International Economics: The Ricardian Model of Trade: Part 1 - The Farmer and the Rancher

Описание: In this group of videos, I discuss labor productivity and comparative advantage. These concepts are illustrated with a model known as the Ricardian model of trade. This video is part 1.

0:01 labor productivity model (aka the Ricardian model)
0:50 the farmer and the rancher
6:00 drawing the PPF
16:19 trade in the simple model
21:30 the gains from trade
27:30 the source of the gains: comparative advantage
33:20 understanding why a particular trade creates gains for each person


Dr. Azevedo
Department of Economics and Finance
University of Central Missouri