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1、TheAdvantagesofInternationalTradeTheLawofAbsoluteAdvantageAdamSmith(1723-1790)wasoneoffounderofclassicaleconomicschool,alsoofthetheoryofspecializationandinternationaltrade.Hethoughtspecializationmightincreaseproductionefficiencyandeachcountryshouldspecializeinproducingth
2、osegoodswhichitcouldproducecheaplyandefficiently,thentradedgoodsproducedwithgreatsacrificewithothers.Alltradingcountriesmaybenefitthroughtrade(theoryofabsoluteadvantage).Hegaveanexampletoshowhistheory.TheLawofAbsoluteAdvantageThetwonations,EnglandandPortugal,arebothablet
3、oproducewineandtextiles.Englandcanproduce1unitoftextileswith70laborsayear,whereasPortugalcanproducewith110labors.However,Portugalcanproduce1unitofwinewith80laborstoEngland’s120labors.Ifwithouttradebetweenthetwonations,Englandonlycanenjoy1unitofwineand1unitoftextile,andth
4、esametoPortugal.TheLawofAbsoluteAdvantageTable1AbsoluteAdvantageTextilesLaborneededWineLaborneededunitayearunitayearEngland1701120Portugal1110180TheLawofAbsoluteAdvantageEnglandwouldfindtradeadvantageous:toproduce1unitofwine,itneeded120laborstogiveuptextilesproduction,bu
5、twithfreetradeitcanspecializeintextilesandexchange1unitofitsoutputfor1unitofwine.Portugallikewisegains:toproducebothcommodities,itmustgiveupproductionofwinefortextilesdesired.Specializationimprovesthewell-beingofbothcounties.Withtrade,EnglandwouldproducetextilesandPortug
6、alwine.Eachnationhasaclearabsoluteadvantage;Englandcanproducetextilesmorecheaplythanwine,andPortugalcanproducewinemorecheaplythantextiles.TheLawofAbsoluteAdvantageSpecializationTextilesLaborneededWineLaborneededunitayearunitayearEngland2.7190Portugal2.375190TheLawofAbsol
7、uteAdvantageTradeTextileWineunitunitEngland1.71Portugal11.375TheLawofComparativeAdvantageDavidRicardo(1772-1823)developedthetheoryofSmith,hethoughteachcountryshouldproducethosegoodswithgreaterbenefits,thenthroughtrade,itincreasedtheoutputwiththeunchangedcapitalandlabors.
8、HestillusedSmith’sexampletoshowthesituation.TheLawofComparativeAdvantageEvenifoneofthetwonationsshouldh
