如果实际生产的平等）

如果两种商品的生产，它如下：
，P = PX / PY =（W ALX）/（W ALY）= ALX / ALY =捷运
所以我们注意的，自给自足的价格已经可以得出X和Y李嘉图的供给曲线
即使考虑需求之前决定。这两种商品之间的分工输出，然后
将对应要求在供给确定的price.Comparative优势

为什么国家的贸易？哪个国家生产的货品，是什么决定？第一个
想法可能会发生：因为劳动是唯一的输入，家庭生产的商品，它可以
生产与低于外国劳工。它应进口的其他货物。这是这样的
所谓的绝对优势的原则。这个原则，如果ALX 然后，我们应该导出
好十，但是，这是贸易的因素有足够的表征？又该
如果本国生产每一个良好的绝对优势？在这种情况下，
阿里阿里*所有商品。他们应该在所有交易？

要回答这个问题，我们必须把比较优势的原则。这是
可以说是在国际贸易理论的最重要的结果，因此必须仔细研究。
回想一下，我们已经定义了转型的边际税率为捷运 ALX / ALY。
我们会说，家里有比较优势，在生产产品X
时：请注意，在自给自足的平衡，我们的条件，P =捷运在国外的，所以也有
国家，我们有带够*捷运*。因此，回顾，P = PX /坪，我们有比较优势
好X时，P

是当我们有十好自给自足的相对价格较低
这看起来可能有点难以遵循。但基本的想法很简单。我们是相对
十，高效率的生产者，当我们闭关自守的价格是较低的，这意味着我们必须放弃
Y来获得一单位的X比在国外是真的。相反，如果外国
生产一单位的X，他们可以使用额外的劳动生产比我们更Ÿ
放弃了。直观，这Y的额外费用，可以分为两个日子会更好过。

比较优势：一个例子
在这里，家里有一个绝对的优势每种（check!）。然而它的比较优势
在于产品X，因为：因此，从自给自足的位置，如果生产少了一个Ÿ，它可以产生两个
十，如果外国少了一个X上却可以产生3/2需要更多的净收益Y。世界
转移生产基地，是一个X和一个半华都可以更好。
注意，那么，绝对优势是没有足够的贸易格局决定因素。
虽然家里有良好Ÿ生产（以及良好的X）的绝对优势，
不出口Y。原因是，尽管在Y的绝对优势，它具有相对
缺点在Y

李嘉图的世界生产可能性边界的推导

世界人民警察显示最大的可行组合的X和Y，给出了
现有的技术和劳保用品。 X和Y的组合被认为是最大
可行的，如果它是不可能产生一个不生产其他更多。这些都是
也被称为点的生产效率。
如果每个国家在其PPF的，它遵循世界上世界人民警察吗？不！它
可能是效率低下，生产国家之间的分配完成。在这种
通过转移到全国每一个良好的生产现场，具有比较优势的情况下，
那好，我们可以对部分货物的可用性增加不减少的可用性
等等。也就是说，我们可以走向世界生产效率点。
我们希望得到世界人民警察。有两点很容易派生，即那些
当这两个国家生产只有X或Y。在这种情况下：
要继续，我们必须知道的比较优势格局。假设，如前，这家
有一个好十，然后捷运的比较优势<捷运*。因此，如果没有在所有的X应该
产生的，它应在本国生产。因此，从一个位置的地方只有
Y是生产，国内生产一单位的X，Y的量，我们必须给予
是完全捷运（召回，是我们如何定义它！）。很明显，我们将不得不在家
开始生产第一款X，因为事实上，它有一个较低的捷运意味着我们必须放弃
Y为X的注意，首台机组，不过，由于劳动力投入要求是常数
每个国家，同样必须是真实的比例，捷运。这是每一个额外的X，我们
生产，我们不得不放弃华捷运单位，这仍然是真实起来，直到点，
家在X是完全专业，如果我们希望世界上生产再更多的X，然后
外国的国家将不得不重新开始生产。但是，现在国外开始生产
它，我们不得不放弃更多的Y来获得一个单位的X，因为捷运*>捷运。
请注意，如果实际生产是在世界PPF的扭结左侧，那么价格
下贸易是平等的家庭自给自足价格：PT = PA =捷运。如果我们实际生产的
正确的扭结，然后PT = PA的* =捷运*。如果我们生产的扭结，然后我们就可以
说是交易价格的范围是：，PT ∈[PA宾夕法尼亚*]要确定世界PPF的实际点，我们将在那里生产，我们看
在世界的需求和供给。像以前一样，假定<捷运捷运*，价格是P PX /坪。
请注意，世界供给曲线是一个阶梯函数的性质。这相当于
条件下，一个国家如果P =捷运在该国生产两种商品。因此，
水平段水平，在各自的国家时，P =地铁站发生。然后，我们可以
定义三个地区在这两种商品提供。在价格相当于家庭自给自足
价格，PT =捷运唯一的家园将产生X（虽然它可能会产生一些y为）;外国
将专门在Y捷运<太平洋<捷运*，这两个国家专门的价格 - 家中
良好的X和良好的华外国贸易价格，太平洋等捷运*本国
专注于产品X和外国会愿意交出任何可行的好组合
X和Y当然，由于供应条件，价格和数量取决于需求
条件。但是，请注意需求的小变化，影响生产水平只有当一个
国家生产两种商品。此外，在这种情况下，价格是完全不受影响。上
另一方面，如果这两个国家是完全专业，那么需求的小变化导致无
改变生产水平，只有在变化的价格水平李嘉图从贸易的收益！



只要交易价格从自给自足的价格不同，有交易的收益。一般情况下，
收益将有较大的分歧较大。
在李嘉图世界相对工资



李嘉图模型可以用来采取了什么，可能会引起的拳头看看
观察到分布在世界上的工资。
如果这两个国家的专业，其中发生时捷运捷运*，它必须是真实的，
PX的= W ALX和坪= W * ALY *。
这意味着，W / W * = [PX的（1/aLX）] / [坪（1/aLY *）]。注意，1/aLX边际
劳动的产物，因此PX（1/aLX）给出了良好的十边际产品的价值，因此，该比率
两国之间的工资等于各自的边际价值的比例
产品。请注意，需求的转变，提高供磷= PX / PY尚未完全离开生产
专门将提高家庭的相对工资。
我们可以说，在这第一种情况下的相对工资多一点。只要交易价格
（弱）之间的自给自足的价格，我们可以给相对工资绑定（也称为
贸易factoral条款）：如果家专业化，但国外没有，那么它必须是这样的情况：
PX的= W ALX = W * ALX *等W / W * = ALX * / ALX。
也就是说，相对工资是固定的，全部由在生产技术上的差异
常见的。这是真实的，所以只要一个不专业。



小李嘉图生产列印商品经济的能力
根据定义，一个小李嘉图经济面临其输出的固定价格。即使是
列印商品生产的能力，将专门在一个（或几个在刀口的情况下领带）
有最大的边际产品值：PI（1/aLi）= VMPi（召回1/aLiis
边际产品在第i个好。会有一条领带，当且仅当PI / PJ = ALI / ALJ。
请注意，这表明，如果我们住在李嘉图的世界有可能会
是一个专业化程度非常高。总是在李嘉图模型中，我们有技术
系数（这里的劳动力投入要求）独立的产出水平。劳动是
假定国内是均匀和完美的移动。



在李嘉图模型及收益分配的技术进步
根据定义，一个小李嘉图经济面临其输出的固定价格。即使是
列印商品生产的能力，将专门在一个（或几个在刀口的情况下领带）
有最大的边际产品值：PI（1/aLi）= VMPi（召回1/aLiis
边际产品在第i个好。会有一条领带，当且仅当PI / PJ = ALI / ALJ。
请注意，这表明，如果我们住在李嘉图的世界有可能会
是一个专业化程度非常高。总是在李嘉图模型中，我们有技术
系数（这里的劳动力投入要求）独立的产出水平。劳动是
假定国内是均匀和完美的移动。



在李嘉图模型及收益分配的技术进步

让五品生产的商品在家里一到三个和四个和五个国外。假设有
是好（即AL1瀑布）的技术进步。进一步假设W是固定的（这样的价格
货物两个和三个固定）。两国的福利会发生什么事？
1。如果P4和P5保持不变，都为工资率的利益是相同的和P1
下降。
2。如果P4和P5的兴起，说因为好的需求是无弹性的，外国
肯定取得的，但它有可能将失去本国。 [琼斯80-81说，
有损失，必然是一个家庭，如果消费是在固定的比例]。
3。如果P4和P5下降，家庭必须获得，但国外可能获得或失去。这可能是
在这种情况下，说，如果好的一个是商品的替代四，五。

李嘉图的小型开放经济中的非贸易商品

非贸易商品的运输成本，使此类商品贸易
难以承受昂贵的（如土地，理发等。之前，小规模开放型经济将产生
只，成交良好的PI /阿里是最大的。它将导入所有其他流通商品
消耗。但我们知道，这使工资率W = PI /阿里。因此给予技术
非贸易好，特别是其单位劳动力需求，我们必须有作为的PNT =瓦特aLNT
价格。请注意，我们的假设如何发生货物交易的专业化意味着
相对成交价相对较小的变化可能导致在交易的彻底改变
专业化。这是并不奇怪，因为我们有刚性李嘉图技术条件
规定。值得注意的是，价格的变化将改变工资，所以
价格的非贸易的好，但它不会导致生产的剧烈变化。 “
非贸易部门是能够调整价格和生产水平与相对较小的波动。
非贸易部门可以通过劳动力成本增加，而原有的贸易部门
不能。请注意，我们可以做一个基本上是相同的，如果有比较静态
在货物贸易的技术变化。这是什么建议可能带来的好处和
一个开放的经济体系的缺点是什么？由于石窟/琼斯在李嘉图经济的产业内贸易。

近年来，一些国际经济学家作出事实
世界贸易的多是“产业内”贸易 - 也就是说，类似的因子强度货物贸易。
正如我们稍后将看到的，他们认为，我们可以这样atrade交代，只有当我们转向


提高规模和竞争不完善的回报。然而，他们忽略了非常简单的
模型 - 里卡多。由于只有一个因素，商品不一定有相同的因素
“强度”。也就是说，简单的李嘉图模型是有竞争力的典范模型
产业内贸易。正如我们稍后将看到的，这可以与更多的商品推广到世界
因素。重要的一点是，当有货物是在良好的替代品
生产，当时的技术差异问题。如果这些强大的专业化的铅，然后类似
国家可能从事产业内贸易。

李嘉图与国际劳动力流动的世界

它留给模棱两可是否李嘉图技术差异是由于
在工人自己或其他技术条件的差异。假设后者，完美
劳动力流动将确保竞争的条件下，将生产现场
确定以绝对的优势。如果一国在两种商品的绝对优势，
其他国家不再存在。假设ALX 但ALY> ALY *。然后所有的X被产生的在家里
和所有Y是国外生产的。的新的的世界上PPF的在于的旧的的世界上PPF的以外地方，触摸它来
仅在首次完整的专业化点。该的斜率被-aLX/aLY *。

李嘉图问题

T，F，或不确定？通过开放贸易，我们冒了我们的一个行业（或更多）的全
由于竞争淘汰。这，它引发了约的享受收益的的的可能性的的坟墓的疑虑
从贸易中JOURNAL。令人惊讶的是，在李嘉图的世界，失去了一个行业，是一个必要条件
体验到国家的贸易收益。原因很简单。仅将保持所有行业
在事件，贸易和自给自足的价格都是平等的。但是，这正是享受条件
从贸易就没有收获！在这里，它可能是重要的是我们能够从抽象
充分就业的宏观经济问题，因为我们要确保释放
在一个部门的因素，在这里可以在一个比较高效的部门的扩张。

李嘉图问题

T，F，或不确定？在李嘉图经济世界，在这两个国家最初产生
姣好，可以捕捉整个市场是一定的，如果它出现更快的技术
增长。由于这两种产生良好的X，说，我们必须有ALX = PX的瓦特= PX的* = W * ALX *。一
结束与较低的价格占领整个市场。我们可以看到，这不仅取决于
对技术变革的速度，而且对工资的增长率一般在每一个国家。
[显示比例的变化。]


四。赫克歇尔 - 俄林 - 萨缪尔森模型的因素
比例理论




在这一章中，我们将发展国际贸易的要素比例理论。我们的
分析贸易在这里的工作将是容易的，如果我们首先回顾一些微观的原则，
开发一些有用的图表，说明这些。



等产量线，等成本线和勒纳图



在发展我们的直觉，就国际贸易格局的决定因素，它
是有用的，有一些基本的图表，帮助我们思考变化的影响
经济环境。一个基本的构建块是勒纳图。为了得到它，虽然，
我们必须首先通过审查等产量线的含义。
这可能是值得回忆，“ISO”基本上意味着“恒”。因此，一个
等产量线是一条线，沿着它的生产量是恒定的。一个很好的x的等产量线
绘制用于生产，良好的要素投入的轴。在我们的工作，我们将
有两个因素，资本和劳动力，因此，这将符合我们的轴。如果我们画一个单位
X的等产量线，我们将显示K和L的组合，只是有能力生产一
单位X的注意，在一般我们使用更多的劳动力，我们可以用更少的资本，但每次
我们这样做的劳动，我们要添加的增加，因为我们有越来越少的资本金额，但
生产一单位X的，这使熟悉的“拜倒在”形状，凸的等产量线
原点。由于捷运（边际技术替代率）等产量线的斜率，
我们可以看到，这相当于减少资本取代劳动的捷运。 [见
图1]








鉴于可与K的不同组合产生的输出单位
沿着等产量线的曲线L时，生产者正面临着选择使用哪一个的问题。
答案显然是选择之一，生产成本至少在给定的输出。从
个别生产者，生产要素价格比的角度来看，W / R，是超出了她的控制。
因此，对于任何给定的要素价格比，我们可以得出资本/劳动空间行与斜坡W / R
这是一项成本线。也就是说，在该行的每一个K和L的组合将是这样（W L +




53







ŕK）等于相同数量不变。[见图2]显然具有相同的斜率线，但
进一步从源头代表更高层次的成本。 [现在你应该看到的对称性
等成本线和典型消费者的预算线，或“ISO-开支”线之间。
因此，生产成本至少是选择之间的等产量线和切点
W / R等成本线。这点相切，给出了最佳的资本劳动比率
对于给定的W / R [见图3]此外，很明显，我们可以看到，W / R上升（
等成本曲线变得陡峭）劳动组合的最优资本将上升。[图4]
不应该是惊人的 - 劳动力成本（工资）上升相对资本（租金成本）
我们应该替代走向，已成为相对便宜（资金）的因素。这
建立的事实，说物品X，最佳KX将单调增加的W / R。

几何此对应的是一个陡峭的线从原点到切点。
图5]此外，事实是，我们的工作与报酬不变，规模化生产
功能是指劳动组合的最优资本只取决于生产要素价格比 - 不
生产规模。[CRS生产函数见附录]


图5

通过交换模型，我们已经制定了一个比较复杂的
需求的概念。现在，我们需要增加生产，它原来这里是非常简单的。如
价格的变化，沿PPF的生产动作。因此，我们可以总结为X = X的供应
X（）。由于P = PX / PY我们很容易验证的X供应增加体育同样Y = Y（P -
1
令人感到意外。在P的上升必然意味着在P-1的秋天，所以在生产的X上升，并在秋季
生产Y的
现在，我们可以插入直接进入进口需求/出口供应框架
我们发展较早 - 现在只生产变量。让我们先看看在本国。
自给自足（交易前）的情况会是什么样子的？我们可以看到，在这个竞争激烈
经济，生产和消费将出现在一个共同的点，刘健=捷运=
PA，其中捷运= W / R（因为我们有充分的就业和人民警察）。 [见图14]
这将使我们在自给自足的平衡，在A点的进口需求/出口供应
图中，这意味着我= 0时，P = PA。
我们将继续获得进口需求计划，像以前一样，我们现在只允许
生产要因人而异。例如，我们可能会问，如果P是PB，会发生什么事> PA（即PB-1 <
PA-1）。它是明确的，朝十消费的生产发展方式的转变，移动
前面的部分。我们的经济将导入Y和出口十


关于供应和需求的价格的影响相同的意见在这里举行为
外国。
贸易平衡取得，正是我们对进口的需求等于其供给
出口（Y的）。在注意家进口需求减少竖曲线的推导
自给自足的价格。相应地，出口供应EX的= x（P）的 - DX（P，R）= EX（P，R）。


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