### 经济代写|微观经济学代写Microeconomics代考|THE STANDARD TEXT

statistics-lab™ 为您的留学生涯保驾护航 在代写微观经济学Microeconomics方面已经树立了自己的口碑, 保证靠谱, 高质且原创的统计Statistics代写服务。我们的专家在代写微观经济学Microeconomics代写方面经验极为丰富，各种代写微观经济学Microeconomics相关的作业也就用不着说。

• Statistical Inference 统计推断
• Statistical Computing 统计计算
• (Generalized) Linear Models 广义线性模型
• Statistical Machine Learning 统计机器学习
• Longitudinal Data Analysis 纵向数据分析
• Foundations of Data Science 数据科学基础

## 经济代写|微观经济学代写Microeconomics代考|The extent and growth of international trade and investment

The importance of trade is typically expressed relative to the size of a country’s economy as measured by the total value of all the final goods and services it produces during the year – its gross domestic product (GDP). Trade takes place not only in goods, but also in services such as shipping, tourism and education. Table $10.1$ shows the relative size of exports and imports for a variety of countries and how these have changed from 1970 to 2019 , almost half a century.

For many countries, the relative importance of trade has increased substantially, particularly for developing countries such was India, China, Mexico and Turkey. Larger economies, such as the United States and Japan, are typically less reliant on trade than smaller countries. The very large values for Belgium and the Netherlands likely reflect the transshipment of goods through their major ports. As well, trade is typically not balanced, with some countries experiencing surpluses (exports exceeding imports) in 2019 , such as Germany. Others had deficits, such as the United States. A trade surplus reflects net lending to the rest of the world as the country sells more than it buys from the rest of the world. In effect, it is accumulating IOUs, promises to pay from other countries in the future. Similarly, trade deficits reflect net borrowing from the rest of the world.

There is nothing inherently good or bad about a trade surplus or deficit; it depends upon the circumstances in which it takes place. For example, a country in which there are good investment opportunities may have a trade deficit as it imports goods and services now to make those investments, enhancing its ability to export in the future.

This increase in trade has occurred for a variety of reasons. Reductions in transportation costs have been significant – consider, for example, the development of containerized shipping. This and improved communications have permitted the development of global supply chains, so that individual products can be produced from components made in many countries. Under a variety of trade agreements, trade barriers have been reduced since the 1970 . The remarkable growth of the Chinese economy since the 1980 and it joining the World Trade Organization (WTO) has been another contributing factor.

In Chapter 2, we explained how trade is determined by comparative advantage, relative costs of production between countries, and how this allows both countries to gain from trade. Restrictions on trade, such as tariffs, can reduce those gains. Let’s see how.

## 经济代写|微观经济学代写Microeconomics代考|The economics of tariffs and import protection

We’ll analyse the effects of a tariff (i.e. tax on imports) on nails. For simplicity, we consider the ‘small country’ case, where the importing country takes

the world price of nails (here, $\$ 10 /$kilo of nails) as given: its imports are too small to influence the price in any appreciable way. Figure$10.1$illustrates this situation. At the world price, demand exceeds domestic supply; the difference is imports. If the government imposes a tariff of$\$1 /$ kilo on nails, the domestic price rises by the same amount. Foreign suppliers of imported nails must get \$11// kilo of nails so that after paying the tariff they still get the world price of$\$10 /$ kilo. Otherwise, they would sell their nails elsewhere. The rise in price reduces the quantity demanded and increases the quantity produced domestically. As a result, imports decline.

The effect of the tariff is to make consumers of nails worse off and domestic producers of nails better off, while giving the government some revenue from that tariff. What is the net effect?

First, note that the price increase reduces consumers’ surplus (the area under the demand curve and above the price) by the areas $a+b+c+d$ in Figure 10.1. Area $c$ is the government’s tariff revenue, which involves no loss to society. (Imagine that it is returned to the population as a cash transfer.) The domestic nail producers get areas $a+b$ as they produce more and at a higher price. Part of that (area ‘ $b$ ‘), however, represents additional marginal costs of production above the world price, $P_{w}$, so really only area ‘ $a$ ‘ adds to their profits. If those who get these added profits are domestic residents, that results in no loss to society. The net result is that consumers have lost $a+b+c+d$, producers get ‘ $a$ ‘, governments get ‘ $c$ ‘; thus ‘ $b$ + $d$ ‘ is the net loss to society as a whole from the tariff. The loss comes from two sources: reduced consumption lowers consumer

surplus ( $d$ ‘) and the society has accepted higher domestic costs of production of nails than it could have paid to get the nails from abroad (“b’).

The analysis of a policy that limits imports to a certain maximum level (called an import quota or a quantitative restriction) is the same with the exception that in that case the government gets no tariff revenue. Either domestic importers or foreign producers get the benefits of the higher price, depending on who gets the valuable rights to import the limited amount of foreign nails.

The net costs of a tariff or a quota are the same as the net gains from removing them. Consumers gain consumer surplus from the lower price and greater consumption; on the production side, society’s resources are directed more towards the goods in which it has a comparative advantage. Total income in the country is higher and, as we saw in Chapter 2, every consumer can potentially have more of all goods. Those employed or owning capital in import-competing industries will be made worse off as they have to find employment elsewhere or accept lower incomes, but trade raises the economic well-being of a nation in the sense that the gains of the winners exceed the losses of the losers. Total surplus is increased. Therefore, the winners could compensate the losers and still be better off. In this sense, trade can make everyone better off.

Governments may provide assistance to those hurt by changes in trade policy, but compensation is unlikely to be complete. As a result, changes in trade policy are often controversial. The losers, being smaller in number than those who gain, may be in a better position to organize to obtain tariffs or to block trade liberalization. As a result, nations may fail to fully enjoy the gains from trade.

If all countries pursue free trade, the world would have a more efficient allocation of resources and a higher level of material well-being. Trade has the additional benefit that exposure to foreign competition also keeps domestic producers on their toes, adopting the best technologies to keep costs low and productivity high. The greater interdependence of economies around the world through trade and investment also promotes peace by making war more costly.

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