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Mới phát triển trong các hiệp định thương mại quốc tế và vòng mới nhất của các cuộc đàm phán thương mại quốc tế tài chính quốc tế một phần cuộc khủng hoảng mới về tranh cãi hiện nay trong hệ thống tiền tệ quốc tế | 2 - Patterns of Trade 29 Steel Figure 2.4 Equilibrium with foreign trade. If this country is offered a barter ratio represented by the slope of line SB it should specialize in the production of steel at point S and trade out to point T thereby consuming a combination of steel and wheat which is on indifference curve I4. This combination is clearly superior to the previously consumed set at point P on indifference curve i2. T the price ratio is again equal to the marginal rate of substitution in consumption as represented by the slope of the indifference curve i4 at that point. In the final equilibrium position Germany will produce at point S and consume at point T. It will produce OS of steel 100 million tons keeping OD 55 million tons for its own use and exporting SD of steel 45 million tons in exchange for imports DT of wheat 90 million tons . Recognize what we will call the trade triangle TRS where TR steel exports and RS wheat imports and the slope of the third side TS represents the relative price of steel. Germany s gain from trade can clearly be seen in the final column of Table 2.7. Compare the amounts of wheat and steel that are available for domestic consumption before and after trade 30 million more tons of wheat and 15 million more tons of steel are available after trade. Because population and resources employed remain the same while more of both goods are available Germany clearly can increase economic welfare in the sense of providing its population with more material goods than they had before trade began. 30 International economics Table 2.7 German production and consumption Before trade Production net national product Consumption Wheat 60 million tons 60 million tons Steel 40 million tons 40 million tons After trade millions of tons Production NNP - Exports Imports Consumption Wheat 0 - 0 90 90 Steel 100 - 45 0 55 Another demonstration that Germany gains from foreign trade is the fact that it reaches a higher indifference curve the movement from .
