When there aren't gains from trade발음듣기
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When there aren't gains from trade
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[Instructor] So let's say we're in a very simplified world where we have two countries, Country A and Country B .발음듣기
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And they're each capable of producing apples or bananas or some combination of them and what this chart tells us if Country A put all their energy behind apples in a day they could produce three apples.발음듣기
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Similarly, Country B, if they put all of their energy behind apples in a day they could produce two apples and Country B if they put all of their energy behind bananas in a day they could produce four bananas.발음듣기
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So given this, who has the comparative advantage in apples and who has the comparative advantage in bananas and how should they trade?발음듣기
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All right so when we're thinking about comparative advantage we really want to think about well, what is the opportunity cost of producing an apple in each country and what is the opportunity cost of producing a banana in each country?발음듣기
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So one over two apples, apples per banana and then for Country B we can do a similar calculation and you might be noticing something interesting is about to happen.발음듣기
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Well, one way to think about it if they produce two apples that means they're giving up four bananas.발음듣기
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And once again, if we want to think in terms of the opportunity cost of a banana well, to produce four bananas they're giving up two apples.발음듣기
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They have the same opportunity cost for apples in terms of bananas, and they have the some opportunity cost for bananas in terms of apples.발음듣기
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Another way we could visualize this that maybe makes it maybe hopefully a little bit more clear.발음듣기
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And let's make this one right over here, this horizontal one let's make this the apples axis and let's make the vertical one the bananas axis.발음듣기
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And we're saying per day and this of course is apples per day and so if we look at Country A.발음듣기
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If they put all their energy behind bananas they could produce, let's just say this is two, four, six.발음듣기
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And so their production possibilities if we assume it is a linear trade-off would look something like this and the slope right over here this would be the opportunity cost.발음듣기
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So the slope right over here, every time we increase apples by one we decrease bananas by two.발음듣기
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So in this situation, we would have, so the slope here is equal to, well, it's actually a negative slope.발음듣기
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So this right over here, this slope based on how I picked the axes this is giving me the opportunity cost for apples in terms of bananas.발음듣기
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Country B right over here they could either produce four bananas or two apples or things in-between.발음듣기
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And if we switch these axes right over here then the slope would be the opportunity cost for bananas in terms of apples.발음듣기
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And we're talking about two goods and they have the same slope then that means their opportunity costs are going to be the same, and there's not going to be a gain from trade.발음듣기
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Remember, the whole point of comparative advantage and trading is that both countries will benefit.발음듣기
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But there are situations where both countries wouldn't benefit because they have the same opportunity cost and this was an example of one of them.발음듣기
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Maybe irrespective of what the models tell us about comparative advantage some country says hey, I don't want to produce bananas.발음듣기
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Apples are the future, that's a higher skilled industry whatever else, so there's definitely scenarios especially even in our model, in our very simplified model where there might not be gains from trade.발음듣기
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