8/12/2019 Predrag -- Comparative Advantage & Subjectivism -- June, 24, 2014

1/33

Fmlperetjvk E`vehteok jh

Vuppcy Leheok` Jh`ustrjks7

Ckssmhs irml e Vudgkftjvjst, Lerakt

^rmfkss ^krspkftjvk

^rk`reo Tegsjf

Guhk 40, 4>50

8/12/2019 Predrag -- Comparative Advantage & Subjectivism -- June, 24, 2014

2/33

Fmhtkxt

Jh 4>>0, tbk ^rmvjhfk mi Vesaetfbkweh `kleh`srkessksslkht mi tbk Fehe`jeh pmuctry prm`uftjmheccmfetjmh desk` mh prmvjhfjec fmlperetjvke`vehteok

Fehe`jeh omvkrhlkht miijfjecs esa kfmhmljsts imre`vjfk mh bmw tm lkesurk prmvjhfjec fmlperetjvk

e`vehteok

4>>; prkskht7 Kfmhmljsts ojvk fmhicjftjho e`vjfk

@jiikrkht eoorkoetk stetjstjfs

8/12/2019 Predrag -- Comparative Advantage & Subjectivism -- June, 24, 2014

3/33

Pbk Desjfs

_bet js suppcy leheoklkht=

_by erk wk cmmajho imr jh`jfetmrs mifmlperetjvk e`vehteok=

_bet `m wk lkeh dy fmlperetjvk e`vehteok= Purhs mut tm dk hmt es strejobt imrwer` es jt ley

eppker irml tbk steh`er` kfmhmljfs furrjfucul

8/12/2019 Predrag -- Comparative Advantage & Subjectivism -- June, 24, 2014

4/33

[h`krsteh`jho Fmlperetjvk

E`vehteok

_bet js fmlperetjvk e`vehteok=

Bmw feh wk skk jt=

Bmw `m wk ahmw wk erk skkjho jt=

8/12/2019 Predrag -- Comparative Advantage & Subjectivism -- June, 24, 2014

5/33

^msjho tbk ^rmdckl

_by erk fers prm`ufk` jh Ljfbjoeh= _by `mtbk Vwjss prm`ufk cuxury wetfbks dut hmt fers=_by js Bmccywmm` jh Fecjimrhje eh` hmt jhTussje=

Pbk steh`er` kfmhmljf ehswkr7 fmlperetjvke`vehteok

Dut, tm wbet kxtkht feh wk, kfmhmljsts,j`khtjiy mr prk`jft fmlperetjvk e`vehteok=

8/12/2019 Predrag -- Comparative Advantage & Subjectivism -- June, 24, 2014

6/33

Pbksjs

^rmpkr uh`krsteh`jho mi tbk kxtkht tm wbjfbkfmhmljsts feh j`khtjiy mr prk`jft fmlperetjvke`vehteok `kpkh`s mh tbk kxjstkht tm wbjfb

Beykas ahmwck`ok prmdckl, Ajrzhkrs lerakt prmfkss eh` khtrkprkhkursbjp

tbkmry eh`

Dufbehehs fmhfkpt mi fbmjfk

erk jhfmrpmretk` jh tbk rkprkskhtetjmh,eppcjfetjmh eh` jhtkrprktetjmh mi fmlperetjvke`vehteok.

8/12/2019 Predrag -- Comparative Advantage & Subjectivism -- June, 24, 2014

7/33

Pbksjs Kxpcejhk`

_bjck jh tbk 5:4>s eh` 6>s tbk imfus mijhtkrhetjmhectre`k tbkmry wes mh tbk ettklpts tm fut tbk tjk tmTjfer`ms cedmr tbkmry mi vecuk, dy lejhtejhjho tbkklpbesjs letbkletjfec imrlecjsl, irml 5:0>s mhwer`,tbk tbkmry bes stjcc ckit mut jlpmrteht espkfts mi tbk

fmhfkpt mi fmlperetjvk e`vehteok. Bktkrmokhkjty mi buleh fepjtec, ahmwck`ok

Cke`s jhtm tbk ahmwck`ok prmdckl & prmdckls mi

Kfmhmljf fecfucetjmh (bmw lufb mi wbet eh` bmw tmprm`ufk & fmhsulk)

Kfmhmljf fmmr`jhetjmh (wbm `mks wbet, wbkh eh` wbkrk)

Pbjs dcurrk` tbk cjljts mi kfmhmljf pmcjfy7 _bm eh` bmwfeh j`khtjiy fmlperetjvk e`vehteok eh` jlpcklkhtspkfjecjzetjmh effmr`jho fmlperetjvk e`vehteok jh

smfjkty

8/12/2019 Predrag -- Comparative Advantage & Subjectivism -- June, 24, 2014

8/33

Pbk Mrjojhs

Pbk `jvjsjmh mi cedmur, bmwkvkr, sm ier es jt feh dk jhtrm`ufk`, mffesjmhs,

jh kvkry ert, e prmpmrtjmhedck jhfrkesk mi tbk prm`uftjvk pmwkrs micedmur. Pbk skperetjmh mi `jiikrkht tre`ks eh` klpcmylkhts irml mhk

ehmtbkr skkls tm bevk teakh pcefk jh fmhskqukhfk mi tbjs e`vehteok.

Pbjs skperetjmh, tmm, js okhkreccy fecck` iurtbkst jh tbmsk fmuhtrjks wbjfb

khgmy tbk bjobkst `korkk mi jh`ustry eh` jlprmvklkht.

E`el Vljtb (5??9)

Jh`jvj`uecs wjtbjh e fmuhtryspkfjecjzk

Eh jhfrkesk jh tmtec prm`uftjvjty

8/12/2019 Predrag -- Comparative Advantage & Subjectivism -- June, 24, 2014

9/33

Irml Jh`jvj`uecs tm Fmuhtrjks

...dkfeusk jt wmuc` dk e`vehteokmus tm bkr Q^mrtuoec\retbkr tm klpcmy bkr fepjtec jh tbk prm`uftjmh mi wjhk, imrwbjfb sbk wmuc` mdtejh lmrk fcmtb irml Khoceh`, tbeh sbkfmuc` prm`ufk dy `jvkrtjho e pmrtjmh mi bkr fepjtec irml tbk

fuctjvetjmh mi vjhks tm tbk lehuiefturk mi fcmtb.

@evj` Tjfer`m

(5245)

E lktepbmr/ehtbrmpmlmrpbjsl7 fmuhtrjks `kfj`tm spkfjecjzk eh` kxfbehok

Pbk cehoueok be` e spkfjijf purpmsktmprmvj`k e retjmhec eroulkht tm pmcjtjfeceutbmrjtjks jh ievmur mi tbk mpkhjho mi dmr`krs

(hmt e wetkrtjobt `ksfrjptjmh mi rkecjty)

Jhjtjetk` e prmfkss mi trehscetjho tbjs drme`lktepbmr jhtm tbk cehoueok mi kxeft eoorkoetkletbkletjfec verjedcks

8/12/2019 Predrag -- Comparative Advantage & Subjectivism -- June, 24, 2014

10/33

Pmwer`s Vudgkftjvjsl

Pbk fcessjfec tbkmry mi vecuk bes cmho fkesk` tm dk esetjsieftmry smcutjmh tm tbk prmdckl mi prjfk

`ktkrljhetjmh. Hkvkrtbkckss, jt fmhtjhuks tm imrl tbk

desjs imr tbk tbkmry mi jhtkrhetjmhec tre`k, kvkh jh

fmhtklpmrery kxpmsjtjmhs. Pbjs js fckercy eh ehmlecy.

Ettrjdutks Tjfer`ms cedmur tbkmry mi vecuk tm tbktbkmry mi fmlperetjvk e`vehteok

Tkpcefks Tjfer`ms ijxk` prmpmrtjmhs tkfbhmcmoywjtb verjedck prmpmrtjmhs dut stjcc lejhtejhsTjfer`ms fmuhtry-pkrsmh lktepbmr es e rkesmhedckedstreftjmh jh `ksfrjptjmh mi rkecjty

Dkrtjc Mbcjh (5:40)

8/12/2019 Predrag -- Comparative Advantage & Subjectivism -- June, 24, 2014

11/33

Pmwer`s Vudgkftjvjsl

Pbk tbkmry mi fmlperetjvk fmsts wes `kvkcmpk` mh tbk desjs mi tbk

cedmr tbkmry mi vecuk, eh` ecc tbkmrjsts wbm effkptk` jt bevk jh`kk`

essulk` tbet jt rksts ecsm cmojfeccy mh tbk cedmr tbkmry mi vecuk.

Imrtuhetkcy, bmwkvkr, jt js pmssjdck tm rkimrlucetk tbk tbkmry jh sufb e

wey tbet jts ehecytjfec vecuk eh` ecc fmhfcusjmhs `rewh irml jt erk

prkskrvk`, rkh`krjho jt et tbk selk tjlk khtjrkcy jh`kpkh`kht mi tbk

cedmr tbkmry mi vecuk. Pbjs ley lmst rke`jcy dk sbmwh jh e `jeorelletjf

rkprkskhtetjmh mi mur tbkmrkl.

Omttirjk` Bedkrckr (5:6>)

Vkkas weys tm skperetk tbk tbkmry mifmlperetjvk e`vehteok irml tbk cedmur tbkmry mivecuk

@kvkcmps tbk fmhfkpt mi ^rm`uftjmh ^mssjdjcjtjks

Irmhtjkr

8/12/2019 Predrag -- Comparative Advantage & Subjectivism -- June, 24, 2014

12/33

Drme`khjho tbk Vfmpk

Pbk tbkmrkl mi fmlperetjvk fmst ... `mks hmt `kec wjtb vecuk mr wjtbprjfks. Jt js eh ehecytjf gu`olkht Qtbet\ rksmrtQs\ tm e skt mi sjlpck

essulptjmhs Qwbkrk\ wk feh fmhtkht murskcvks wjtb fmlperjho mhcypbysjfec jhput eh` pbysjfec mutput.

Tjfer`m wes iuccy ewerk mi tbk ieft tbet bjs cew mi fmlperetjvk fmst,wbjfb bk kxpmuh`k` lejhcy jh mr`kr tm `kec wjtb e spkfjec prmdckl mijhtkrhetjmhec tre`k, js e pertjfucer jhstehfk mi tbk lmrk uhjvkrsec cew miessmfjetjmh.

Tjfer`ms fmlperetjvk e`vehteok wes eh ehecytjfgu`oklkht (e lm`kc) edmut prm`uftjvjty`jiikrkhfks

E``s jlpmrteht jstjhftjmh7 tm wbml `m wkprjlerjcy ettrjdutk prm`uftjvjty `jiikrkhfks=Jh`jvj`uecs essmfjetk wjtb kefb mtbkr tm teake`vehteok mi tbkjr prm`uftjvjty `jiikrkhfks.

Cu`wjo vmh Ljsks (5:0:)

8/12/2019 Predrag -- Comparative Advantage & Subjectivism -- June, 24, 2014

13/33

Jh`jvj`uec Fmlperetjvk E`vehteok

Ji jh`jvj`uecs edeh`mh ettklpts tm setjsiy tbkjr wehtsjh jsmcetjmh, eh` ji kefb `kvmtks bjs wmrajho tjlk tm

tbet spkfjecty jh wbjfb bk kxfkcs, jt js fcker tbet tmtec

prm`uftjvjty imr kefb mi tbk prm`ufts js jhfrkesk`.

Lurrey Tmtbder` (5:94)

Ettrjdutks prm`uftjvjty `jiikrkhfks tmjh`jvj`uecs

Jh`jvj`uecs eft upmh tbksk `jiikrkhfkstm tbkjr lutuec dkhkijt

8/12/2019 Predrag -- Comparative Advantage & Subjectivism -- June, 24, 2014

14/33

Dut hmt jh tbk Bkfasfbkr-Mbcjh-

Velukcsmh-Pypk Lm`kcs

Lejhtejhs Tjfer`ms fmuhtry-pkrsmh lktepbmr Bmlmokhkmus jhputs wjtbjh eh kfmhmly (A, C)

Vjhock hetjmhec prm`uftjmh iuhftjmh

Mhk fmuhtry mhk mptjljzetjmh prmdckl wjtb ecc stertjho verjedcks ahmwh eh`ojvkh

^euc Velukcsmh

(5:05, 5:;6)

Mbcjhs verjedck prmpmrtjmhstkfbhmcmoy jh e Okhkrec

Kqujcjdrjul irelkwmra

kxprkssk` usjho Bedkrckrs

^rm`uftjmh ^mssjdjcjtjks

Irmhtjkr

8/12/2019 Predrag -- Comparative Advantage & Subjectivism -- June, 24, 2014

15/33

Lm`kc Kxtkhsjmhs

Gmhks (5:;?) H jhputs Yehka (5:92) bmlmtbktjf prkikrkhfks

Dbeowetj (5:?4) H fmllm`jtjks

Bmrjde (5:?0) H fmuhtrjks

Lusse (5:?2) jlpkrikft ieftmr lmdjcjty

Bmrjde (5::4) `yheljf B-M lm`kc Lkcjtz (4>>6) H ijrls jh e Tjfer`jeh lm`kc

Dkrher` kt ec. (4>>9) H ijrls jh e B-M lm`kc

Pbk fmrk fmuhtry-pkrsmh lktepbmr prkskrvk` Kvkh wbkh tbkrk js smlk (ijrl) bktkrmokhkjty wjtbjh ehkfmhmly, jt js hmt hkfkssery imr tbk kxjstkhfk mi prjfks

Bktkrmokhkjty js e skfmh`ery wrjhack jh e okhkrec lm`kc,

hmt e okhkrec iketurk mi eftuec lerakts

8/12/2019 Predrag -- Comparative Advantage & Subjectivism -- June, 24, 2014

16/33

_by js hmt johmrjho bktkrmokhkjty

jlpmrteht=

Cmojfec desjs imr lerakts

_by `m jh`jvj`uecs fmhtjhueccy spkfjecjzk eh`kxfbehok ji kvkrytbjho (jhfcu`jho buleh

ahmwck`ok) js pkrikftcy bmlmokhkmus eh``jvjsjdck kvkrywbkrk=

Ji kvkrytbjho js tbk selk kvkrywbkrk, js tbkrk

e ahmwck`ok prmdckl= Ehy hkk` imr lerakt prjfks es e smurfk mi

jhimrletjmh mr e fmmr`jhetjho lkfbehjsl=

Ehy pcefk imr khtrkprkhkurs=

8/12/2019 Predrag -- Comparative Advantage & Subjectivism -- June, 24, 2014

17/33

Pbk Lksseoks irml Mur Lm`kcs

Jh`jvj`uec bktkrmokhkjty mljttk`7

Bmw `m kfmhmljsts lkesurk eh` prk`jftfmlperetjvk e`vehteok jh e wmrc` wbkrk ecc tbk

jhjtjec verjedcks erk ojvkh eh` ahmwedck=

Jh`jvj`uec bktkrmokhkjty hmt mljttk`7

Bmw `m jh`jvj`uecs `ktkrljhk tbkjr mwhfmlperetjvk e`vehteok rkcetjvk tm mtbkrs jh tbkwmrc` wbkrk lmst verjedcks erk hmt ojvkh eh` hmtahmwedck tbk eftuec wmrc`=

8/12/2019 Predrag -- Comparative Advantage & Subjectivism -- June, 24, 2014

18/33

Jlpcjfetjmhs imr Kfmhmljf Tkskerfb

Jh`jvj`uec bktkrmokhkjty mljttk`7

_k cmma imr eoorkoetk stetjstjfs wjtb cjttckettkhtjmh mh bmw lerakts ojvk rjsk tm tbksk

stetjstjfs (j.k., try fecfucetjho fepjtec tm cedmur retjmjh fmuhtry R wjtbmut lerakt prjfks)

Jh`jvj`uec bktkrmokhkjty hmt mljttk`7

_k cmma imr jhstjtutjmhs tbet erk dkst sujtk` imr`jsfmvkrjho jh`jvj`uecs fmlperetjvk e`vehteok jhe wmrc` mi uhfkrtejhty eh` johmrehfk

8/12/2019 Predrag -- Comparative Advantage & Subjectivism -- June, 24, 2014

19/33

Defa tm Mur ^rmdckl

_by fers jh Ljfbjoeh= Jh bjh`sjobt, wk ahmw Bkhry Imr`s stmry

Dut, kfmhmljf tbkmry fmuc` hmt bevk prk`jftk`Imr`s khtrkprkhkurjec `kfjsjmhs

Jhfmrpmretjho Vudgkftjvjsl

Bkhry Imr` `jsfmvkrk` bjs mwh fmlperetjvk

e`vehteok wjtbjh tbk lerakt prmfkss usjho lerakt prjfks (es smurfks mi jhimrletjmh),

dy leajho khtrkprkhkurjec `kfjsjmhs desk` mh bjs...

uhjquk jh`jvj`uec (eh` sudgkftjvk) ahmwck`ok.

8/12/2019 Predrag -- Comparative Advantage & Subjectivism -- June, 24, 2014

20/33

Eppcjfetjmh7 Eccmfetjmh mi ^rm`uftjmh

jh Vuppcy Leheok` Jh`ustrjks

_bkrk sbmuc` ljca, pmuctry, eh` koos dkprm`ufk` jh Fehe`e= Bmw lufb=

Pbk Cew7 Ierl ^rm`ufts Eokhfjks Eft (5:?>,5:?5, 5:?4 5:2;)

Jh eccmfetjho e``jtjmhec qumtes imr ehtjfjpetk` ormwtbmi lerakt `kleh`, eh eokhfy sbecc fmhsj`kr tbkprjhfjpck mi fmlperetjvk e`vehteok mi prm`uftjmh.5:?>-?5-?4, f. 9;, s. 40.

8/12/2019 Predrag -- Comparative Advantage & Subjectivism -- June, 24, 2014

21/33

^rkvjmuscy ^rmpmsk` Epprmefbks

E luctjpck jh`jfetmr epprmefb

Tkvkeck` Mutput E`vehteok (TME) epprmefb

@mlkstjf Tksmurfk Fmst (@TF) epprmefb

Uumte prjfks epprmefb

8/12/2019 Predrag -- Comparative Advantage & Subjectivism -- June, 24, 2014

22/33

^rmdckls wjtb ^rkvjmus Epprmefbks

Bjobcy fmhtkstk`, `jvjsjvk jssuk, pmcjtjfeccy

fberok`

Lmst eutbmrs rkgkft qumte prjfks

Jlpcjfjtcy usk tbk pkrikft fmlpktjtjmh lm`kc es eh

kvecuetjmh frjtkrjmh

8/12/2019 Predrag -- Comparative Advantage & Subjectivism -- June, 24, 2014

23/33

Mur Fmhtrjdutjmh

_k rkirelk tbk `kdetk usjho tbk Fmeskeh eh`

tbk Beykajeh pkrspkftjvks

Uumte prjfks es jlpkrikft dut mhcy evejcedck

smurfks mi jhimrletjmh mh fmlperetjvk e`vehteok

Ectkrhetjvks fehhmt bkcp us smcvk tbk

jhimrletjmh prmdckl mrjojhetjho irml tbksudgkftjvk heturk mi ahmwck`ok

8/12/2019 Predrag -- Comparative Advantage & Subjectivism -- June, 24, 2014

24/33

Ectkrhetjvks tm Uumte ^rjfks

E luctjpck jh`jfetmr epprmefb

55 jh`jvj`uec jh`jfetmrs Evkreok ierl sjzk, (effmuhtjho) fmst mi prm`uftjmh, sberks mi

`jiikrkht eorjfucturec jh`ustrjks, jhput prjfks, jhput

prm`uftjvjty,

^rmdckls Vmlk mi tbksk jh`jfetmrs ley bevk hmtbjho tm `m wjtb

fmlperetjvk e`vehteok Lmst erk prmxjks imr evkreok (effmuhtjho) prm`uftjmh fmst

Hm ahmwh mdgkftjvk wey tm fmldjhk tbkl jhtm e sjhockjh`jfetmr

8/12/2019 Predrag -- Comparative Advantage & Subjectivism -- June, 24, 2014

25/33

Ectkrhetjvks tm Uumte ^rjfks

Pbk Tkvkeck` Mutput E`vehteok (TME) jh`kx Eoorkoetk lkesurk

Tetjm mi prmvjhfjec eorjfucturec rkvkhuks tm ecc mtbkrrkvkhuks

^rmdckls Eorjfucturk vs. `ejry vs. pmuctry vs.

j.k., `mks Vesaetfbkweh bevk e fmlperetjvk e`vehteok jh irujtseh` vkoktedcks ji jt bes e fmlperetjvk e`vehteok jh eorjfucturk=

Ectkrhetjvk fbmmsk e skt mi jh`ustrjks es e prmxy imr `ejry,

pmuctry, ktf. _k `mht ahmw bmw omm` mur prmxy js

Vm, wk erk iefk` wjtb tbk selk jhimrletjmh prmdckl esdkimrk

8/12/2019 Predrag -- Comparative Advantage & Subjectivism -- June, 24, 2014

26/33

Ectkrhetjvks tm Uumte ^rjfks

Pbk @mlkstjf Tksmurfk Fmst (@TF) jh`kx Tetjm mi kxpkhsks mh jllmdjck jhputs mvkr rkvkhuks

hkt mi lmdjck jhput kxpkhsks

Jhtkrprktetjmh `mlkstjf mppmrtuhjty fmst mi eh e``jtjmhec uhjt mi

mutput(Ceruk eh` Okrvejs, 4>>2)

^rmdckls Tkstrjftjvk (eh` smlktjlks erdjtrery) essulptjmhs tm

leak tbk epprmefb mpkretjmhec Ckmhtjki prm`uftjmh iuhftjmh (mut mi fmhvkhjkhfk)

E `korkk mi erdjtrerjty jh lmdjck vs. jllmdjck jhputfcessjijfetjmh

8/12/2019 Predrag -- Comparative Advantage & Subjectivism -- June, 24, 2014

27/33

Mdgkftjmhs tm Uumte ^rjfks

qumte trehseftjmhs mffur uh`kr fmh`jtjmhs

tbet `kvjetk irml pkrikft fmlpktjtjmh

hmdm`y js `jsputjho tbk supkrjmrjty mi qumte

prjfks tm lkesurk fmlperetjvk e`vehteok jh ehuh`jstmrtk` wmrc` eh` uh`kr fkrtejh

essulptjmhs. (ehmhylmus rkvjkwkr).

Uumte prjfks `jstmrtk`

@m hmt rkickft tbk truk vecuk

skftmr-spkfjijf

8/12/2019 Predrag -- Comparative Advantage & Subjectivism -- June, 24, 2014

28/33

_by tbksk Mdgkftjmhs erk Ljspcefk`

Fmeskeh eh` Beykajeh ^krspkftjvks Fmesk

Frjtjfec mi dcefadmer` kfmhmljfs j.k., tbk pkrikft fmlpktjtjmh lm`kc

^uroks kfmhmljfs mi j`kes tbet fehhmt dk trehscetk`jh treftedck letbkletjfec imrl (j.k., trehseftjmh fmsts)

j.k., ijrls eh` lerakts jh tbk pkrikft fmlpktjtjmh lm`kceppker dy helk dut tbky cefa ehy sudstehfk. (Fmesk,5::4)

_k erouk tbet tbk iuhftjmh mi qumte prjfks esjh`jfetmrs mi fmlperetjvk e`vehteok js mhk mi tbkskj`kes

_by=

8/12/2019 Predrag -- Comparative Advantage & Subjectivism -- June, 24, 2014

29/33

Beyka

^rjfks hkvkr pkrikft dut stjcc mur mhcy wjh`mw jhtmtbk `jrkftcy uhmdskrvedck tjlk- eh` pcefk-spkfjijf

fjrfulstehfks mi lerakt pertjfjpehts

^rjfks tbk mhcy lkehs mi fmmr`jhetjho eftjmhs miljccjmhs mi jh`jvj`uecs tbet `m hmt ahmw kefb

mtbkr

Pbkh, tbk jlpkrikftjmh mi qumte prjfks ecmhk jshmt desjs imr rkgkftjho tbkl

8/12/2019 Predrag -- Comparative Advantage & Subjectivism -- June, 24, 2014

30/33

Uumte ^rjfks eh` Fmlperetjvk

E`vehteok Uumte prjfks erk mur wjh`mw jhtm tbk mtbkrwjsk

uhmdskrvedck vecuks mi qumte duykrs eh` skcckrs

Duykrs rkvkec pmtkhtjec prmijtedjcjty mi tbkjr prm`uftjmhrkcetjvk tm mtbkr usks mi tbkjr rksmurfks

Vkcckrs rkvkec wbet elmuht js hkk`k` tm pkrsue`k tbkl tmojvk up prm`uftjmh eh` pursuk eh ectkrhetjvk usk mi tbkjrrksmurfks

Fmlperetjvk e`vehteok7 vecuk mi e``jtjmhec uhjt mi mutputrkcetjvk tm tbk ectkrhetjvks

Vm, qumte prjfks rkvkec fmlperetjvk e`vehteok mi qumte duykrseh` skcckrs

8/12/2019 Predrag -- Comparative Advantage & Subjectivism -- June, 24, 2014

31/33

Vullery

Pbk legmr sbjit jh tbk tbkmry mi fmlperetjvk e`vehteokwes irml tbk Tjfer`jeh tm tbk Bkfasfbkr-Mbcjh-Velukcsmh eoorkoetk lm`kc Irml ijxk` prmpmrtjmhs tm verjedck prmpmrtjmhs tkfbhmcmoy

Bmwkvkr, lejhtejhjho tbk fmuhtry-pkrsmh lktepbmrbes wkeakhk` tbk cmojfec desjs imr tbk kxjstkhfk mi lerakts jh

tbksk lm`kcs eh`

kxtkh`k` tbk pkrfkjvk` cjljts mi fkhtrec kfmhmljfpcehhjho dkymh` wbet ley dk rkecjstjfeccy ikesjdck

`jstmrtk` tbk uh`krsteh`jho mi tbk iuhftjmh mi leraktprjfks eh` lerakt prmfkss imr tbk `jsfmvkry mifmlperetjvk e`vehteok

8/12/2019 Predrag -- Comparative Advantage & Subjectivism -- June, 24, 2014

32/33

Vullery

_jtbjh tbk furrkht suppcy leheoklkht

systkl, qumte prjfks erk tbk lmst `jrkft

jh`jfetmr mi fmlperetjvk e`vehteok

Dut wk feht bevk jt dmtb weys

Tkstrjft qumte prjfks eh` jlpcklkht fmlperetjvk

e`vehteok

8/12/2019 Predrag -- Comparative Advantage & Subjectivism -- June, 24, 2014

33/33

^mcjfy Jlpcjfetjmhs

^rmvjhfks wjtb bjobkst qumte prjfks tm rkfkjvkbjobkst sberk mi hkw qumte

Hetjmhec qumte lerakt

E`ljhjstretjvk `kfjsjmh

Dut, wbet ji tbkrk erk jhtkrvkhtjmhs jh tbk qumtelerakts=

Uumte prjfk fkjcjhos jh Mhterjm eh` Uukdkf

^rjfks feppk` et $4;,>>> jh 4>>: Tklmvec mi jhimrletjmh