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This 4 page paper provides an overview and discussion on basic economic issues and theories revolving around international trade. Ricardo's ideas are compared with the Heckscher-Ohlin model. Various tariffs are discussed. Bibliography lists 5 sources.
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4 pages (~225 words per page)
File: RT13_SA544eco.rtf
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the nations trade and what it means to you as an individual. First, it should be noted that both Ricardo and, Heckscher and Ohlin, discuss economic issues concerning international
trade. Heckscher and Ohlin argue that "comparative advantage arises from differences in factor endowments" (Cho, 2000, p.9). Also, countries differ from one another due to the products they process (Cho,
2000). Of course, Ricardos stance was similar and he was the one who came up with the idea of comparative advantage, where it is possible for two nations with the
ability, to create a different product at a lower cost than the other country and increase the total output and also lower costs ("The father of free trade," 2005). How
is this accomplished? It is done "through specialization and trade" ("The father of free trade," 2005, p.89). The primary difference between the two stances is that Heckscher-Ohlin makes the assumption
that labor, the means of production and so forth, is the same in each nation whereas Ricardo says no such thing ("Heckscher-Ohlin model," 2005). Also, the Heckscher-Ohlin theory seems to
demonstrate how trade affects the distribution of income within trading partners. According to the theory, if trading partners do have the same access to technology and minimum " economies
of scale" and have a similar labor base, each nation is able to maximize welfare gains through trade by " unilaterally liberalizing its markets for traded goods" (Felix, 1998,
p. 191). Each of the nations should embrace export subsidies administered by its trading partners in order to improve the terms of its own trading interests (Felix, 1998).
Distribution of income may be affected because in the example, there is attention to employment. In each of the nations trading, there must be a sustainable community of workers. While
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