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International trade development in the new economic era

日期: 2013-12-11
浏览次数: 11

Economic research studies the effective allocation of limited resources, and the improvement of resource allocation efficiency brings economic growth.


The efficiency of resource allocation at the national level of international trade research is one of the earliest branches of economic theory. The concepts of division of labor and comparative advantage in Smith's "The Wealth of Nations" have already seen the importance of resource flows between countries for global economic growth. Before the 18th century, although there were basic factors of production, the cost of factor flow and information flow was very high, and the speed of technical exchange was very slow. It formed a balance of low-level traditional agricultural social and economic development, low level of economic development, and per capita production. The basics remain unchanged. Since the industrial revolution, per capita output has continued to grow, which has completely broken through the low level of equilibrium in the original agricultural society, and people have begun to think theoretically about the reasons for sustained economic growth.


Y=AF(K,L) is the essence of modern economic growth theory and practice. Y stands for final output, K stands for capital, L stands for labor, and A stands for technology-centered total factor productivity. For more than 200 years, economic theory has been using this basic macroeconomic accounting to explain and guide economic development practices.


Capital, labor, and technology-centered total factor productivity constitute the basic elements of modern economic growth. The flow of factors behind the flow of factors and product flows between countries – international trade is the core carrier of modern technology diffusion and economic growth. With the rapid development of the new economy in the past decade or more, the pattern change of economic growth practice has given new meaning to the traditional economic growth theory, and it is necessary to appropriately expand the existing theoretical system.


How to treat the development of international trade theory and practice in the new economic era?


After hundreds of years of development and practice, trade costs and economies of scale are the two cornerstones of international trade theory. Trade costs will decentralize production, products will serve the local market, and economies of scale will result in agglomeration of production. We take these two points as the main line to discuss the impact of the new economy on the development of international trade theory and practice.


First, transaction costs have fallen rapidly in the new economic era. In the traditional economy, due to the existence of information asymmetry, there is a high transaction cost between enterprises, enterprises and individuals. It is precisely because of the existence of this transaction cost that the boundary of the enterprise is determined, and the degree of product differentiation pricing is determined, which determines the way of existing international trade.


In the new economic era, the cost of information collection, storage, and dissemination has dropped drastically, and the role of economies of scale has been significant, which has led to a significant decline in transaction costs between firms. This cost reduction has a strong welfare effect on international trade.


First, a reduction in transaction costs will reduce the cost of existing trade and increase the benefits of existing transactions. In the modern economy, in simple terms, trading is economic growth. The more transactions, the more prosperous and developed the economy. International trade is a transaction between the state and the state. Every transaction has a cost. When the income is not lower than the cost, the transaction occurs. The part with higher income than the cost becomes the consumer surplus (may also be converted from the producer surplus to the consumer surplus). We assume that the cost is divided into two parts: production costs and trade costs. The decline in trade costs has led to a decline in the total cost of each transaction, an increase in revenue, an increase in consumer surplus, and a welfare effect.


Second, the decline in transaction costs will match more transactions, expand the size of the economy, and improve social welfare. The number of transactions in the market is determined by the critical transaction. In the critical transaction, the transaction cost is just equal to the income. When the transaction cost decreases, the critical transaction income in the market decreases, so that more transactions can be matched and the potential in the original economy can be matched. Buyers and sellers improve social welfare.


Finally, the decline in transaction costs is reflected not only in product flows, but also in factor flows, which will largely change the global trade landscape. The flow of international trade products reflects the flow of factors. If the cost of factor flow is low enough and the risk is low enough, it is obviously a rational decision of the enterprise to gradually replace the indirect factor flow (flow of international trade products) with direct factor flow. In the existing international trading system, the space for tariff barriers and non-tariff barriers under the framework of the World Trade Organization (WTO) has been very limited. The future development is nothing more than two directions: either to further deepen the coordination between countries to labor, In areas such as environmental protection and government procurement, the potential for resource allocation efficiency improvement will be tapped from a deeper and broader perspective; or direct competition for factor flows will further exacerbate competition for public service policies among countries and will largely change existing International capital flows and international trade patterns.


Second, the role of economies of scale in the new economic era is growing. According to the traditional international trade theory, economies of scale and transaction costs jointly determine the layout and development of industries among countries. The basic concept of this theoretical judgment is also adapted to the status quo of industrial development in the new economic era. To put it simply, economies of scale have made the industrial layout more agglomerated, and transaction costs have made the industrial layout more dispersed. The interaction and strength of the two have jointly determined the development of the industry. In the new economic era, transaction costs have fallen sharply, and economies of scale have played a greater and greater role. This has made large enterprises stronger and stronger, and the industrial chain has continued to expand, becoming a typical giant. This is also a typical feature of the new economy. Large-scale multinational, cross-disciplinary and cross-industry chain enterprises based on platforms play an increasingly important role in social and economic development.


In the new economic era, trade costs have fallen, economies of scale have risen, and the original international trade model, which is highly dependent on the supply side, will change a lot. The focus of the supply side shifts from production factors to services. If public service factors are given, demand Become the core to determine the development and layout of the industry. China's market is huge, and the Internet economy is developing actively. How to occupy a favorable position in the next wave of international factor flow competition has become a problem that we need to focus on and study.


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