(&%")"*%+,έ./" 0+.1%$%21έ ή3 *5"!"5./,ή 1/+ ("2/)ή,51/3

Transcript

1 !"ά$%&' 4 (&%")"*%+,έ./" 0+.1%$%21έ ή3 *5"!"5./,ή 1/+ ("2/)ή,51/3 (ί)5,% 5;ό 1'. 5.ά$+2' 1/+ +;/)%ί7,51/3 1/+ Ricardo ό1" 1/ )"%=.έ3 %,;ό6"/ %ί.5" %;8>%$έ3 7"5 ό$%3 1"3?ώ6%3 ;/+,%1έ?/+. 2% 5+1ό. A5" ό,83, 21"3 ;657,51"*ό1'15 ;/$$έ3?ώ6%3 %;"$έ7/+..5 ;6/2151%ύ/+. 2+7*%*6",έ./+3 *$ά)/+3 1/+3 5;ό 1"3 %"25787έ3 *5" 1/ "2,ό ;/+ 2+.%;ά7%15" 1/ )"%=.έ3 %,;ό6"/. (;";$έ/., 2% ;/$$έ3?ώ6%3, 5$$ά *5" ;57*/2,ί83, +;ά6?/+. "2?+6έ3 *$5)"*έ3 *5" */".8."*έ3 5.1")6ά2%"3 *51ά 1'3 5;%$%+=έ682'3 1/+ %,;/6ί/+. C. 1/ %,;ό6"/ %ί.5" 1ό2/ %;8>%$έ3, ;6/3 1" / ;6/2151%+1"2,ό3 *5" /" )"5,561+6ί%3 %.5.1ί/. 1/+; D" "$'>=/ύ,% 1' $/7"*ή 18. )"5,561+6"ώ. *5" 1/+ ;6/2151%+1"2,/ύ ;6έ;%".5 )/ύ,% 1"3 %;";1ώ2%"3 1/+ )"%=./ύ3 %,;/6ί/+ ό?",ό./ 21' 2+./$"*ή %+',%6ί5,"53?ώ653, 5$$ά *5" 21' )"5./,ή 1/+ %"2/)ή,51/3. Aά1" 1έ1/"/ )%.,;/6%ί.5 7ί.%" 215 ;$5ί2"5 1/+ E"*56)"5./ύ +;/)%ί7,51/3, 21/ /;/ί/ +;ά6?%",ό./ έ.53,%15f$'1ό3 /,/7%.ή3 2+.1%$%21ή3 ;565787ή3, ' %6752ί5. G/ E"*56)"5.ό +;ό)%"7,5 +;/=έ1%" ό1" /" %675Hό,%./" %ί.5" ό$/" ί)"/" *5",;/6/ύ..5,%15*"./ύ.15"?86ί3 *ό21/3,%15&ύ 18. *$ά)8. ;565787ή3,,% 5;/1έ$%2,5 1/ %,;ό6"/.5,'. %;'6%άH%" 1' )"5./,ή 1/+ %"2/)ή,51/3. I;ά6?/+. )ύ/ F52"*/ί $ό7/" 7"5 1/+3 /;/ί/+3 1/ )"%=.έ3 %,;ό6"/ έ?%" "2?+6έ3 %;";1ώ2%"3 21' )"5./,ή 1/+ %"2/)ή,51/3. A51ά ;6ώ1/., /" ;ό6/","53 /"*/./,ί53 )%.,;/6/ύ..5,%15*".'=/ύ.?86ί3 *ό21/3 5;ό *$ά)/ 2% *$ά)/, *ά1" ;/+ ;6/*5$%ί ' 5;%$%+=έ682' 1/+ )"%=./ύ3 %,;/6ί/+. A51ά )%ύ1%6/., /" )"ά>/6/" *$ά)/" έ?/+. )"5>/6%1"*έ3 5;5"1ή2%"3 7"5 2+.1%$%21έ3 ;565787ή3,,% *ά;/"/ %$%21έ3 ;565787ή3.5 %ί.5" %&%")"*%+,έ./" 2% 2+7*%*6",έ./+3 *$ά)/+3. J,%15F/$ή 21/,%ί7,5 1'3 ;565787ή3 ;/+ ;6/*5$%ί 1/ )"%=.έ3 %,;ό6"/ =5,%"ώ2%" 1' Hή1'2' 7"5 *ά;/"/ %$%21έ3 ;565787ή3 *5" =5 5+&ή2%" 1' Hή1'2' 7"5 ά$$/+3,,% 5;/1έ$%2,5.5 5$$ά&%" ' )"5./,ή 1/+ %"2/)ή,51/3. Έ12", %.ώ 1/ %,;ό6"/,;/6%ί.5 %ί.5" 2+./$"*ά %;8>%$έ3 7"5,ί5?ώ65, 2+?.ά ;$ή11%" 2+7*%*6",έ.%3 /,ά)%3,έ25 21'?ώ65 1ό2/ F65?+?6ό."5, ό2/, %.)%?/,έ.83, *5",5*6/?6ό."5. Lί5 6%5$"21"*ή 5.ά$+2' 1/+ )"%=./ύ3 %,;/6ί/+ =5 ;6έ;%".5 &%;%6ά2%" 1/ 5;$ό E"*56)"5.ό +;ό)%"7,5, *5".5,;/6%ί.5 )"%6%+.ή2%" 1"3 %;";1ώ2%"3 1/+ %,;/6ί/+ 21' )"5./,ή 1/+ %"2/)ή,51/3. 01' )"ά$%&' 5+1ή =5 %;"*%.168=/ύ,% 21"3 F65?+?6ό."%3 %;";1ώ2%"3 1/+ )"%=./ύ3 %,;/6ί/+ 21' )"5./,ή 1/+ %"2/)ή,51/3, ό15. +;ά6?/+. *ά;/"/" 2+.1%$%21έ3 ;565787ή3 /" /;/ί/" )%.,;/6/ύ..5,%15*".'=/ύ.?86ί3

2 *ό21/3,%15&ύ *$ά)8.. D"5.5 *651ή2/+,% 1/ +;ό)%"7,5 ό2/ 5;$ό 7ί.%15", =5 +;/=έ2/+,% ό1" 1/ *ό21/3 5+1ό %ί.5" 5;57/6%+1"*ό 7"5 *ά;/"/ %$%21έ3 ;565787ή3, /" /;/ί/" %ί.5" %&%")"*%+,έ./" 7"5.5 ;56ά7/+.,ό./ 2% έ.5 5;ό 1/+3 )ύ/ *$ά)/+3. G/ +;ό)%"7,5 ;/+ ;6/*ύ;1%" /./,άh%15" 21/ -.ό0#"1+2 34% #5#"0")#-+έ%4% 7-%3#8#73ώ%. To +;ό)%"7,5 5+1ό έ?%" 1"3 6ίH%3 1/+ 21/+3 Viner (1931) *5" Haberler (1936), *5" 5.5;1ύ?='*% *51ό;". 5;ό 1/+3 Jones (1971) *5" Samuelson (1971). 4.1!" #$ό&'()*+,-. /0'(&(1'2*έ ,'5'6,ώ. Ό;83 *5" 21/ 5;$ό E"*56)"5.ό +;ό)%"7,5, 1/ +;ό)%"7,5 18. %&%")"*%+,έ %$%21ώ. +;/=έ1%" ό1" *ά=%?ώ65 ;56ά7%" )ύ/ 575=ά *5" ό1" 1/ %6751"*ό )+.5,"*ό *515.έ,%15" %$%ύ=%65,%15&ύ 18. )ύ/ *$ά)8.. N21ό2/, 2% 5.1ί=%2',% 1/. Ricardo, 21/ +;ό)%"7,5 5+1ό +;ά6?/+. *5" ά$$/" 2+.1%$%21έ3 ;565787ή3. (.ώ ' %6752ί5 %ί.5" έ.53 1#%")ό' (%+έ$"*1/3) 2+.1%$%21ή3 ;565787ή3 ;/+,;/6%ί.5?6'2",/;/"'=%ί 2% /;/"/)ή;/1% *$ά)/, /" ά$$/" 2+.1%$%21έ3 %ί.5" *$5)"*ά #5#"0")#-+έ%*". C+1ό 2',5ί.%" ό1",;/6/ύ..5?6'2",/;/"/ύ.15" 21'. ;565787ή,ό./ 1/+ %.ό3 5;ό 15 )ύ/ 575=ά. #$"8έ6'(9,"2 #$"&'ί)*+,"9 C3 +;/=έ2/+,%, ό;83 *5" 21/ +;ό)%"7,5 1/+ Ricardo, ό1" *ά=% /"*/./,ί5,;/6%ί.5 ;56ά7%" )ύ/ 575=ά. G6ό>",5 (:) *5" I>ά2,515 (;). N21ό2/, %*1ό3 5;ό 1'. %6752ί5 L, *ά=% /"*/./,ί5 έ?%" *5" )ύ/ %&%")"*%+,έ./ %$%21έ3 ;565787ή3, 576/1"*ή 7ή (F), ;/+,;/6%ί.5?6'2",/;/"'=%ί,ό./ 21'. ;565787ή 16/>ί,8., *5" >+2"*ό *%>ά$5"/ (<), ;/+,;/6%ί.5?6'2",/;/"'=%ί,ό./ 21'. ;565787ή +>52,ά18.. 4ό2/,;/6%ί.5 ;56ά7%" 2+./$"*ά ' *ά=% /"*/./,ί5; C+1ό ;6/2)"/6ίH%15" 5;ό 1'. 1%?./$/7ί5 1'3 ;565787ή3 (2+.ά61'2' ;565787ή3) *5" 1"3 +>"21ά,%.%3 ;/2ό1'1%3 18. ;565787"*ώ. 2+.1%$%21ώ.. O" ή2%"3 ;565787ή3 ;56ί215.15" 5$7%F6"*ά 83, Q Y = Q Y (K, L Y ) P P P P P P P P P (4.1) Q T = Q T (F, L T ) P P P P P P P P P (4.2) H (4.1) ;56"21ά 1' 2+.ά61'2' ;565787ή3 21/. 1/,έ >52,ά18. *5" ' (4.2) 21/. 1/,έ />ί,8.. J 576/1"*ή 7ή F 5;52?/$%ί15" 21/. 1/,έ />ί,8. *5" ό$/ 1/ >+2"*ό *%>ά$5"/ K 5;52?/$%ί15" 21/. 1/,έ >52,ά18., )"ό1" /" 2+.1%$%21έ3 5+1/ί %ί.5" %&%")"*%+,έ./". G/ 2ύ./$/ 1/+ %6751"*/ύ )+.5,"*/ύ L *515.έ,%15",%15&ύ 18. )ύ/ *$ά)8., *5" "2?ύ%", L Y + L T = L P P P P P P P P P P (4.3) 2

3 ;+<+)-)(1έ9 =2.+,ό,>,'9 D" $ύ2/+,% 1"3 ;565787"*έ3 )+.51ό1'1%3 1'3 /"*/./,ί53, )%)/,έ./+ ό1" /" ά$$/" )ύ/ 2+.1%$%21έ3 %ί.5" %&%")"*%+,έ./", 56*%ί.5 )/ύ,% ;83 5$$άH%" 1/,%ί7,5 18. ;6/Qό.18. ;/+ ;56ά7/.15" *5=ώ3 ' %6752ί5,%15*".%ί15" 5;ό 1/. έ.5 *$ά)/ 21/. ά$$/. C+1ό,;/6%ί.5 7ί.%" )"5765,,51"*ά, ;6ώ1/.,% 1/.5 ;56/+2"ά2/+,% 1"3 "0"ό3=3#' 34% 7-%2>3ή7#4%.2>2141ή' (4.1) *5" (4.2) *5",%1ά,% 1/.5 2+.ά7/+,% 1/ 7ύ%*>*.2>2141")ώ% 0-%23*3ή34% ()2+.ύ8= J 2+.ά61'2' ;565787ή3 7"5 1/. 1/,έ >52,ά18. ;56ί21515" 21/!"ά765,, Ό2/,%75$ύ1%6' %ί.5" ' 5;52?ό$'2', 1ό2/,%75$ύ1%6' %ί.5" ' ;565787ή. N21ό2/, ' 5;52?ό$'2' 5+&ά.%15",% >=ί./.15 6+=,ό, *5=ώ3 ' ;/2ό1'15 1/+ %&%")"*%+,έ./+ 2+.1%$%21ή (*%>ά$5"/) ;565,έ.%" 215=%6ή *5" +;ά6?/+. A$ί%*-7#' 2.*0ό7#"' 7"5 1/.,%15F$'1ό 2+.1%$%21ή. C+1ή %ί.5",ί5 2+.'="2,έ.' *5" 6%5$"21"*ή +;ό=%2' 7"5 1"3 5;/)ό2%"3 %.ό3,%15f$'1/ύ 2+.1%$%21ή. C&ίH%" ό,83.5 7ί./+. )ύ/ ;5651'6ή2%"3. 46ώ1/., ' +;ό=%2' 18. >="./+2ώ. 5;/)ό2%8. 1'3 %6752ί53 )"5>έ6%" 5;ό 1'. +;ό=%2' 1/+ Ricardo ό1" /" 5;/)ό2%"3 1'3 %6752ί53 %ί.5" 215=%6έ3. 01/ +;ό)%"7,5 1/+ Ricardo ' 2+.ά61'2' ;565787ή3 %ί.5" 21'. /+2ί5 765,,"*ή 2+.ά61'2' 1'3 5;52?ό$'2'3. J ;565787"*ό1'15 1'3 %6752ί53 )%. >=ί.%" ό2/ 5+&ά.%15" ' 5;52?ό$'2'.!%ύ1%6/., >=ί./+2%3 5;/)ό2%"3 7"5 έ %$%21ή, ό;83 ' %6752ί5, )%. 2',5ί.%" *5" >=ί./+2%3 5;/)ό2%"3 ό15. 5+&ά./.15" ό$/" /" 2+.1%$%21έ3 ;565787ή3. O" 2.*0ό7#"' )8ί+2)2', ό;83 $έ7/.15" /" 5;/)ό2%"3 ό15. 5+&ά./.15" 5.ά$/75 ό$/" /" 2+.1%$%21έ3 ;565787ή3,,;/6%ί.5 %ί.5" 215=%6έ3, ή 5*ό,' *5" 5ύ&/+2%3, ;56ά 1"3 >=ί./+2%3 5;/)ό2%"3,%,/.8,έ %$%21ώ. ;565787ή3. 0% 5+1ή *5" 1"3 5,έ283 %;ό,%.%3 )"5$έ&%"3 =5 +;/=έ2/+,% 215=%6έ3 5;/)ό2%"3 *$ί,5*53, )'$5)ή ό1" /" 5;/)ό2%"3 )%. %;'6%άH/.15" 5;ό 1/,έ7%=/3 1/+ *$ά)/+ ή 1'3 %;"?%ί6'2'3. R5 +;/=έ2/+,% ό,83 >=ί./+2%3 5;/)ό2%"3 7"5,%,/.8,έ./ %$%21έ3. O" >=ί./+2%3 5;/)ό2%"3 21'. 5;52?ό$'2' *$ώ.15" 21'. ;1ώ2' 1'3 *$ί2'3 1'3 2+.ά61'2'3 ;565787ή3 21/!"ά765,, G/!"ά765,,5 4.2 )%ί?.%" 1"3 >=ί./+2%3 5;/)ό2%"3,% )"5>/6%1"*ό 16ό;/.!%ί?.%" 1'. ;181"*ή 1ά2' 1/+ /6"5*/ύ ;6/Qό.1/3 1'3 %6752ί53, ;/+ 21/!"ά765,,5 4.1 %ί.5" ' *$ί2' 1'3 2+.ά61'2'3 ;565787ή3. 01/ +;ό)%"7,5 1/+ Ricardo 1έ1/"5 ;181"*ή 1ά2' )%. +;ά6?%". G/ /6"5*ό *5" 1/,έ2/ ;6/Qό. 1'3 %6752ί53 %ί.5" 215=%6ά. C.1ί21/"?5 )"576ά,,515 ;%6"76ά>/+. 1' 2+.ά61'2' ;565787ή3 *5" 1/ /6"5*ό ;6/Qό. 1'3 %6752ί53 21/. 1/,έ />ί,8.. (*%ί, 1/ /6"5*ό ;6/Qό. 1'3 %6752ί53 ;έ>1%", $ό78 1'3 215=%6ή3 έ*152'3 1'3 7'3 ;/+ *5$$"%67/ύ. /" %;";$έ/. 3

4 %675Hό,%./". IS'$ό1%6' 5;52?ό$'2' 21/+3 576/ύ3 ;6/*5$%ί 5ύ&'2' 1/+ 576/1"*/ύ ;6/Qό.1/3, 5$$ά,% >=ί./.15 6+=,ό. 01/!"ά765,,5 4.3?6'2",/;/"/ύ,% 1" ή2%"3 ;565787ή3 21/+3 )ύ/ *$ά)/+3 7" ά7/+,% 1/ 7ύ%*>*.2>2141")ώ% 0-%23*3ή34%. Ό;83 έ?/+,% ή)' 5.5>έ6%", 5+1ό ;/$$έ3 >/6έ3 5.5>έ6%15" *5" 83 )2+.ύ8= )"ό1",53 )%ί?.%" 1"3 1%?./$/7"*έ3 )+.51ό1'1%3,"53 /"*/./,ί53.5,%152?',51ίh%" 1'. ;565787ή %.ό3 ;6/Qό.1/3 2% ;565787ή ά$$/+. Ό;83 *5" 21/ +;ό)%"7,5 1/+ Ricardo, 5+1ό ;56"21ά 1/,έ7"21/,έ7%=/3 ;565787ή3 1/+ %.ό3 *$ά)/+, 7"5 )%)/,έ./ ύs/3 ;565787ή3 1/+ ά$$/+ *$ά)/+. C. ό$/ 1/ %6751"*ό )+.5,"*ό 5;52?/$%ί15" 21/. *$ά)/ />ί,8., ' ;565787ή +>52,ά18. =5 %ί.5",')%."*ή. C. ό$/ 1/ %6751"*ό )+.5,"*ό 5;52?/$%ί15" 21/. *$ά)/ 18. +>52,ά18., ' ;565787ή 16/>ί,8. =5 %ί.5",')%."*ή. A5=ώ3 5+&ά.%15" ' 5;52?ό$'2' *5" ' ;565787ή 1/+ %.ό3 *$ά)/+ %"3 Fά6/3 1/+ ά$$/+, 1/ /6"5*ό ;6/Qό. 1'3 %6752ί53 21/. *$ά)/ ;/+ %;%*1%ί.%15",%"ώ.%15", %.ώ 21/. *$ά)/ ;/+ 2+66"*./ύ15" 5+&ά.%15". C+1ό3 %ί.5" *5" / $ό7/3 ;/+ 1/ 2ύ./6/ %ί.5" */ί$/ 83 ;6/3 1'. 56?ή 18. 5&ό.8.. G/ 5.1ί216/>/ 2+,F5ί.%",% 1/ /6"5*ό ;6/Qό. 18. %&%")"*%+,έ %$%21ώ.. G/ /6"5*ό ;6/Qό. 1/+ 215=%6/ύ 2+.1%$%21ή ;/+?6'2",/;/"%ί15" 21/. *$ά)/ / /;/ί/3 %;%*1%ί.%15" 5+&ά.%15", )"ό1" / 215=%6ό3 %&%")"*%+,έ./3 2+.1%$%21ή3 2+.)+άH%15" 21'. ;565787ή,% ;%6"22ό1%6' %6752ί5, %.ώ 1/ 5.1ί=%1/ 2+,F5ί.%" 21/. *$ά)/ / /;/ί/3 2+66"*.ώ.%15". J *$ί2' 1/+ 2+.ό6/+ ;565787"*ώ. )+.51/1ή18.,%16ά 1/ )ό73*' #-)2">ί2' 34% 3>*Aί+4% 7# ό>*-' -A27+ά34%. 4ό2/ )'$5)ή =5 ;6έ;%".5,%"8=%ί ' ;565787ή +>52,ά18. 7"5.5 5+&'=%ί *51ά,ί5,/.ά)5 ' ;565787ή />ί,8.. J *$ί2' 5+1ή /6ίH%15" 5;ό, dq Y dq T = Q Y / L Y Q T / L T P P P P P P P P P (4.4) Tό78 1'3 +;ό=%2'3 7"5 >=ί./+25 /6"5*ή ;565787"*ό1'15 1'3 %6752ί53 *5" 21/+3 )ύ/ *$ά)/+3, 1/ *ό21/3 %+*5"6ί53 %ί.5" 5+&5.ό,%./. O2/,%75$ύ1%6' 7ί.%15" ' ;565787ή />ί,8., 1ό2/ ;%6"22ό1%65,έ165 +>ά2,51/3 5;5"1/ύ.15" 7"5 1'. %;";$έ/. ;565787ή %.ό3 *"$/ύ 1+( A+,+."*ή,>9 /<)+6ί+9 G/!"ά765,,5 4.3 )%ί?.%" ;83 ;6/2)"/6ίH%15" 1/,%ί7,5 1'3 ;565787ή3 7"5 )%)/,έ.' *515./,ή 1'3 %6752ί53. (6?ό,521% 1ώ65 21/ ;83 2% "21"*έ3 57/6έ3 =5 ;6/2)"/6"21/ύ. /" 1",έ3, /","2=/ί, *5" ' *515./,ή 1'3 %6752ί53,%15&ύ 18. *$ά)8.. C+1ό =5,53 %;"16έS%".5 ;%6"76άS/+,% 1' "21"*ή "2/66/;ί5. 4

5 L% "21"*έ3 57/6έ3, /" %67/)ό1%3 *5" 18. )ύ/ *$ά)8. =5 5;52?/$/ύ. %675H/,έ./+3,έ?6" 1/ 2',%ί/ ;/+ ' 5&ί5 1/+ /6"5*/ύ ;6/Qό.1/3 1'3 %6752ί53 "2/ύ15",% 1/ %6751"*ό *ό21/3, )'$5)ή 1/,"2=ό. C+1ό 2+.%;ά7%15" ό1", Q T L T P T = Q Y L Y P Y = W P P P P P P P (4.5) O ;6/2)"/6"2,ό3 18.,"2=ώ. "2/66/;ί53 ;56ί21515" 21/!"ά765,, O,"2=ό3 ;6/2)"/6ίH%15" 21/ 2',%ί/ 21/ /;/ί/ ' 5&ί5 1/+ /6"5*/ύ ;6/Qό.1/3 1'3 %6752ί53 %ί.5" ί2' *5" 21/+3 )ύ/ *$ά)/+3. J %&ί282' 1'3 5&ί /6"5*ώ. ;6/Qό.18. 1'3 %6752ί53 21'. (4.5), 2+.%;ά7%15" ό1", dq Y dq T = Q Y / L Y Q T / L T = P T P Y P P P P P P P (4.6) 01'. "2/66/;ί5, 1/ *ό21/3 %+*5"6ί />ί,8. 2% ό6/+3 +>52,ά18., )'$5)ή ' *$ί2' 1/+ 2+.ό6/+ ;565787"*ώ. )+.51/1ή18., =5 ;6έ;%".5 "2/ύ15",% 1' 2?%1"*ή 1",ή />ί,8.. J "2/66/;ί5 5+1ή ;56ί21515" 21/!"5765,, J "2/66/;ί5 ;6/2)"/6ίH%15" 21/ 2',%ί/ ;/+ 1/ 2ύ./6/ ;565787"*ώ. )+.51/1ή18. %>ά;1%15" 1'3 2?%1"*ή3 1",ή3 18. )ύ/ ;6/Qό / 2',%ί/ 5+1ό, ;6/2)"/6ίH%15" ' 2?%1"*ή ;565787ή 18. )ύ/ ;6/Qό /!"ά765,, / 2',%ί/ 5+1ό %ί.5" 1/ 2',%ί/ C. U$έ;/+,% 2+.%;ώ3 ό1" /" 2?%1"*έ3 1",έ3 18. )ύ/ ;6/Qό.18. %ί.5" 5+1έ3 ;/+ ;6/2)"/6ίH/+. 1' 2?%1"*ή ;565787ή 18. )ύ/ *$ά)8. *5" 1' 2?%1"*ή 5;52?ό$'2' 21/+3 )ύ/ *$ά)/+3. C&ίH%".5 7ί./+. 5,έ283 )ύ/ ;5651'6ή2%"3: 46ώ1/., 21/ +;ό)%"7,5 5+1ό, $ό78 1/+ ό1" 1/ 2ύ./6/ 18. ;565787"*ώ. )+.51/1ή18. )%. έ?%" 215=%6ή *$ί2', )%. "2?ύ%" ' %6752"5*ή =%86ί5 1'3 5&ί53. (.ώ 21/ E"*56)"5.ό +;ό)%"7,5 ' 2?%1"*ή 1",ή 18. ;6/Qό.18. /6ίH%15" 5;ό 1/ $ό7/ =%6ώ. /6"5*ώ. ;565787"*/1ή18. 1'3 %6752ί53, 21/ +;ό)%"7,5 18. %&%")"*%+,έ %$%21ώ. (5$$ά *5" 2% ό$5 15.%/*$522"*ά +;/)%ί7,515,% )ύ/ ή ;%6"22ό1%6/ %$%21έ3 ;565787ή3) / $ό7/3 18. /6"5*ώ. ;565787"*/1ή18. 1'3 %6752ί53 )%. %ί.5" 215=%6ό3 5$$ά %&561ά15" 5;ό 1' )"ά6=682' 1'3 ;565787ή3.!%ύ1%6/., 5+1ό 2',5ί.%" ό1" 21' 7%."*ή "2/66/;ί5, /" 2?%1"*έ3 1",έ3 *5" / $ό7/3 18. /6"5*ώ. ;565787"*/1ή18. 21/+3 )ύ/ *$ά)/+3 %&561ώ.15" *5" 5;ό 1"3 2+.=ή*%3 1'3 Hή1'2'3. Aά1" 1έ1/"/ )%. "2?ύ%" 21/ +;ό)%"7,5 1/+ Ricardo ό;/+ 2%,ί5 *$%"21ή 5

6 /"*/./,ί5 ' Hή1'2' 5;$ώ3 ;6/2)"/6ίH%" 1/,%ί7,5 1'3 ;565787ή3 *5" ό?" 1"3 2?%1"*έ3 1",έ3. C Dή,>6> 1+( "( ;<",(*ή6'(9,-. A+,+.+5-,ώ. R5 +;/=έ2/+,% ό1" 21'. /"*/./,ί5 5+1ή /" *515.5$81έ3 έ?/+. /,/=%1"*έ3 ;6/1",ή2%"3. C+1ό /+2"521"*ά 2',5ί.%" ό1" *515.5$81έ3,% )"5>/6%1"*ό %"2ό)',5, /" /;/ί/" ό,83 5.1",%18;ίH/+. 1"3 ί)"%3 2?%1"*έ3 1",έ3, =5 )"5$έ&/+. 1/. ί)"/ 2+.)+52,ό 575=ώ.. Tό78 1/+ ό1" 21/ +;ό)%"7,5 5+1ό )%. έ?/+. ό$/" 1/ ί)"/ %"2ό)',5, ό;83 2+,F5ί.%" 21/ +;ό)%"7,5 1/+ Ricardo, ' +;ό=%2' 18. /,/=%1"*ώ. ;6/1",ή2%8. %ί.5" 2',5.1"*ή )"ό1" /+2"521"*ά %;"16έ;%".5 +;/=έ2/+,% ό1" /" ;6/1",ή2%"3 1/+ 5.1";6/28;%+1"*/ύ *515.5$81ή %ί.5" 5.%&ά61'1%3 5;ό 1' )"5./,ή 1/+ %"2/)ή,51/3. O" ;6/1",ή2%"3 18. *515.5$81ώ. ;6/2)"/6ίH/+. 1' 2?%1"*ή Hή1'2',%15&ύ 18. )ύ/ ;6/Qό ά$/75,% 1"3 2?%1"*έ3 1",έ3. E'.(1ή F6"<<"$ί+ 6' 42.8ή1'9?2,ά<1'(+9 J "2/66/;ί5 *5" / ;6/2)"/6"2,ό ?%1"*ώ. 1",ώ. ;56ί21515" 21/!"ά765,, Aά18 5;ό 2+.=ή*%3 5+1ά6*%"53, /" 2?%1"*έ3 1",έ3 ;6/2)"/6ίH/.15" 21/ 2',%ί/ 21/ /;/ί/ 1/ 2ύ./6/ ;565787"*ώ. )+.51/1ή18. (*5,;ύ$',%152?',51"2,/ύ) %>ά;1%15" 21'. +S'$ό1%6' )+.51ή *5,;ύ$' 5)"5>/6ί53. J *$ί2' 21/ 2',%ί/ C, ;6/2)"/6ίH%" 1"3 2?%1"*έ3 1",έ3 "2/66/;ί53 2% 2+.=ή*%3 5+1ά6*%"53. Έ?/+,% ;$έ/. 5.5$ύ2%" 1' 7%."*ή "2/66/;ί5 1/+ +;/)%ί7,51/3 18. %&%")"*%+,έ %$%21ώ. 2% 2+.=ή*%3 5+1ά6*%"53. O" 1%?./$/7"*έ3 )+.51ό1'1%3 1'3 /"*/./,ί53, ό;83 ;56ί215.15" 5;ό 1'. *5,;ύ$',%152?',51"2,/ύ, *5" /" ;6/1",ή2%"3 18. *515.5$81ώ., ό;83 ;56ί215.15" 5;ό 1/?ά61' 5)"5>/6ί53, ;6/2)"/6ίH/+. 1"3 2?%1"*έ3 1",έ3 *5" 1"3 2?%1"*έ3 ;/2ό1'1%3 18. )ύ/ 575=ώ.. H(?*"(Iέ9,-. 42.,'5'6,ώ. 1+( ;<ό6"&"( Ό;83 ή)' %ί)5,%,,% )%)/,έ.%3 5+1έ3 1"3 2?%1"*έ3 1",έ3, 1/ %6751"*ό )+.5,"*ό *515.έ,%15",%15&ύ 18. )ύ/ *$ά)8., έ12" ώ21% ' 5&ί5 1/+ /6"5*/ύ ;6/Qό.1/3 1'3 %6752ί53.5 "2/ύ15",% 1/,"2=ό *5" 21/+3 )ύ/ *$ά)/+3. G/ %"2ό)',5 5.ά %675Hό,%./ (/,"2=ό3) )ί.%15" 5;ό 1'. 5&ί5 1/+ /6"5*/ύ 1/+ ;6/Qό.1/3 21/. 5.1ί21/"?/ *$ά)/. Έ12", W = Q T L T P T = Q Y L Y P Y P P P P P P P P (4.7) C. +;/=έ2/+,% ό1" /" %;"?%"6ή2%"3 ;/+ ;56ά7/+. +>ά2,515 *5" 16ό>",5 %ί.5" ")"/*1ή1%3 18. %&%")"*%+,έ %$%21ώ. ;565787ή3, /" 2+./$"*έ3 ;6ό2/)/" 6

7 (rents) 1/+ *%>5$5ί/+ *5" 1'3 7'3 )ί./.15" 5;ό 1' )"5>/6ά /$"*ώ. ;8$ή2%8. 5;ό 1/ 2+./$"*ό *ό21/3 ;565787ή3 (%6752ί53). Έ12" έ?/+,%, R K K = P Y Q Y WL Y = P Y L Y Q Y L Y Q Y L Y P P P P P P (4.8) R F F = P T Q T WL T = P T L T Q T L T Q T L T P P P P P P (4.9) ό;/+ R 2+,F/$ίH%" 1'. 5.ά,/.ά)5 ;6ό2/)/ 1/+ 5.1ί21/"?/+ %&%")"*%+,έ./+ 2+.1%$%21ή. O ;6/2)"/6"2,ό3 1'3 ;6/2ό)/+,;/6%ί.5 5.5$+=%ί *5" )"5765,,51"*ά, ό;83 *ά./+,% 21/!"ά765,, J 5&ί5 1/+ 2+./$"*/ύ ;6/Qό.1/3 %ί.5" ' ;%6"/?ή *ά18 5;ό 1'. *5,;ύ$' 1'3 5&ί53 1/+ /6"5*/ύ ;6/Qό.1/3 1'3 %6752ί53. J,"2=/$/7"*ή )5;ά.' "2/ύ15",% 1/. /./,521"*ό,"2=ό %;ί 1'. 5;52?ό$'2'. J )"5>/6ά %ί.5" ' ;6ό2/)/3 1/+ *%>5$5ί/+. Έ.5 5.1ί21/"?/ )"ά765,,5 =5 ;%6"έ765>% *5" 1'. ;6ό2/)/ 1'3 7'3 21/. 1/,έ />ί,8.. C. )"5"6έ2/+,%,% 1/ %;ί;%)/ 1",ώ., 1/ ί)"/ "2?ύ%" 7"5 1'. ;657,51"*ή,"2=/$/7"*ή )5;ά.' *5" 1/+3 ;657,51"*/ύ3,"2=/ύ3. J 2?%1"*ή 5.ά$+2' %ί.5" 21/!"ά765,, C.ά,/.ά)5 *%>5$5ί/+ *5" 7'3 /" ;6ό2/)/" /6ίH/.15" 5;ό, R K = P Y Q Y WL Y K = P Y L Y K Q Y L Y Q Y L Y P P P P P P (4.10)P P R F = P T Q T WL T F = P T L T F Q T L T Q T L T P P P P P P (4.11) O" 5.ά,/.ά)5 ;6ό2/)/" %&561ώ.15" 5;ό 1' )"5>/6ά,%15&ύ 1/+,έ2/+ *5" 1/+ /6"5*/ύ ;6/Qό.1/3 1'3 %6752ί53 21/. 5.1ί21/"?/ *$ά)/. L% )%)/,έ./ ό1" έ?/+,% >=ί./+25 /6"5*ή ;565787"*ό1'15 1'3 %6752ί53, ' )"5>/6ά,%15&ύ,έ2/+ *5" /6"5*/ύ ;6/Qό.1/3 5+&ά.%15", ό2/ 5+&ά.%15" ' 5;52?ό$'2' *5" ' ;565787ή 21/ 2+7*%*6",έ./ *$ά)/. A51ά 2+.έ;%"5, ό2/ 5+&ά.%15" ' 5;52?ό$'2' 2% έ.5 *$ά)/, 1ό2/ 5+&ά.%15" ' 5.ά,/.ά)5 ;6ό2/)/3 1/+ %&%")"*%+,έ./+ 2+.1%$%21ή 2% 5+1ό. 1/ *$ά)/. C+1ό 2+,F5ί.%" )"ό1" 5+&ά.%15" ' )"5>/6ά 1/+,έ2/+ 5;ό 1/ /6"5*ό ;6/Qό. 1'3 %6752ί53 21/ 2+7*%*6",έ./ *$ά)/, *5" έ12" 5+&ά.%15" ' )"5>/6ά 1/+ 1" ;$'6ώ./.15" /" %675Hό,%./" 2% 2?έ2',% 1',έ2' ;565787"*ό1'15 1'3 %6752ί53. 7

8 01/!"ά765,,5 4.8 ;56/+2"άH/+,% )"5765,,51"*ά ;83,ί5 5ύ&'2' 1'3 5;52?ό$'2'3,%,%ί82' 1/+ ;657,51"*/ύ,"2=/ύ ;6/*5$%ί 5ύ&'2' 21' ;657,51"*ή ;6ό2/)/ 18. ")"/*1'1ώ. 1/+ *%>5$5ί/+. Έ.5 %.5$$5*1"*ό3 16ό;/3.5 )/ύ,% 1'. 5&ί5 1'3 5.ά,/.ά)5 ;6/2ό)/ %$%21ώ. %ί.5".5?6'2",/;/"ή2/+,% 1/ 7%7/.ό3 ό1" 2% "21"*έ3 57/6έ3 ' ;6ό2/)/3 18. %&%")"*%+,έ %$%21ώ. =5 %ί.5" ί2%3,% 1/ /6"5*ό 1/+3 ;6/Qό.. 01'. ;%6ί;182' 5+1ή, ' 5&ί5 1'3 5.ά,/.ά)5 ;6/2ό)/+ =5 %ί.5" ί2',%, R K = P Y Q Y K P P P P P P P P P P (4.12) R F = P T Q T F P P P P P P P P P P (4.13)!%)/,έ./+ ό1" /" %&%")"*%+,έ./" 2+.1%$%21έ3 %ί.5" F65?+?6ό."5 215=%6/ί, ό2/,%75$ύ1%6' %ί.5" ' 5;52?ό$'2' 2% έ.5 *$ά)/, 1ό2/,%75$ύ1%6/ =5 %ί.5" 1/ /6"5*ό ;6/Qό. 1/+ %&%")"*%+,έ./+ 2+.1%$%21ή, ά65 1ό2/,%75$ύ1%6' =5 %ί.5" 21'. "2/66/;ί5 *5" ' 5&ί5 1'3 ;6/2ό)/+ 1/+ %&%")"*%+,έ./+ 2+.1%$%21ή. 01'. ;%6ί;182' ;/+ ' 1%?./$/7ί5 ;565787ή3?565*1'6ίH%15" 5;ό 215=%6έ3 5;/)ό2%"3 *$ί,5*/3, ό;83 +;/=έ1/+,% 7"5 1'. ύ;56&' "21"*ή3 "2/66/;ί53, 1ό1% )%. +;ά6?/+. +;%6F/$"*ά *έ6)', *5" /" )ύ/ 5+1έ3 ;6/2%77ί2%"3 5*6"Fώ3 1/ ί)"/ 5;/1έ$%2,5. Έ?/.153 1ώ65 /6ί2%" 1"3 ;6/2ό)/+3 1'3 %6752ί53 *5" 18. %&%")"*%+,έ %$%21ώ.,,;/6/ύ,%.5 )/ύ,% 1"3 %;";1ώ2%"3 1/+ 5./ί7,51/3 5+1ή3 1'3 /"*/./,ί53 21/ )"%=.έ3 %,;ό6"/. 4.2 /$($,ώ6'(9,"2 =('8."ύ9 /*$"<ί"2 1+( =(+."*ή,"2 /(6"&ή*+,"9 (6?ό,521% 1ώ65 21"3 %;";1ώ2%"3 1'3 5;%$%+=έ682'3 1/+ %,;/6ί/+ 7"5 1'. /"*/./,ί5 18. %&%")"*%+,έ %$%21ώ.. R5 %&%1ά2/+,% )ύ/ ;%6";1ώ2%"3. 46ώ1/., 1'. ;%6ί;182' ;/+ /" )"%=.%ί3 2?%1"*έ3 1",έ >52,ά18. %ί.5" +S'$ό1%6%3 5;ό 1"3 ;6/ 1/+ %,;/6ί/+ %7?ώ6"%3 1",έ3, *5", )%ύ1%6/., 1/ 5.1ί=%1/, 1'. ;%6ί;182' ;/+ /" )"%=.%ί3 2?%1"*έ3 1",έ />ί,8. %ί.5" +S'$ό1%6%3 5;ό 1"3 ;6/ 1/+ %,;/6ί/+ %7?ώ6"%3 1",έ3. 42)1<(,(1ό ;5'".έ1,>*+ 6,".!"*έ+,-. #K+6*ά,-. J ;6ώ1' ;%6ί;182' 5.5$ύ%15" 21/!"ά765,, '. 56?"*ή "2/66/;ί5, ' /"*/./,ί5 F6ί2*%15" 21/ 2',%ί/ C (2',%ί/ 5+1ά6*%"53), 21/ /;/ί/ ;6/2)"/6ίH/.15" /" 2?%1"*έ3 1",έ >52,ά18. *5" />ί,8. ;/+ %&"2ώ./+. 1'. %7?ώ6"5 8

9 ;565787ή,% 1'. %7?ώ6"5 *515.ά$82' *5" 21/+3 )ύ/ *$ά)/+3. I;/=έ1/+,% ό1" )"%=.ώ3 /" 1",έ />ί,8. 2% 2?έ2',% 18. +>ά2,518. %ί.5"?5,'$ό1%6%3 5;ό 5+1έ3 ;/+ 5.1"21/"?/ύ. 21/ C. J +;ό=%2' 5+1ή "2/)+.5,%ί,% 1'. +;ό=%2' ό1" ' J,%)5;ή έ?%" 2+7*6"1"*ό ;$%/.έ*1',5 21'. ;565787ή +>52,ά18.. L% 1/ ά./"7,5 21/ )"%=.έ3 %,;ό6"/, $ό78 18.?5,'$ό1%68. )"%=.ώ. 1",ώ., / *$ά)/3 ;565787ή3 16/>ί,8. =5 2+66"*.8=%ί, *5" / *$ά)/3 ;565787ή3 +>52,ά18. =5 %;%*15=%ί. O,%15F$'1ό3 2+.1%$%21ή3 %6752ί5 =5,%15*".'=%ί ;6/3 1/. *$ά)/ ;565787ή3 +>52,ά18.. G/ *515.5$81"*ό ;6ό1+;/ =5,%15F$'=%ί ;6/3 1'. 5.1ί=%1' *51%ύ=+.2',,%,%75$ύ1%6' *515.ά$82' 16/>ί,8. 2% 2?έ2',% +>ά2,515, $ό78 1'3?5,'$ό1%6'3 2?%1"*ή3 1",ή3. J?ώ65 =5 56?ί2%".5 %"2ά7%" 16ό>",5 *5".5 %&ά7%" +>ά2,515. O" ;/2ό1'1%3 18. %"25787ώ. *5" 18. %&5787ώ. "2/ύ.15",% 1' )"5>/6ά 1'3 *515.ά$82'3 1/+ *ά=% ;6/Qό.1/3 ;/+ 5.1"21/"?%ί 21/ 2',%ί/ C, 5;ό 1'. ;565787ή 21/ 2',%ί/ U. 0% 5.1ί=%2',% 1/ +;ό)%"7,5 1/+ Ricardo, ' %&%")ί*%+2' )%. =5 %ί.5" ;$ή6'3 5$$ά 2?%1"*ή. J?ώ65 =5 ;56ά7%" 1ό2/ +>ά2,515 ό2/ *5" 16ό>",5. J %=."*ή %+',%6ί5 =5 5+&'=%ί, ό;83 >5ί.%15" 21/!"ά765,,5 4.9, ό;/+ / 5.1";6/28;%+1"*ό3 *515.5$81ή3 "2/66/;%ί 2% +S'$ό1%6' *5,;ύ$' 21/?ά61' 5)"5>/6ί53. N21ό2/, %.ώ 21/ +;ό)%"7,5 1/+ Ricardo ' 5ύ&'2' 1'3 %+',%6ί53 5>/6/ύ2% ό$/+3, 21/ +;ό)%"7,5 18. %&%")"*%+,έ %$%21ώ. +;ά6?/+. *%6)"2,έ./" *5"?5,έ./". 0ί7/+65 *%6)"2,έ./" %ί.5" /" ")"/*1ή1%3 1/+ *%>5$5ί/+, *5=ώ3 ' ;6ό2/)/3 1/+ *%>5$5ί/+ 2ί7/+65 5+&ά.%15". J,%15*ί.'2' 1'3 ;565787ή3 21/. *$ά)/ 18. +>52,ά18. /)'7%ί 2%,%ί82' 1/+ /6"5*/ύ ;6/Qό.1/3 1'3 %6752ί53 *5" 2% 5ύ&'2' 1/+ /6"5*/ύ ;6/Qό.1/3 1/+ *%>5$5ί/+ 21/. *$ά)/ 18. +>52,ά18.. (;";$έ/., ' 5ύ&'2' 1'3 1",ή >52,ά18. 2',5ί.%" ό1" 1ώ65 ' 57/6521"*ή 5&ί5 1/+ %"2/)ή,51/3 1/+3 5+&ά.%15" 2% 2?έ2',% 15 16ό>",5. O" ")"/*1ή1%3 *%>5$5ί/+ %ί.5" $/";ό. 2ί7/+65 *%6)"2,έ./". 0ί7/+65?5,έ./" %ί.5" /" 75"*1ή,/.%3 *5" /" 576ό1%3 ;/+ *51έ?/+. 7ή. J 2+66ί*.82' 1'3 5;52?ό$'2'3 *5" 1'3 ;565787ή3 21/. *$ά)/ /)'7%ί 2%,%ί82' 1/+ /6"5*/ύ ;6/Qό.1/3 *5" 1'3 ;6/2ό)/+ 1'3 576/1"*ή3 7'3, %.ώ ',%ί82' 1'3 2?%1"*ή3 1",ή />ί,8.,%"ώ.%" 5*ό,' ;%6"22ό1%6/ 1'. 57/6521"*ή )ύ.5,' 1/+ %"2/)ή,51ό3 1/+3. C.5>/6"*ά,% 1/+3 %67ά1%3, 15 5;/1%$έ2,515 %ί.5" 5,>ίF/$5.!%)/,έ./+ ό1" 1/ /6"5*ό ;6/Qό. 1'3 %6752ί53 21/. 1/,έ >52,ά18. =5 ;έ2%" *5" 21/. 1/,έ />ί,8. =5 5.έF%", ' 57/6521"*ή )ύ.5,' 18. %675H/,έ.8. =5,%"8=%ί 2% ό6/+3 +>52,ά18., 5$$ά =5 5+&'=%ί 2% ό6/+3 16/>ί,8.. G/ 5. / ;657,51"*ό3,"2=ό3 1%$"*ά =5 5+&'=%ί ή =5,%"8=%ί =5 %&561'=%ί 5;ό 1"3 ;565,έ16/+3 1'3 ;565787ή3 *5" 1'3 *515.ά$82'3. G/ 7%7/.ό3 ό1" 1/ *515.5$81"*ό ;6ό1+;/,%15*".%ί15" ;6/3 15 9

10 2?%1"*ά >='.ό1%65 16ό>",5 %."2?ύ%" 1'. 57/6521"*ή )ύ.5,' 18. %675H/,έ.8., 5$$ά 1/ 1%$"*ό 5;/1έ$%2,5 ;565,έ.%" 5,>ίF/$/. 42)1<(,(1ό ;5'".έ1,>*+ 6,".!"*έ+,-.!<"Kί*-. J )%ύ1%6' ;%6ί;182' 5.5$ύ%15" 21/!"ά765,, '. 56?"*ή "2/66/;ί5, ' /"*/./,ί5 F6ί2*%15" 21/ 2',%ί/ C (2',%ί/ 5+1ά6*%"53), 21/ /;/ί/ ;6/2)"/6ίH/.15" /" 2?%1"*έ3 1",έ >52,ά18. *5" />ί,8. ;/+ %&"2ώ./+. 1'. %7?ώ6"5 ;565787ή,% 1'. %7?ώ6"5 *515.ά$82' *5" 21/+3 )ύ/ *$ά)/+3. I;/=έ1/+,% ό1" )"%=.ώ3 /" 1",έ />ί,8. 2% 2?έ2',% 18. +>ά2,518. %ί.5" +S'$ό1%6%3 5;ό 5+1έ3 ;/+ 5.1"21/"?/ύ. 21/ C. J +;ό=%2' 5+1ή "2/)+.5,%ί,% 1'. +;ό=%2' ό1" ' J,%)5;ή έ?%" 2+7*6"1"*ό ;$%/.έ*1',5 21'. ;565787ή 16/>ί,8.. L% 1/ ά./"7,5 21/ )"%=.έ3 %,;ό6"/, $ό S'$ό1%68. )"%=.ώ. 1",ώ., / *$ά)/3 ;565787ή3 16/>ί,8. =5 %;%*15=%ί, *5" / *$ά)/3 ;565787ή3 +>52,ά18. =5 2+66"*.8=%ί. O,%15F$'1ό3 2+.1%$%21ή3 %6752ί5 =5,%15*".'=%ί ;6/3 1/. *$ά)/ ;565787ή3 16/>ί,8.. G/ *515.5$81"*ό ;6ό1+;/ =5,%15F$'=%ί ;6/3 1'. 5.1ί=%1' *51%ύ=+.2',,%,"*6ό1%6' *515.ά$82' 16/>ί,8. 2% 2?έ2',% +>ά2,515, $ό78 1'3 +S'$ό1%6'3 2?%1"*ή3 1",ή3. J %=."*ή %+',%6ί5 *5" ;ά$" =5 5+&'=%ί, ό;83 >5ί.%15" 21/!"ά765,,5 4.10, ό;/+ / 5.1";6/28;%+1"*ό3 *515.5$81ή3 "2/66/;%ί 2% +S'$ό1%6' *5,;ύ$' 21/?ά61' 5)"5>/6ί53. 4/"/" %ί.5" 21'. ;%6ί;182' 5+1ή *%6)"2,έ./" *5" ;/"/ί?5,έ./" ; 0ί7/+65 *%6)"2,έ./" %ί.5" /" 75"*1ή,/.%3 *5" /" 576ό1%3 ;/+ *51έ?/+. 7ή. J %;έ*152' 1'3 5;52?ό$'2'3 *5" 1'3 ;565787ή3 21/. *$ά)/ /)'7%ί 2% 5ύ&'2' 1/+ /6"5*/ύ ;6/Qό.1/3 *5" 1'3 ;6/2ό)/+ 1'3 576/1"*ή3 7'3, %.ώ ' 5ύ&'2' 1'3 2?%1"*ή3 1",ή />ί,8. 5+&ά.%" 5*ό,' ;%6"22ό1%6/ 1'. 57/6521"*ή )ύ.5,' 1/+ %"2/)ή,51ό3 1/+3 2% 2?έ2',% 1'. *515.ά$82' +>52,ά18.. 0ί7/+65?5,έ./" %ί.5" /" ")"/*1ή1%3 1/+ *%>5$5ί/+, *5=ώ3 ' ;6ό2/)/3 1/+ *%>5$5ί/+ 2ί7/+65,%"ώ.%15". J,%15*ί.'2' 1'3 ;565787ή3 21/. *$ά)/ />ί,8. /)'7%ί 2% 5ύ&'2' 1/+ /6"5*/ύ ;6/Qό.1/3 1'3 %6752ί53 *5" 2%,%ί82' 1/+ /6"5*/ύ ;6/Qό.1/3 1/+ *%>5$5ί/+ 21/. *$ά)/ 18. +>52,ά18.. (;";$έ/., ' 5ύ&'2' 1'3 1",ή />ί,8. 2',5ί.%" ό1" 1ώ65 ' 57/6521"*ή 5&ί5 1/+ %"2/)ή,51/3 1/+3,%"ώ.%15" 2% 2?έ2',% 15 16ό>",5. O" ")"/*1ή1%3 *%>5$5ί/+ %ί.5" $/";ό. 2ί7/+65?5,έ./". C.5>/6"*ά,% 1/+3 %67ά1%3, 15 5;/1%$έ2,515 %ί.5" ;ά$" 5,>ίF/$5.!%)/,έ./+ ό1" 1/ /6"5*ό ;6/Qό. 1'3 %6752ί53 21/. 1/,έ />ί,8. =5 ;έ2%" *5" 21/. 1/,έ >52,ά18. =5 5.έF%", ' 57/6521"*ή )ύ.5,' 18. %675H/,έ.8. =5,%"8=%ί 2% ό6/+3 16/>ί,8., 5$$ά =5 5+&'=%ί 2% ό6/+3 +>52,ά18.. G/ 5. / ;657,51"*ό3,"2=ό3 1%$"*ά =5 5+&'=%ί ή =5,%"8=%ί =5 %&561'=%ί 5;ό 1/ 2ύ./$/ 18. ;565,έ168. 1'3 ;565787ή3 *5" 1'3 *515.ά$82'3. G/ 7%7/.ό3 ό1" 1/ *515.5$81"*ό ;6ό1+;/,%15*".%ί15" ;6/3 15 2?%1"*ά >='.ό1%65 +>ά2,515 %."2?ύ%" 1'. 57/6521"*ή )ύ.5,' 18. %675H/,έ.8., 5$$ά 1/ 1%$"*ό 5;/1έ$%2,5 ;565,έ.%" 5,>ίF/$/. 10

11 A'<&(6*έ."( 1+( L+*έ."( G5 5;/1%$έ2, ά )%ί?./+. ό1" ' ;6ό2/)/" 18. %&%")"*%+,έ %$%21ώ. %ί.5" %*%ί./" ;/+ %;'6%άH/.15" ;%6"22ό1%6/ *5" ;"/ 2ί7/+65 5;ό 1"3,%15F/$έ ?%1"*ώ. 1",ώ. ;/+ %;">έ6%" 1/ )"%=.έ3 %,;ό6"/. O %&%")"*%+,έ./3 2+.1%$%21ή3 21/. *$ά)/ 21/. /;/ί/ ' 2?%1"*ή 1",ή 5+&ά.%15" 5;ό 1' 2+,,%1/?ή 21/ )"%=.έ3 %,;ό6"/, 2ί7/+65 %+./%ί15". O %&%")"*%+,έ./3 2+.1%$%21ή3 21/. *$ά)/ 21/. /;/ί/ ' 2?%1"*ή 1",ή,%"ώ.%15" 5;ό 1' 2+,,%1/?ή 21/ )"%=.έ3 %,;ό6"/, 2ί7/+65 =ί7%15". O" %;";1ώ2%"3 21/ ;657,51"*ό %"2ό)',5 1/+,%15F$'1/ύ 2+.1%$%21ή %ί.5" 5FέF5"%3. G/ FέF5"/ %ί.5" *5" ;ά$" ό1", ό;83 *5" 21/ E"*56)"5.ό +;ό)%"7,5, '?ώ65 2+./$"*ά 8>%$%ί15" 5;ό 1/ )"%=.έ3 %,;ό6"/. C+1ό 2+,F5ί.%" )"ό1" 1/ %,;ό6"/ )"%+6ύ.%" 1"3 %;"$/7έ3,"53?ώ653. N21ό2/ %;%")ή *ά;/"/" 5.5,>ίF/$5 *%6)ίH/+. *5" *ά;/"/" 5.5,>ίF/$5?ά./+., 7"5.5 *%6)ί2/+. ό$/" =5 έ;6%;% %ί1% /" *%6)"2,έ./".5.5 5;/H',"ώ2/+. 1/+3?5,έ./+3, ;565,έ./.153 $"7ό1%6/ *%6)"2,έ./" /" ί)"/", %ί1% 5+1ό.5 7ί.%",έ28,"53 5.5)"5.%,'1"*ή3 *+F%6.'1"*ή3 ;/$"1"*ή3. N21ό2/ 5+1ό %ί.5" %&5"6%1"*ά )ύ2*/$/.5 7ί.%". 01/. ;657,51"*ό *ό2,/, ' ;56/+2ί5 1ό2/ *%6)"2,έ.8. ό2/ *5"?5,έ.8. 5;ό 1/ )"%=.έ3 %,;ό6"/ %ί.5" ί283 / *+6"ό1%6/3 $ό7/3 7"5 1/. /;/ί/ 1/ )"%=.έ3 %,;ό6"/ )%. %ί.5" ό2/ %$%ύ=%6/ =5 έ;6%;% *$'<ά6*+,+ )(+," #$ό&'()*+ /0'(&(1'2*έ ,'5'6,ώ. G/ +;ό)%"7,5 %&%")"*%+,έ %$%21ώ., 5.1",%18;ίH%" ;/$$έ3 5;ό 1"3 5)+.5,ί%3 1/+ +;/)%ί7,51/3 1/+ Ricardo. C.57.86ίH%" 1/ 6ό$/ 18. >+2"*ώ. ;ό68. (*5" ά$$8. %&%")"*%+,έ %$%21ώ.) 83 ;'7ώ. 2+7*6"1"*/ύ ;$%/.%*1ή,51/3 21/ )"%=.έ3 %,;ό6"/, ;6/F$έ;%",%6"*ή *5" ό?" 5;ό$+1' %&%")ί*%+2' 21/. *$ά)/ ό;/+ *ά=%?ώ65 έ?%" 2+7*6"1"*ό ;$%/.έ*1',5, *5" ;6/F$έ;%" ό1" 1/ )"%=.έ3 %,;ό6"/ )',"/+67%ί *%6)"2,έ./+3 *5"?5,έ./+3, %;"16έ;/.153 έ12" 1'. 5.ά$+2' 1/+ 6ό$/+ 1'3 )"5./,ή3 1/+ %"2/)ή,51/3. 456ό1" ;"/ 2ύ.=%1/ 5;ό 1/ +;ό)%"7,5 1/+ Ricardo, 1/ +;ό)%"7,5 ;565,έ.%" 5;$ό, %;"F%F5"ώ./.153 1"3 F52"*έ3 ;6/F$έS%"3 *5" )"/6=ώ./ *%1έ3 5;ό 1"3 5)+.5,ί%3 1/+ E"*56)"5./ύ +;/)%ί7,51/3. O" F52"*έ3 1/+ ;6/F$έS%"3 %ί.5" ;"/ 2+.%;%ί3,% 1'. %,;%"6ί5, 5. *5" %ί.5" ;6/>5.έ3 ό1" έ.5 1ό2/ 5;$ό =%86'1"*ό +;ό)%"7,5 )%. =5,;/6/ύ2% ;56ά.5 έ?%" *5" 5+1ό 2',5.1"*έ3 5)+.5,ί%3. O" ;6/F$έS%"3 1/+ +;/)%ί7,51/3,;/6/ύ /S"21/ύ. 215 %&ή3: 1. J %&%")ί*%+2' ;/+ ;6/F$έ;%15" )%. %ί.5" ;$ή6'3, ό;83 21/ E"*56)"5.ό +;ό)%"7,5, 5$$ά 2?%1"*ή. 01'. "2/66/;ί5,% %,;ό6"/, ' *ά=% /"*/./,ί5 =5 11

12 %;"*%.168=%ί =ά 215 /;/ί5 έ?%" 2+7*6"1"*ό ;$%/.έ*1',5, 5$$ά =5 ;56ά7%" *5" ά$$5 575=ά. 2. G/ 2+7*6"1"*ό ;$%/.έ*1',5,;/6%ί.5 ;6/έ6?%15" 5;ό )"5>/6έ3 21'. 1%?./$/7ί5 1'3 ;565787ή3, ό;83 +;/1ί=%15" *5" 21/ E"*56)"5.ό +;ό)%"7,5, 5$$ά *5" 5;ό )"5>/6έ3 21/+3 %&%")"*%+,έ./ %$%21έ3, ό;83 %ί.5" /" >+2"*/ί ;ό6/". 3. J 2?%1"*ή %&%")ί*%+2' 21'. ;565787ή ;6/Qό /;/ί5 έ?/+. 2+7*6"1"*ό ;$%/.έ*1',5, %;"16έ;%" 21"3 /"*/./,ί%3 ;/+,%1έ?/+. 21/ )"%=.έ3 %,;ό6"/.5 )"%+6ύ./+. 1"3 *515.5$81"*έ3 )+.51ό1'1έ3 1/+3 ;έ ;565787"*ώ. )+.51/1ή18. 1/ / F5=,ό ;/+ /" ;6/1",ή2%"3 18. *515.5$81ώ. 18. )"5>ό68.?86ώ. )%. έ?/+.,%7ά$%3 )"5>/6έ3, 15 *515.5$81"*ά ;6ό1+;5 18.?86ώ. ;/+,%1έ?/+. 21/ )"%=.έ3 %,;ό6"/ 2+7*$ί./+., *5=ώ3,,% %$%ύ=%6/ )"%=.έ3 %,;ό6"/, /" *515.5$81έ3 2% ό$%3 1"3?ώ6%3 5.1",%18;ίH/+. 1"3 ί)"%3 2?%1"*έ3 1",έ =ώ.. 5. J )"%ύ6+.2' 18. *515.5$81"*ώ. )+.51/1ή18. /)'7%ί 2% 5ύ&'2' 1'3 %+',%6ί53 ό$8. 18.?86ώ. ;/+ 2+,,%1έ?/+. 21/ )"%=.έ3 %,;ό6"/ / +;ό)%"7,5 18. %&%")"*%+,έ %$%21ώ. +;ά6?/+. )#>0"7+έ%*" C.5,>ίF/$5 )#>0"7+έ%*" #ί%2" )ά3*@*" 34% #5#"0")#-+έ%4% 7-%3#8#73ώ% 73*-' #52141")*ύ' )8ά0*-', *5" #ί%2" *" )ά3*@*" #5#"0")#-+έ%4% 7-%3#8#73ώ% 73*-' )8ά0*-'.*- 2%3214%ίD*%32" 3"' #"72141έ'. O",%15F$'1/ί 2+.1%$%21έ3, ό;83 ' 5.%")ί*%+1' %6752ί5, ;/+,;/6/ύ..5 5;52?/$'=/ύ. 2% /;/"/)ή;/1% *$ά)/,,;/6%ί.5 %ί.5" %ί1% *%6)"2,έ./" %ί1%?5,έ./". 7. O" 5.1")6ά2%"3 5+1ώ. ;/+ =ί7/.15",;/6/ύ..5 /)'7ή2/+. 2% ;%6"/6"2,/ύ3 21/ %,;ό6"/. C. /" *+F%6.ή2%"3,;/6/ύ )"5.%ί,/+.,έ6/ >%$%"ώ. 5;ό 1/+3 *%6)"2,έ./+3 21/+3?5,έ./+3,έ28,"53 5.5)"5.%,'1"*ή3 ;/$"1"*ή3, /" 5.1")6ά2%"3 =5,;/6/ύ25..5 *5,>=/ύ.?86ί3 ;%6"/6"2,/ύ3 1/+ %,;/6ί/+. N21ό2/ 21'. ;6ά&' 5+1ό %ί.5" %&5"6%1"*ά )ύ2*/$/. 0% 7%."*έ3 765,,έ3, /" ;6/F$έS%"3 1/+ +;/)%ί7,51/3 5+1/ύ %ί.5" 2+,F51έ3,% 1'. )"%=.ή *5" "21/6"*ή ;657,51"*ό1'15, *5" ;$/+2"ό1%6%3 5;ό 1/ +;ό)%"7,5 1/+ Ricardo,?86ί3 ό, "6/ύ. 1"3 F52"*έ3 ;6/F$έS%"3 1/+ 1%$%+15ί/+. N21ό2/, *5" 1/ +;ό)%"7,5 5+1ό έ?%" 5)+.5,ί%3. 1. J F52"*ή 5)+.5,ί5 1/+ %ί.5" ' ί)"5 ' +;ό=%2' 1'3 ύ;56&'3 %&%")"*%+,έ %$%21ώ.. C+1ή ' +;ό=%2' %ί.5" 6%5$"21"*ή,ό./ F65?+?6ό."5. L% 1'. %&5ί6%2' 18. >+2"*ώ. ;ό68., /" +;ό$/";/" %&%")"*%+,έ./" 2+.1%$%21έ3 ;565787ή3, 5*ό,' *5" ' 576/1"*ή 7',,;/6/ύ..5,%15*".'=/ύ.,%15&ύ 18. *$ά)8.. C+1ό "2?ύ%" 2ί7/+65 7"5 1'. %&%")"*%+,έ.' %6752ί5 *5" 7"5 1/ %&%")"*%+,έ./ >+2"*ό *%>ά$5"/. D"5 1/ $ό7/ 5+1ό 1/ +;ό)%"7,5 5+1ό %ί.5" ;"/?6ή2",/ 7"5 F65?+?6ό."5 ;56ά 7"5,5*6/?6ό."5 5.ά$+2' 18. %;";1ώ2%8. 1/+ %,;/6ί/+. 2. Ό;83 *5" 1/ +;ό)%"7,5 1/+ Ricardo, 21' F52"*ή 1/+,/6>ή 1/ +;ό)%"7,5 5+1ό )%. $5,Fά.%" +;όs' 1"3 %;";1ώ2%"3 1/+ *ό21/+3,%15>/6ά3 *5" 1'3 5;ό2152'3 21' )"ά6=682' 1/+ )"%=./ύ3 %,;/6ί/+. 01'. ;6ά&' 5+1έ3 /" %;";1ώ2%"3 %ί.5" 2',5.1"*έ3 *5" ;%6"/6ίH/+. 1'. 1ά2' 7"5 %&%")ί*%+2'. 12

13 3. Gέ$/3, ό;83 *5" 1/ +;ό)%"7,5 1/+ Ricardo, 1/ +;ό)%"7,5 5+1ό 57./%ί 1/. ;"=5.ό 6ό$/ 18. /"*/./,"ώ. *$ί,5*/3 83 ;6/2)"/6"21"*/ύ ;56ά7/.15 7"5 1/ )"%=.έ3 %,;ό6"/,,% 5;/1έ$%2,5.5,'.,;/6%ί.5 %&'7ή2%" έ.5,%7ά$/,έ6/3 1/+ )"%=./ύ3 %,;/6ί/+,%15&ύ?86ώ. ;/+ ;56ά7/+. ;56ό,/"5 575=ά *5" έ?/+. ;56ό,/"5 /"*/./,"*ή )"ά6=682'. G5 +;/)%ί7,515 ;/+ =5 %&%1ά2/+,% 21"3 %;ό,%.%3 )"5$έ&%"3, 5.1",%18;ίH/+. 2% *ά;/"/ F5=,ό 1"3 ;%6"22ό1%6%3 5;ό 5+1έ3 1"3 5)+.5,ί%3 ;/+ ;565,έ./+.. 13

14 !"ά765,, ά61'2' ή3 I>52,ά18. Παραγωγή Q Y Q Y =Q Y (K,L Y ) Απασχόληση L Y 14

15 !"ά765,,5 4.2 G/ O6"5*ό 46/Qό. 1'3 (6752ί53 21/. A$ά)/ 18. I>52,ά18. Οριακό Προϊόν της Εργασίας MPL Y MPL Y = Q Y / L Y Απασχόληση L Y 15

16 !"ά765,, ή2%" ή3 *5" 0ύ./6/ "*ώ.!+.51/1ή18. Συνάρτηση Παραγωγής Υφασμάτων Q Υ Σύνορο Παραγωγικών Δυνατοτήτων Q Υ,E L Υ L Υ,E L Q Τ,E Q Τ L Τ,E E L L Τ Συνάρτηση Παραγωγής Τροφίμων 16

17 !"ά765,,5 4.4 L"2=ό3 V2/66/;ί53 *5" A515./,ή 1'3 C;52?ό$'2'3,%15&ύ 18. A$ά)8. W Y W T W E W P T xmpl T =P T x( Q T / L T ) P Y xmpl Y =P Y x( Q Y / L Y ) L Y L T Απασχόληση L 17

18 !"ά765,, ?%1"*έ3 G",έ3 *5" A515./,ή 1' ή3,%15&ύ 18. A$ά)8. Υφάσματα Q Y Q Y =Q Y (K,L) κλίση=-p T /P Y Q A Y A κλίση dq Y /dq T =-( Q Y / L)/( Q T / L) Q T =Q T (F,L) Q A T Τρόφιμα Q T 18

19 !"ά765,, /1",ή2%"3 18. A515.5$81ώ. *5" D%."*ή V2/66/;ί5 2% 0+.=ή*%3 C+1ά6*%"53 Υφάσματα Q Y προσδιορισμός σχετικής τιμής -P T /P Y καμπύλες αδιαφορίας Q Y =Q Y (K,L) Q A Y A καμπύλη μετασχηματισμού Q T =Q T (F,L) Q A T Τρόφιμα Q T 19

20 !"ά765,,5 4.7 O./,521"*/ί L"2=/ί, C;52?ό$'2' *5" 46ό2/)/3 1/+ A%>5$5ί/+ Αξία Οριακού Προϊόντος της Εργασίας PYxMPL Y Συνολική Πρόσοδος του Κεφαλαίου (P Y xq Y )-(WxL Y ) Συνολική Μισθολογική Δαπάνη WxL Y W E E P Y xmpl Y =P Y x Q Y / L Y L YE Απασχόληση L Y 20

21 !"ά765,,5 4.8 Cύ&'2' 1'3 C;52?ό$'2'3 4657,51"*/ί L"2=/ί *5" 4657,51"*ή 46ό2/)/3 1/+ A%>5$5ί/+ Οριακό Προϊόν της Εργασίας MPL Y Επιπλέον Συνολική Πρόσοδος του Κεφαλαίου E (W/P Y ) E E' (W/P Y ) E' MPL Y = Q Y / L Y L YE L YE' Απασχόληση L Y 21

22 !"ά765,, ή, A515.ά$82' *5" (+',%6ί5,%!"%=.έ3 (,;ό6"/ 5. O"!"%=.%ί3 G",έ3 (+.//ύ. 1/. A$ά)/ ή3 I>52,ά18. Υφάσματα Q Y Παραγωγή με Εμπόριο Q Y =Q Y (K,L) Αυτάρκεια B Κατανάλωση με Εμπόριο Q A Y A C Q A T Q T =Q T (F,L) Τρόφιμα Q T 22

23 !"ά765,, ή, A515.ά$82' *5" (+',%6ί5,%!"%=.έ3 (,;ό6"/ 5. O"!"%=.%ί3 G",έ3 (+.//ύ. 1/. A$ά)/ ή3 G6/>ί,8. Υφάσματα Q Y Κατανάλωση με Εμπόριο Q Y =Q Y (K,L) C Αυτάρκεια Q A Y A Παραγωγή με Εμπόριο B Q A T Q T =Q T (F,L) Τρόφιμα Q T 23

24 U"F$"/765>ί5 Haberler, Gottfried (1936), The Theory of International Trade, William Hodge, London. Jones, Ronald W. (1971), A Three-Factor Model in Theory, Trade and History, Ch. 1 in Jagdish Bhagwati, Ronald Jones, Robert Mundell and Jaroslav Vanek, (eds.), Trade, Balance of Payments and Growth, North-Holland, Amsterdam. Samuelson Paul (1971), Ohlin Was Right, Swedish Journal of Economics, 73, pp Viner, Jacob (1931), Cost Curves and Supply Curves, Zeitschrift fur Nationalokonomie, 3, pp