David Ricardo: The Principles of Political Economy
Why would a massive, powerful country like the United States of America bother to trade with a tiny, less powerful country like Mauritius?
Professor Sir David Greenaway discusses how the concept of comparative advantage – an idea espoused by the famous political economist David Ricardo – enables countries of all sizes to trade one with another. Specialization and exchange provide the foundations for beneficial foreign trade.
Please comment below whether you think comparative advantage plays a relevant role in today’s economies. Are the gains from trade equally distributed to powerful and less powerful countries?
The Politics of Economics and the Economics of Politicians
The Politics of Economics and the Economics of Politicians
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