Comparative advantage - Knowledge (XXG)

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insight of the seminal paper by Dornbusch, Fisher, and Samuelson. In fact, inserting an increasing number of goods into the chain of comparative advantage makes the gaps between the ratios of the labor requirements negligible, in which case the three types of equilibria around any good in the original model collapse to the same outcome. It notably allows for transportation costs to be incorporated, although the framework remains restricted to two countries. But in the case with many countries (more than 3 countries) and many commodities (more than 3 commodities), the notion of comparative advantage requires a substantially more complex formulation.

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a formulation accounting for both multiple goods and multiple countries, in order to reflect real-world conditions more accurately. Jonathan Eaton and Samuel Kortum underlined that a convincing model needed to incorporate the idea of a 'continuum of goods' developed by Dornbusch et al. for both goods and countries. They were able to do so by allowing for an arbitrary (integer) number i of countries, and dealing exclusively with unit labor requirements for each good (one for each point on the unit interval) in each country (of which there are i).

273: 231:, in exchange for a hundred pounds of lace, I take the quantity of lace which she has acquired by this transaction, and compare it with the quantity which she might, at the same expense of labour and capital, have acquired by manufacturing it at home. The lace that remains, beyond what the labour and capital employed on the cloth, might have fabricated at home, is the amount of the advantage which England derives from the exchange. 3046:

theorizes that an economy should, on average, export goods with low self-sufficiency prices and import goods with high self-sufficiency prices. Bernhofen and Brown found that by 1869, the price of Japan's main export, silk and derivatives, saw a 100% increase in real terms, while the prices of numerous imported goods declined of 30-75%. In the next decade, the ratio of imports to gross domestic product reached 4%.

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producing wine than cloth. So, if each country specializes in the good for which it has a comparative advantage, then the global production of both goods increases, for England can spend 220 labor hours to produce 2.2 units of cloth while Portugal can spend 170 hours to produce 2.125 units of wine. Moreover, if both countries specialize in the above manner and England trades a unit of its cloth for

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terms of averages across all commodities. His models provide multiple insights on the correlations between vectors of trade and vectors with relative-autarky-price measures of comparative advantage. "Deardorff's general law of comparative advantage" is a model incorporating multiple goods which takes into account tariffs, transportation costs, and other obstacles to trade.

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isolate the workings of open trade from other processes, establishing its causal impact also remains complicated: it would require a comparison with a counterfactual world without open trade. Considering the durability of different aspects of globalization, it is hard to assess the sole impact of open trade on a particular economy.

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because of the mathematical difficulty. As John Chipman points it, McKenzie found that "introduction of trade in intermediate product necessitates a fundamental alteration in classical analysis." Durable capital goods such as machines and installations are inputs to the productions in the same title as part and ingredients.

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productivity in turn determine the comparative advantages across different countries. Testing the Ricardian model for instance involves looking at the relationship between relative labor productivity and international trade patterns. A country that is relatively efficient in producing shoes tends to export shoes.

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More recently, Golub and Hsieh (2000) presents modern statistical analysis of the relationship between relative productivity and trade patterns, which finds reasonably strong correlations, and Nunn (2007) finds that countries that have greater enforcement of contracts specialize in goods that require

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Two of the first tests of comparative advantage were by MacDougall (1951, 1952). A prediction of a two-country Ricardian comparative advantage model is that countries will export goods where output per worker (i.e. productivity) is higher. That is, we expect a positive relationship between output per

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Terms of trade is the rate at which one good could be traded for another. If both countries specialize in the good for which they have a comparative advantage then trade, the terms of trade for a good (that benefit both entities) will fall between each entities opportunity costs. In the example above

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Another important way of demonstrating the validity of comparative advantage has consisted in 'structural estimation' approaches. These approaches have built on the Ricardian formulation of two goods for two countries and subsequent models with many goods or many countries. The aim has been to reach

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and John Brown have attempted to address this issue, by using a natural experiment of a sudden transition to open trade in a market economy. They focus on the case of Japan. The Japanese economy indeed developed over several centuries under autarky and a quasi-isolation from international trade but

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Assessing the validity of comparative advantage on a global scale with the examples of contemporary economies is analytically challenging because of the multiple factors driving globalization: indeed, investment, migration, and technological change play a role in addition to trade. Even if we could

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If a foreign country can supply us with a commodity cheaper than we ourselves can make it, better buy it off them with some part of the produce of our own industry employed in a way in which we have some advantage. The general industry of the country, being always in proportion to the capital which

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In both the Ricardian and H–O models, the comparative advantage theory is formulated for a 2 countries/2 commodities case. It can be extended to a 2 countries/many commodities case, or a many countries/2 commodities case. Adding commodities in order to have a smooth continuum of goods is the major

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There is another way to prove the theory of comparative advantage, which requires less assumption than the above-detailed proof, and in particular does not require for the hourly wages to be equal in both industries, nor requires any equilibrium between offer and demand on the market. Such a proof

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units of Portugal's wine, then both countries can consume at least a unit each of cloth and wine, with 0 to 0.2 units of cloth and 0 to 0.125 units of wine remaining in each respective country to be consumed or exported. Consequently, both England and Portugal can consume more wine and cloth under

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In 1859, the treaties limited tariffs to 5% and opened trade to Westerners. Considering that the transition from autarky, or self-sufficiency, to open trade was brutal, few changes to the fundamentals of the economy occurred in the first 20 years of trade. The general law of comparative advantage

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In a famous comment, McKenzie pointed that "A moment's consideration will convince one that Lancashire would be unlikely to produce cotton cloth if the cotton had to be grown in England." However, McKenzie and later researchers could not produce a general theory which includes traded input goods

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Skeptics of comparative advantage have underlined that its theoretical implications hardly hold when applied to individual commodities or pairs of commodities in a world of multiple commodities. Deardorff argues that the insights of comparative advantage remain valid if the theory is restated in

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In view of the new theory, no physical criterion exists. Deardorff examines 10 versions of definitions in two groups but could not give a general formula for the case with intermediate goods. The competitive patterns are determined by the traders trials to find cheapest products in a world. The

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detached the doctrine of comparative advantage from Ricardo's labor theory of value and provided a modern opportunity cost formulation. Haberler's reformulation of comparative advantage revolutionized the theory of international trade and laid the conceptual groundwork of modern trade theories.

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In the absence of trade, England requires 220 hours of work to both produce and consume one unit each of cloth and wine while Portugal requires 170 hours of work to produce and consume the same quantities. England is more efficient at producing cloth than wine, and Portugal is more efficient at

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It would undoubtedly be advantageous to the capitalists of England, and to the consumers in both countries, that under such circumstances, the wine and the cloth should both be made in Portugal, and therefore that the capital and labour of England employed in making cloth, should be removed to

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We assume that the relative demand curve reflects substitution effects and is decreasing with respect to relative price. The behavior of the relative supply curve, however, warrants closer study. Recalling our original assumption that Home has a comparative advantage in cloth, we consider five

434:(due to lower opportunity cost) in producing cloth means that it has an incentive to produce more of that good which is relatively cheaper for them to produce than the other—assuming they have an advantageous opportunity to trade in the marketplace for the other more difficult to produce good. 3070:

One critique of the textbook model of comparative advantage is that there are only two goods. The results of the model are robust to this assumption. Dornbusch et al. (1977) generalized the theory to allow for such a large number of goods as to form a smooth continuum. Based in part on these

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A symmetric argument holds for Foreign. Therefore, by trading and specializing in a good for which it has a comparative advantage, each country can expand its consumption possibilities. Consumers can choose from bundles of wine and cloth that they could not have produced themselves in closed

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work testing the predictions of comparative advantage. The empirical works usually involve testing predictions of a particular model. For example, the Ricardian model predicts that technological differences in countries result in differences in labor productivity. The differences in labor

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Haberler's innovation was to reformulate the theory of comparative advantage such that the value of good X is measured in terms of the forgone units of production of good Y rather than the labor units necessary to produce good X, as in the Ricardian formulation. Haberler implemented this

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demonstrated how, in a strategic setting where a few firms compete for the world market, export subsidies and import restrictions can keep foreign firms from competing with national firms, increasing welfare in the country implementing these so-called strategic trade policies.

79:(albeit with the assumption that the capital and labour do not move internationally), then each country will increase its overall consumption by exporting the good for which it has a comparative advantage while importing the other good, provided that there exist differences in 3064:

worker and the number of exports. MacDougall tested this relationship with data from the US and UK, and did indeed find a positive relationship. The statistical test of this positive relationship was replicated with new data by Stern (1962) and Balassa (1963).

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Comparative advantage is a theory about the benefits that specialization and trade would bring, rather than a strict prediction about actual behavior. (In practice, governments restrict international trade for a variety of reasons; under

3130:, which he states is not generally the case. According to Galbraith, nations trapped into specializing in agriculture are condemned to perpetual poverty, as agriculture is dependent on land, a finite non-increasing natural resource. 430:> 1). If the capital and labour were mobile, both wine and cloth should be made in Portugal, with the capital and labour of England removed there. If they were not mobile, as Ricardo believed them to be generally, then England's 1972: 1774: 1653: 2712: 2093: 1430: 2231: 1218: 1851: 3842:

Y. Shiozawa, The New Interpretation of Ricardo's Four Magic Numbers and the New Theory of International Values / A Comment on Faccarello's "Comparative advantage"). A paper read on a conference on March 23,

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Y. Shiozawa, A new construction of Ricardian trade theory / A many-country, many commodity case with intermediates goods and choice of production techniques, Evolutionary and Institutional Economics Review

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The blue triangle depicts Home's original production (and consumption) possibilities. By trading, Home can also consume bundles in the pink triangle despite facing the same productions possibility frontier.

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Y. Shiozawa (2016) The revival of classical theory of values, in Nobuharu Yokokawa et als. (Eds.) The Rejuvenation of Political Economy, May 2016, Oxon and New York: Routledge. Chapter 8, pp. 151–72.

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Dosi et al. (1988) conducted a book-length empirical examination that suggests that international trade in manufactured goods is largely driven by differences in national technological competencies.

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The following is a typical modern interpretation of the classical Ricardian model. In the interest of simplicity, it uses notation and definitions, such as opportunity cost, unavailable to Ricardo.

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With free trade, Home produces cloth exclusively, an amount of which it exports in exchange for wine at the prevailing rate. Thus Home's overall consumption is now subject to the constraint

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was, by the mid-19th century, a sophisticated market economy with a population of 30 million. Under Western military pressure, Japan opened its economy to foreign trade through a series of

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In the absence of trade, the relative price of cloth and wine in each country is determined solely by the relative labor cost of the goods. Hence the relative autarky price of cloth is

3082:, which substantially restricted the availability of imports to Gaza, saw labor productivity fall by 20% in three years. Markusen et al. (1994) reports the effects of moving away from 1121:) for cloth and wine, which we define as the ratio of the world demand (or supply) for cloth to the world demand (or supply) for wine. In general equilibrium, the world relative price 1054: 310:

with less labor than it would take to produce the same quantities in England. However, the relative costs or ranking of cost of producing those two goods differ between the countries.

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Neoclassical and modern theories maintain the difference between domestic and international trade. They retain the assumption that both labour and capital do not move internationally.

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between both countries. Widely regarded as one of the most powerful yet counter-intuitive insights in economics, Ricardo's theory implies that comparative advantage rather than

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Several arguments have been advanced against using comparative advantage as a justification for advocating free trade, and they have gained an audience among economists.

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Equivalently, we may assume that Home has a comparative advantage in cloth in the sense that it has a lower opportunity cost for cloth in terms of wine than Foreign:

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are freely traded); Durable capital goods with constant efficiency during a predetermined lifetime; No transportation cost (extendable to positive cost cases).

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Appendix A: Previous Literature in A. Deardorff, Ricardian Comparative Advantage with Intermediate Inputs, The North American Journal of Economics and Finance

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generalizations of the model, Davis (1995) provides a more recent view of the Ricardian approach to explain trade between countries with similar resources.

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in the cloth sector. However, Home workers are indifferent between working in either sector. As a result, the quantity of cloth supplied can take any value.

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Chipman, John S. (1965). "A Survey of the Theory of International Trade: Part 1, The Classical Theory". Econometrica 33 (3): 477–519. Section 1.8, p. 509.

3122:... none of the world's most successful trading regions, including Japan, Korea, Taiwan, and now mainland China, reached their current status by adopting 2992:. This was based on a wide range of assumptions: Many countries; Many commodities; Several production techniques for a product in a country; Input trade ( 2095:, then Home specializes in cloth while Foreign workers are indifferent between sectors. Again, the relative quantity of cloth supplied can take any value. 5067: 3274:. The Wall Street Journal: Classroom Edition (2nd ed.). Upper Saddle River, New Jersey: Pearson Prentice Hall: Addison Wesley Longman. p. 444. 2548: 4471: 5047: 5042: 5022: 5012: 5007: 4930: 2803:

opportunity-cost formulation of comparative advantage by introducing the concept of a production possibility curve into international trade theory.

1974:, then both Home and Foreign specialize in cloth. The quantity of cloth supplied tends to infinity as the quantity of wine supplied approaches zero. 4179: 4083:

Dornbusch, R.; Fischer, S. & P. Samuelson (1977). "Comparative Advantage, Trade and Payments in a Ricardian Model with a Continuum of Goods".

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Dornbusch, R.; Fischer, S.; Samuelson, P. A. (1977). "Comparative Advantage, Trade, and Payments in a Ricardian Model with a Continuum of Goods".

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domestically but not internationally; there may be migration between sectors but not between countries. We denote the labor force in Home by

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Bernhofen, Daniel M.; Brown, John C. (2005). "An Empirical Assessment of the Comparative Advantage Gains from Trade: Evidence from Japan".

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search of cheapest product is achieved by world optimal procurement. Thus the new theory explains how the global supply chains are formed.

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Taking a broader perspective, there has been work about the benefits of international trade. Zimring & Etkes (2014) finds that the

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The world economy consists of two countries, Home and Foreign, which produce wine and cloth. Labor, the only factor of production, is

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employs it, will not thereby be diminished but only left to find out the way in which it can be employed with the greatest advantage.

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single good than workers in other countries. He demonstrated that if two countries capable of producing two commodities engage in the

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Bernhofen, Daniel; Brown, John (2005). "An Empirical Assessment of the Comparative Advantage Gains from Trade: Evidence from Japan".

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L. W. McKenzie Specialization and Efficiency in World Production, Review of Economic Studies 21(3): 165–80. Citation from p.179.

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can be extended to situations with many goods and many countries, non constant returns and more than one factor of production.

1779: 5181: 4925: 4458: 3170: 2860: 2838: 1655:, then both Home and Foreign specialize in wine, for similar reasons as above, and so the quantity of cloth supplied is zero. 144: 122: 4009:

MacDougall, G. D. A. (1952). "British and American exports: A study suggested by the theory of comparative costs. Part II".

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MacDougall, G. D. A. (1951). "British and American exports: A study suggested by the theory of comparative costs. Part I.".

5140: 1776:, then Home specializes in cloth whereas Foreign specializes in wine. The quantity of cloth supplied is given by the ratio 3147: 2327: 239:

featured the earliest recorded formulation of the concept of comparative advantage. Torrens would later publish his work

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Bernhofen, Daniel M.; Brown, John C. (2004). "A Direct Test of the Theory of Comparative Advantage: The Case of Japan".

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Free Trade and Absolute and Comparative Advantage: A Critical Comparison of Two Major Theories of International Trade

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have responded with weaker generalizations of the principle of comparative advantage, in which countries will only

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Bernhofen, Daniel; Brown, John (2004). "A Direct Test of the Theory of Comparative Advantage: The Case of Japan".

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f I wish to know the extent of the advantage, which arises to England, from her giving France a hundred pounds of

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Dornbusch, R.; Fischer, S.; Samuelson, P. A. (1980). "Heckscher-Ohlin Trade Theory with a Continuum of Goods".

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In case II (squares), each country specializes in its comparative advantage, resulting in greater total output.

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Bernhofen, Daniel M (2005). "Gottfried haberler's 1930 reformulation of comparative advantage in retrospect".

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Recently, Y. Shiozawa succeeded in constructing a theory of international value in the tradition of Ricardo's

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The demand for cloth relative to wine decreases with the relative price of cloth in terms of wine; the supply

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in 1833. The earliest test of the Ricardian model was performed by G.D.A. MacDougall, which was published in

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Bernhofen, Daniel M.; Brown, John C. (2016). "Testing the General Validity of the Heckscher-Ohlin Theorem".

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Bernhofen, Daniel (2005). "Gottfried Haberler's 1930 reformulation of comparative advantage in retrospect".

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We do not know if Home can produce cloth using fewer hours of work than Foreign. That is, we do not know if

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Stern, Robert M. (1962). "British and American productivity and comparative costs in international trade".

756:. Similarly, we do not know if Home can produce wine using fewer hours of work. However, we assume Home is 4915: 4349: 4107: 3580:

Krugman, P.R.; Obstfeld, M.; Melitz, M.J. (2015). "International Trade. Theory and Policy", 10th Edition.

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Instead of considering the world demand (or supply) for cloth and wine, we are interested in the world

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In this illustration, England could commit 100 hours of labor to produce one unit of cloth, or produce

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Bernhofen, Daniel; John, Brown (2016). "Testing the General Validity of the Heckscher-Ohlin Theorem".

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articulated a preliminary definition of comparative advantage as the loss from the closing of trade:

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Y. Shiozawa, A Final Solution of the Ricardo Problem on International Values, Iwanami Shoten, 2014.

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developed the classical theory of comparative advantage in 1817 to explain why countries engage in

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Zimring, A. & Etkes, H. (2014) "When Trade Stops: Lessons from the 2007–2010 Gaza Blockade".

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As long as the relative demand is finite, the relative price is always bounded by the inequality

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from which it follows that Home's cloth consumption at the production possibilities frontier is

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Golub, S.; C-T Hsieh (2000). "Classical Ricardian Theory of Comparative Advantage Revisited".

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in Foreign. With free trade, the price of cloth or wine in either country is the world price

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of 1951 and 1952. In the Ricardian model, trade patterns depend on productivity differences.

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units of wine. Meanwhile, in comparison, Portugal could commit 100 hours of labor to produce

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Nunn, N (2007). "Relationship-Specificity, Incomplete Contracts, and the Pattern of Trade".

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In case I (diamonds), each country spends 3600 hours to produce a mixture of cloth and wine.

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The Predator State: How conservatives abandoned the free market and why liberals should too

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and derive the principle of comparative advantage in broader settings, most notably in the

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Balassa, Bela. (1963). "An empirical demonstration of classical comparative cost theory".

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There are some economists who dispute the claims of the benefit of comparative advantage.

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published what has since become known as the theory of comparative advantage in his book

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Deardorff, Alan (Oct 1980). "The General Validity of the Law of Comparative Advantage".

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of cloth relative to wine increases with relative price. Two relative demand curves

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Markusen, Melvin, Kaempfer and Maskus, "International Trade: Theory and Evidence"

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trading rules." He argues that comparative advantage relies on the assumption of

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Baumol, William J. and Alan S. Binder, 'Economics: Principles and Policy', p. 50

2816: 100: 76: 17: 4751: 4747: 4729: 4704: 4592: 3856:(December 2003). "Kicking Away the Ladder: The "Real" History of Free Trade". 3393:"Chapter 3: David Ricardo's Trade Theory Anticipations and later developments" 3137: 3123: 3087: 228: 197: 4477: 4392: 4274: 4098:

Davis, D. (1995). "Intraindustry Trade: A Heckscher-Ohlin-Ricardo Approach".

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possibilities for the relative quantity of cloth supplied at a given price.

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prior to trade. Comparative advantage describes the economic reality of the

3094:, with the result that national income increased by up to 65% in 15 years. 579:, and the amount of labor required to produce one unit of cloth in Home by 246: 3141: 2927:(which allows for the model to include more factors than just labour) and 1967:{\displaystyle \textstyle a_{LC}/a_{LW}<a'_{LC}/a'_{LW}<P_{C}/P_{W}} 1769:{\displaystyle \textstyle a_{LC}/a_{LW}<P_{C}/P_{W}<a'_{LC}/a'_{LW}} 1648:{\displaystyle \textstyle P_{C}/P_{W}<a_{LC}/a_{LW}<a'_{LC}/a'_{LW}} 57:

for individuals, firms, or nations, which arise from differences in their

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will be determined uniquely by the intersection of world relative demand

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has stated that "free trade has attained the status of a god" and that "

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Comparative Advantage in International Trade: A Historical Perspective

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Comparative Advantage in International Trade: A Historical Perspective

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respectively. We denote the same variables for Foreign by appending a

547:, the amount of labor required to produce one unit of wine in Home by 495:. Although the idea of the Ricardian model was first presented in the 414:

in producing both cloth and wine due to more produced per hour (since

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http://fordschool.umich.edu/rsie/workingpapers/Papers501-525/r501.pdf

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Markusen, J.R.; Melvin J.R., Kaempfer & W.M., K. Maskus (1994).

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is the amount of labor needed to produce a unit of wine in Foreign.

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James K. Galbraith, The Predator State, Free Press, 2008, pp. 68–69

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Theory of International Trade: A Dual, General Equilibrium Approach

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Noel W. Thompson; Nigel F. B. Allington, eds. (13 December 2010).

2098: 1217: 307: 296:, each producing two goods of identical quality. In Portugal, the 271: 245: 3395:. In Shigeyoshi Senga; Masatomi Fujimoto; Taichi Tabuchi (eds.). 1853:

of the world production of cloth to the world production of wine.

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even when one country's workers are more efficient at producing

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An Inquiry into the Nature and Causes of the Wealth of Nations

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to export goods for which they have a comparative advantage.

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English, Irish and Subversives Among the Dismal Scientists

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more productive than Foreign in making in cloth vs. wine:

611:. The total amount of wine and cloth produced in Home are 507:, the first mathematical Ricardian model was published by 4056:

The Economics of Technical Change and International Trade

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in 1815 acknowledging this pamphlet author's priority.

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The Economists Refuted and Other Early Economic Writings

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Since 1817, economists have attempted to generalize the

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is the advantage over others in producing a particular

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Cooperation Council for the Arab States of the Gulf

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On the Principles of Political Economy and Taxation

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On the Principles of Political Economy and Taxation

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Lower relative opportunity cost in producing a good

2778: 2751: 2706: 2527: 2417: 2310: 2225: 2087: 1966: 1845: 1768: 1647: 1526: 1475: 1424: 1297: 1267: 1237: 1207: 1182: 1157: 1102: 1075: 1048: 994: 943: 846: 748: 696: 657: 630: 603: 571: 539: 302:more efficient country, it is possible to produce 4921:Economic and Monetary Community of Central Africa 4421:Findlay, Ronald (1987). "Comparative Advantage". 4222:Krugman, Paul R. (1987). "Is Free Trade Passe?". 2966:Dornbusch et al.'s continuum of goods formulation 1432:, then Foreign specializes in wine, for the wage 944:{\displaystyle a_{LC}/a_{LW}<a'_{LC}/a'_{LW}.} 847:{\displaystyle a_{LC}/a'_{LC}<a_{LW}/a'_{LW}.} 237:Considerations on the Importation of Foreign Corn 204:as the basis for international trade in 1776, in 4869:Customs Union of Belarus, Kazakhstan, and Russia 4853:South Asian Association for Regional Cooperation 2975:Deardorff's general law of comparative advantage 91:Classical theory and David Ricardo's formulation 87:is responsible for much of international trade. 4498:Comparative Advantage Definition | Investopedia 4013:. Vol. 62, no. 247. pp. 487–521. 3998:. Vol. 61, no. 244. pp. 697–724. 3960:Eaton, Jonathan; Kortum, Samuel (Spring 2012). 225: 212: 4154:. Vol. 122, no. 2. pp. 569–600. 3350:(1984 ed.). New York: Kelley. p. 37. 3234:. Universitätsverlag Potsdam. pp. 51–52. 2965: 2311:{\displaystyle a_{LC}Q_{C}+a_{LW}Q_{W}\leq L,} 4528: 4493:What is comparative advantage? | Investopedia 3533:www.reviewecon.com/comparative-advantage.html 2789: 499:(a single-commodity version) and then in the 219:Writing several decades after Smith in 1808, 41:. A good can be produced at a lower relative 8: 4488:The Ricardian Model of Comparative Advantage 4068:: CS1 maint: multiple names: authors list ( 4054:Dosi, G., Pavitt, K, & L. Soete (1988). 3804: 3802: 1483:in the wine sector is greater than the wage 314:Hours of work necessary to produce one unit 4848:Regional Comprehensive Economic Partnership 4508:What Is Comparative Advantage? | The Street 4423:The New Palgrave: A Dictionary of Economics 4291:) CS1 maint: multiple names: authors list ( 4228:. Vol. 1, no. 2. pp. 131–44. 4139:. Vol. 8, no. 2. pp. 221–34. 3008:Empirical approach to comparative advantage 235:In 1814 the anonymously published pamphlet 4801: 4535: 4521: 4513: 4443:A. O'Sullivan & S.M. Sheffrin (2003). 4287:: CS1 maint: location missing publisher ( 3514:Mathematical methods for Economic analysis 3498:International Economics: Theory and Policy 2732:one unit of cloth would trade for between 4402:American Economic Journal: Microeconomics 4353: 4111: 3935:American Economic Journal: Microeconomics 3750: 3496:Krugman, Paul; Obstfeld, Maurice (1988). 3472:International Economics: A European Focus 3370:. Emerald Group Publishing. p. 101. 2901:Learn how and when to remove this message 2766: 2764: 2739: 2737: 2698: 2682: 2673: 2664: 2645: 2636: 2624: 2611: 2602: 2596: 2577: 2568: 2556: 2550: 2513: 2500: 2491: 2485: 2469: 2456: 2443: 2437: 2409: 2393: 2384: 2375: 2356: 2347: 2335: 2329: 2293: 2280: 2267: 2254: 2248: 2207: 2198: 2186: 2181: 2171: 2162: 2156: 2151: 2139: 2130: 2121: 2115: 2078: 2069: 2063: 2044: 2035: 2023: 2007: 1998: 1989: 1982: 1957: 1948: 1942: 1923: 1914: 1902: 1886: 1877: 1868: 1861: 1827: 1818: 1799: 1790: 1784: 1781: 1753: 1744: 1732: 1719: 1710: 1704: 1688: 1679: 1670: 1663: 1632: 1623: 1611: 1595: 1586: 1577: 1564: 1555: 1549: 1542: 1512: 1503: 1494: 1488: 1461: 1452: 1443: 1437: 1409: 1400: 1388: 1372: 1363: 1354: 1341: 1332: 1326: 1319: 1289: 1280: 1259: 1250: 1227: 1195: 1170: 1148: 1139: 1133: 1126: 1094: 1088: 1067: 1061: 1034: 1025: 1013: 1007: 983: 974: 965: 959: 926: 917: 905: 889: 880: 871: 865: 829: 820: 811: 792: 783: 774: 768: 734: 718: 712: 681: 674: 649: 643: 622: 616: 591: 584: 559: 552: 530: 284:In a famous example, Ricardo considers a 185:Learn how and when to remove this message 4931:West African Economic and Monetary Union 4181:International Trade: Theory and Evidence 3026:Direct test: natural experiment of Japan 2790:Haberler's opportunity costs formulation 312: 3643:Dixit, Avinash; Norman, Victor (1980). 3297:"International Trade Theory and Policy" 3182: 4843:Association of Southeast Asian Nations 4663:UN Conference on Trade and Development 4280: 4061: 4041:The Review of Economics and Statistics 3724:"How Robust is Comparative Advantage?" 1158:{\displaystyle \textstyle P_{C}/P_{W}} 4608:Import substitution industrialization 3448:. Taylor & Francis. p. 312. 410:units of wine. Portugal possesses an 276:Graph illustrating Ricardo's example: 7: 5136: 4862:Europe, Central Asia, and North Asia 4472:The Principles of Trade and Taxation 4436:Hardwick, Khan and Langmead (1990). 3399:. Taylor & Francis. p. 33. 2839:adding citations to reliable sources 2794:In 1930 Austrian-American economist 1305:are drawn for illustrative purposes. 123:adding citations to reliable sources 4822:Central American Integration System 4438:An Introduction to Modern Economics 3597:. Cheltenham: Elgar. pp. 6–13. 3445:David Ricardo: Critical Assessments 3075:relationship-specific investments. 2538:while its cloth consumption at the 4166:Journal of International Economics 4100:Journal of International Economics 3689:The Quarterly Journal of Economics 2990:cost-of-production theory of value 697:{\displaystyle \textstyle a'_{LW}} 25: 4685:International Chamber of Commerce 4588:Export-oriented industrialization 4445:Economics. Principles & Tools 4313:Review of International Economics 4137:Review of International Economics 3731:Review of International Economics 3548:Review of International Economics 3475:. Pearson Education. p. 22. 2934:. Subsequent developments in the 749:{\displaystyle a_{LC}<a'_{LC}} 604:{\displaystyle \textstyle a_{LC}} 572:{\displaystyle \textstyle a_{LW}} 5135: 5126: 5125: 4503:Comparative Advantage Calculator 4325:10.1111/j.1467-9396.2005.00550.x 4225:Journal of Economic Perspectives 4087:. Vol. 67. pp. 823–39. 3969:Journal of Economic Perspectives 3743:10.1111/j.1467-9396.2005.00552.x 3560:10.1111/j.1467-9396.2005.00550.x 3391:Maneschi, Andrea (18 May 2017). 3140: 2815: 200:first alluded to the concept of 99: 49:price, i.e. at a lower relative 3427:. J. Murray. pp. 160–162. 3397:Ricardo and International Trade 3272:Economics: Principles in Action 3270:; Sheffrin, Steven M. (2003) . 2826:needs additional citations for 1049:{\displaystyle a'_{LC}/a'_{LW}} 503:(a multi-commodity version) by 110:needs additional citations for 4926:Southern African Customs Union 4152:Quarterly Journal of Economics 3442:Wood, John Cunningham (1991). 3171:Revealed comparative advantage 2779:{\displaystyle {\frac {9}{8}}} 2752:{\displaystyle {\frac {5}{6}}} 2691: 2657: 2617: 2589: 2506: 2478: 2402: 2368: 1527:{\displaystyle P'_{C}/a'_{LC}} 1476:{\displaystyle P'_{W}/a'_{LW}} 1: 3230:Schumacher, Reinhard (2012). 3148:Business and economics portal 1208:{\displaystyle \textstyle RS} 1183:{\displaystyle \textstyle RD} 995:{\displaystyle a_{LC}/a_{LW}} 288:consisting of two countries, 5083:Telecommunications equipment 4888:Middle East and North Africa 4879:European Union Customs Union 4342:Journal of Political Economy 4187:. McGraw-Hill. p. 218. 4122:10.1016/0022-1996(95)01383-3 3873:Journal of Political Economy 3610:Journal of Political Economy 540:{\displaystyle \textstyle L} 4812:Andean Community of Nations 4690:Bilateral investment treaty 4658:International Monetary Fund 3295:Steven M Suranovic (2010). 394:units of cloth, or produce 90: 61:or technological progress. 5198: 5177:International trade theory 4678:International Trade Centre 3962:"Putting Ricardo to Work†" 3312:"Ricardo's Difficult Idea" 3156:Bureau of Labor Statistics 3080:Blockade of the Gaza Strip 1190:and world relative supply 5121: 4953:Aircraft & Spacecraft 4598:Foreign exchange reserves 3722:Deardorff, A. V. (2005). 3593:Maneschi, Andrea (1998). 3430:Portugal for that purpose 3215:Maneschi, Andrea (1998). 2540:consumption possibilities 2236:In autarky, Home faces a 347: 334: 329: 326: 4673:World Trade Organization 4478:Ricardo's Difficult Idea 4393:10.1257/0002828053828491 4381:American Economic Review 4085:American Economic Review 3920:10.1257/0002828053828491 3908:American Economic Review 3812:(1): 11–34, March 2005. 3661:American Economic Review 3469:Ingham, Barbara (2004). 3346:Torrens, Robert (1808). 3161:Keynesian beauty contest 4874:Eurasian Economic Union 4762:Repeal of the Corn Laws 4058:. Brighton: Wheatsheaf. 2850:"Comparative advantage" 267: 134:"Comparative advantage" 5162:Microeconomic theories 4916:East African Community 4797:Regional organizations 4474:(original source text) 4026:Oxford Economic Papers 3310:Krugman, Paul (1996). 3059:Earlier empirical work 2984:Alternative approaches 2932:Heckscher–Ohlin models 2780: 2753: 2708: 2529: 2419: 2312: 2227: 2104: 2089: 1968: 1847: 1770: 1649: 1528: 1477: 1426: 1306: 1299: 1298:{\displaystyle RD_{2}} 1269: 1268:{\displaystyle RD_{1}} 1239: 1209: 1184: 1159: 1104: 1077: 1050: 996: 945: 848: 750: 698: 659: 632: 605: 573: 541: 491:mathematical model of 281: 251: 233: 217: 5182:Economics comparisons 4757:The Wealth of Nations 4715:Special economic zone 4578:Comparative advantage 3050:Structural estimation 2781: 2754: 2709: 2542:frontier is given by 2530: 2420: 2313: 2238:production constraint 2228: 2102: 2090: 1969: 1848: 1771: 1650: 1529: 1478: 1427: 1300: 1270: 1240: 1221: 1210: 1185: 1160: 1105: 1103:{\displaystyle P_{W}} 1078: 1076:{\displaystyle P_{C}} 1051: 997: 946: 849: 751: 699: 660: 658:{\displaystyle Q_{C}} 633: 631:{\displaystyle Q_{W}} 606: 574: 542: 432:comparative advantage 275: 249: 207:The Wealth of Nations 31:Comparative advantage 4777:Economic nationalism 4695:Economic integration 4414:10.1257/mic.20130126 4249:K., Galbraith, James 4011:The Economic Journal 3996:The Economic Journal 3947:10.1257/mic.20130126 3331:Smith, Adam (1776). 2940:intra-industry trade 2835:improve this article 2763: 2736: 2549: 2436: 2328: 2247: 2114: 1981: 1860: 1780: 1662: 1541: 1487: 1436: 1318: 1279: 1249: 1226: 1194: 1169: 1125: 1087: 1060: 1006: 958: 864: 767: 711: 673: 642: 615: 583: 551: 529: 119:improve this article 5167:Classical economics 5033:Integrated circuits 4817:Caribbean Community 4613:Net capital outflow 4563:Balance of payments 4544:International trade 4043:. pp. 231–238. 3981:10.1257/jep.26.2.65 3858:FPIF Special Report 3219:. Elgar. p. 1. 2218: 2197: 2055: 2034: 1934: 1913: 1838: 1764: 1743: 1643: 1622: 1523: 1502: 1472: 1451: 1420: 1399: 1045: 1024: 937: 916: 840: 803: 745: 692: 493:international trade 489:general equilibrium 471:free trade than in 315: 241:External Corn Trade 69:international trade 4945:Exports by product 4895:Arab Customs Union 4558:Absolute advantage 4464:2022-07-02 at the 4028:. pp. 275–96. 3778:(2): 141–87, 2007. 3268:O'Sullivan, Arthur 3116:James K. Galbraith 2994:intermediate goods 2952:Gottfried Haberler 2929:factor proportions 2796:Gottfried Haberler 2776: 2759:units of wine and 2749: 2704: 2525: 2415: 2308: 2223: 2203: 2182: 2105: 2085: 2084: 2040: 2019: 1964: 1963: 1919: 1898: 1843: 1842: 1823: 1766: 1765: 1749: 1728: 1645: 1644: 1628: 1607: 1524: 1508: 1490: 1473: 1457: 1439: 1422: 1421: 1405: 1384: 1307: 1295: 1265: 1238:{\displaystyle RS} 1235: 1205: 1204: 1180: 1179: 1155: 1154: 1100: 1073: 1046: 1030: 1009: 992: 941: 922: 901: 844: 825: 788: 746: 730: 694: 693: 677: 655: 628: 601: 600: 569: 568: 537: 536: 412:absolute advantage 313: 282: 252: 202:absolute advantage 85:absolute advantage 81:labor productivity 5149: 5148: 4939: 4938: 4909:Subsaharan Africa 4740:Political economy 3406:978-1-351-68616-7 3377:978-0-85724-062-0 3191:"BLS Information" 3092:Meiji Restoration 2911: 2910: 2903: 2885: 2774: 2747: 1840: 360: 359: 268:Ricardo's example 195: 194: 187: 169: 59:factor endowments 16:(Redirected from 5189: 5139: 5138: 5129: 5128: 4802: 4668:World Bank Group 4568:Balance of trade 4537: 4530: 4523: 4514: 4470:David Ricardo's 4430: 4417: 4396: 4375: 4357: 4336: 4297: 4296: 4286: 4278: 4245: 4239: 4236: 4230: 4229: 4219: 4213: 4212: 4210: 4209: 4203: 4197:. Archived from 4186: 4175: 4169: 4162: 4156: 4155: 4147: 4141: 4140: 4132: 4126: 4125: 4115: 4095: 4089: 4088: 4080: 4074: 4073: 4067: 4059: 4051: 4045: 4044: 4036: 4030: 4029: 4021: 4015: 4014: 4006: 4000: 3999: 3991: 3985: 3984: 3966: 3957: 3951: 3950: 3930: 3924: 3923: 3903: 3897: 3896: 3868: 3862: 3861: 3850: 3844: 3840: 3834: 3831: 3825: 3822: 3816: 3806: 3797: 3794: 3788: 3785: 3779: 3771: 3765: 3764: 3754: 3728: 3719: 3713: 3712: 3684: 3678: 3677: 3655: 3649: 3648: 3640: 3634: 3633: 3605: 3599: 3598: 3590: 3584: 3578: 3572: 3571: 3543: 3537: 3536: 3525: 3519: 3518: 3508: 3502: 3501: 3493: 3487: 3486: 3466: 3460: 3459: 3439: 3433: 3432: 3417: 3411: 3410: 3388: 3382: 3381: 3361: 3352: 3351: 3343: 3337: 3336: 3328: 3322: 3321: 3319: 3318: 3307: 3301: 3300: 3292: 3286: 3285: 3264: 3258: 3255: 3249: 3248: 3227: 3221: 3220: 3212: 3206: 3205: 3203: 3202: 3187: 3150: 3145: 3144: 3128:constant returns 3121: 3040:unequal treaties 3035:Daniel Bernhofen 3015:Ulysses S. Grant 2956:Victor D. Norman 2936:new trade theory 2922:specific factors 2906: 2899: 2895: 2892: 2886: 2884: 2843: 2819: 2811: 2785: 2783: 2782: 2777: 2775: 2767: 2758: 2756: 2755: 2750: 2748: 2740: 2713: 2711: 2710: 2705: 2703: 2702: 2690: 2689: 2677: 2672: 2671: 2653: 2652: 2640: 2629: 2628: 2616: 2615: 2606: 2601: 2600: 2585: 2584: 2572: 2561: 2560: 2534: 2532: 2531: 2526: 2518: 2517: 2505: 2504: 2495: 2490: 2489: 2477: 2476: 2461: 2460: 2451: 2450: 2424: 2422: 2421: 2416: 2414: 2413: 2401: 2400: 2388: 2383: 2382: 2364: 2363: 2351: 2340: 2339: 2317: 2315: 2314: 2309: 2298: 2297: 2288: 2287: 2272: 2271: 2262: 2261: 2232: 2230: 2229: 2224: 2219: 2214: 2202: 2193: 2177: 2176: 2175: 2166: 2161: 2160: 2147: 2146: 2134: 2129: 2128: 2094: 2092: 2091: 2086: 2083: 2082: 2073: 2068: 2067: 2051: 2039: 2030: 2015: 2014: 2002: 1997: 1996: 1973: 1971: 1970: 1965: 1962: 1961: 1952: 1947: 1946: 1930: 1918: 1909: 1894: 1893: 1881: 1876: 1875: 1852: 1850: 1849: 1844: 1841: 1839: 1834: 1822: 1817: 1808: 1807: 1806: 1794: 1785: 1775: 1773: 1772: 1767: 1760: 1748: 1739: 1724: 1723: 1714: 1709: 1708: 1696: 1695: 1683: 1678: 1677: 1654: 1652: 1651: 1646: 1639: 1627: 1618: 1603: 1602: 1590: 1585: 1584: 1569: 1568: 1559: 1554: 1553: 1533: 1531: 1530: 1525: 1519: 1507: 1498: 1482: 1480: 1479: 1474: 1468: 1456: 1447: 1431: 1429: 1428: 1423: 1416: 1404: 1395: 1380: 1379: 1367: 1362: 1361: 1346: 1345: 1336: 1331: 1330: 1304: 1302: 1301: 1296: 1294: 1293: 1274: 1272: 1271: 1266: 1264: 1263: 1244: 1242: 1241: 1236: 1214: 1212: 1211: 1206: 1189: 1187: 1186: 1181: 1164: 1162: 1161: 1156: 1153: 1152: 1143: 1138: 1137: 1109: 1107: 1106: 1101: 1099: 1098: 1082: 1080: 1079: 1074: 1072: 1071: 1055: 1053: 1052: 1047: 1041: 1029: 1020: 1001: 999: 998: 993: 991: 990: 978: 973: 972: 950: 948: 947: 942: 933: 921: 912: 897: 896: 884: 879: 878: 853: 851: 850: 845: 836: 824: 819: 818: 799: 787: 782: 781: 755: 753: 752: 747: 741: 726: 725: 703: 701: 700: 695: 688: 669:. For instance, 664: 662: 661: 656: 654: 653: 637: 635: 634: 629: 627: 626: 610: 608: 607: 602: 599: 598: 578: 576: 575: 570: 567: 566: 546: 544: 543: 538: 513:Economic Journal 497:Essay on Profits 469: 467: 466: 463: 460: 453: 451: 450: 447: 444: 429: 427: 426: 423: 420: 409: 407: 406: 403: 400: 393: 391: 390: 387: 384: 377: 375: 374: 371: 368: 316: 190: 183: 179: 176: 170: 168: 127: 103: 95: 55:gains from trade 43:opportunity cost 21: 5197: 5196: 5192: 5191: 5190: 5188: 5187: 5186: 5152: 5151: 5150: 5145: 5117: 5063:Pharmaceuticals 4935: 4904: 4883: 4857: 4831: 4791: 4787:Dedollarisation 4734: 4720:Trade agreement 4710:Free-trade zone 4651: 4649: 4642: 4583:Current account 4573:Capital account 4546: 4541: 4466:Wayback Machine 4455: 4450: 4420: 4399: 4378: 4355:10.1.1.194.9649 4339: 4319:(5): 997–1000. 4310: 4306: 4301: 4300: 4279: 4267: 4247: 4246: 4242: 4237: 4233: 4221: 4220: 4216: 4207: 4205: 4201: 4195: 4184: 4177: 4176: 4172: 4163: 4159: 4149: 4148: 4144: 4134: 4133: 4129: 4113:10.1.1.557.8401 4106:(3–4): 201–26. 4097: 4096: 4092: 4082: 4081: 4077: 4060: 4053: 4052: 4048: 4038: 4037: 4033: 4023: 4022: 4018: 4008: 4007: 4003: 3993: 3992: 3988: 3964: 3959: 3958: 3954: 3932: 3931: 3927: 3905: 3904: 3900: 3870: 3869: 3865: 3852: 3851: 3847: 3841: 3837: 3832: 3828: 3823: 3819: 3807: 3800: 3795: 3791: 3786: 3782: 3772: 3768: 3726: 3721: 3720: 3716: 3701:10.2307/1885496 3686: 3685: 3681: 3657: 3656: 3652: 3642: 3641: 3637: 3607: 3606: 3602: 3592: 3591: 3587: 3579: 3575: 3554:(5): 997–1000. 3545: 3544: 3540: 3527: 3526: 3522: 3511:L., G. (2021). 3510: 3509: 3505: 3495: 3494: 3490: 3483: 3468: 3467: 3463: 3456: 3441: 3440: 3436: 3419: 3418: 3414: 3407: 3390: 3389: 3385: 3378: 3363: 3362: 3355: 3345: 3344: 3340: 3330: 3329: 3325: 3316: 3314: 3309: 3308: 3304: 3294: 3293: 3289: 3282: 3266: 3265: 3261: 3256: 3252: 3242: 3229: 3228: 3224: 3214: 3213: 3209: 3200: 3198: 3189: 3188: 3184: 3179: 3146: 3139: 3136: 3119: 3108:Barbara Spencer 3100: 3061: 3052: 3028: 3010: 2986: 2977: 2968: 2915:Ricardian model 2907: 2896: 2890: 2887: 2844: 2842: 2832: 2820: 2809: 2807:Modern theories 2792: 2786:units of wine. 2761: 2760: 2734: 2733: 2729: 2694: 2678: 2660: 2641: 2620: 2607: 2592: 2573: 2552: 2547: 2546: 2509: 2496: 2481: 2465: 2452: 2439: 2434: 2433: 2405: 2389: 2371: 2352: 2331: 2326: 2325: 2289: 2276: 2263: 2250: 2245: 2244: 2167: 2152: 2135: 2117: 2112: 2111: 2074: 2059: 2003: 1985: 1979: 1978: 1953: 1938: 1882: 1864: 1858: 1857: 1810: 1809: 1795: 1786: 1778: 1777: 1715: 1700: 1684: 1666: 1660: 1659: 1591: 1573: 1560: 1545: 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5015: 5010: 5005: 5000: 4995: 4990: 4985: 4980: 4975: 4970: 4965: 4960: 4958:Aircraft parts 4955: 4949: 4947: 4941: 4940: 4937: 4936: 4934: 4933: 4928: 4923: 4918: 4912: 4910: 4906: 4905: 4903: 4902: 4897: 4891: 4889: 4885: 4884: 4882: 4881: 4876: 4871: 4865: 4863: 4859: 4858: 4856: 4855: 4850: 4845: 4839: 4837: 4833: 4832: 4830: 4829: 4824: 4819: 4814: 4808: 4806: 4799: 4793: 4792: 4790: 4789: 4784: 4770: 4765: 4744: 4742: 4736: 4735: 4733: 4732: 4727: 4722: 4717: 4712: 4707: 4702: 4697: 4692: 4687: 4682: 4681: 4680: 4670: 4665: 4660: 4654: 4652: 4647: 4644: 4643: 4641: 4640: 4638:Trading nation 4635: 4630: 4625: 4620: 4615: 4610: 4605: 4600: 4595: 4590: 4585: 4580: 4575: 4570: 4565: 4560: 4554: 4552: 4548: 4547: 4542: 4540: 4539: 4532: 4525: 4517: 4511: 4510: 4505: 4500: 4495: 4490: 4485: 4475: 4468: 4454: 4453:External links 4451: 4449: 4448: 4441: 4434: 4431: 4418: 4397: 4376: 4364:10.1086/379944 4337: 4307: 4305: 4302: 4299: 4298: 4265: 4240: 4231: 4214: 4194:978-0070404472 4193: 4170: 4168:, forthcoming. 4157: 4142: 4127: 4090: 4075: 4046: 4031: 4016: 4001: 3986: 3952: 3925: 3914:(1): 208–225. 3898: 3885:10.1086/379944 3863: 3854:Chang, Ha-Joon 3845: 3835: 3826: 3817: 3798: 3789: 3780: 3766: 3737:(5): 1004–16. 3714: 3695:(2): 203–224. 3679: 3650: 3635: 3622:10.1086/260915 3600: 3585: 3573: 3538: 3520: 3503: 3488: 3481: 3461: 3454: 3434: 3421:Ricardo, David 3412: 3405: 3383: 3376: 3353: 3338: 3323: 3302: 3287: 3280: 3259: 3250: 3240: 3222: 3207: 3181: 3180: 3178: 3175: 3174: 3173: 3168: 3166:Resource curse 3163: 3158: 3152: 3151: 3135: 3132: 3099: 3096: 3060: 3057: 3051: 3048: 3027: 3024: 3009: 3006: 2985: 2982: 2976: 2973: 2967: 2964: 2944:Alan Deardorff 2909: 2908: 2823: 2821: 2814: 2808: 2805: 2791: 2788: 2773: 2770: 2746: 2743: 2728: 2727:Terms of trade 2725: 2716: 2715: 2701: 2697: 2693: 2688: 2685: 2681: 2676: 2670: 2667: 2663: 2659: 2656: 2651: 2648: 2644: 2639: 2635: 2632: 2627: 2623: 2619: 2614: 2610: 2605: 2599: 2595: 2591: 2588: 2583: 2580: 2576: 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351: 345: 344: 341: 338: 332: 331: 328: 325: 322: 319: 269: 266: 221:Robert Torrens 193: 192: 107: 105: 98: 92: 89: 35:economic model 26: 24: 14: 13: 10: 9: 6: 4: 3: 2: 5194: 5183: 5180: 5178: 5175: 5173: 5170: 5168: 5165: 5163: 5160: 5159: 5157: 5142: 5134: 5132: 5124: 5123: 5120: 5114: 5111: 5109: 5106: 5104: 5101: 5099: 5096: 5094: 5091: 5089: 5086: 5084: 5081: 5079: 5076: 5074: 5071: 5069: 5068:Photovoltaics 5066: 5064: 5061: 5059: 5056: 5054: 5051: 5049: 5046: 5044: 5041: 5039: 5036: 5034: 5031: 5029: 5026: 5024: 5021: 5019: 5016: 5014: 5011: 5009: 5006: 5004: 5001: 4999: 4996: 4994: 4991: 4989: 4986: 4984: 4981: 4979: 4976: 4974: 4971: 4969: 4966: 4964: 4961: 4959: 4956: 4954: 4951: 4950: 4948: 4946: 4942: 4932: 4929: 4927: 4924: 4922: 4919: 4917: 4914: 4913: 4911: 4907: 4901: 4898: 4896: 4893: 4892: 4890: 4886: 4880: 4877: 4875: 4872: 4870: 4867: 4866: 4864: 4860: 4854: 4851: 4849: 4846: 4844: 4841: 4840: 4838: 4834: 4828: 4825: 4823: 4820: 4818: 4815: 4813: 4810: 4809: 4807: 4803: 4800: 4798: 4794: 4788: 4785: 4782: 4778: 4774: 4773:Protectionism 4771: 4769: 4766: 4763: 4759: 4758: 4753: 4749: 4746: 4745: 4743: 4741: 4737: 4731: 4728: 4726: 4725:Trade barrier 4723: 4721: 4718: 4716: 4713: 4711: 4708: 4706: 4703: 4701: 4698: 4696: 4693: 4691: 4688: 4686: 4683: 4679: 4676: 4675: 4674: 4671: 4669: 4666: 4664: 4661: 4659: 4656: 4655: 4653: 4648:Organizations 4645: 4639: 4636: 4634: 4631: 4629: 4628:Trade justice 4626: 4624: 4621: 4619: 4616: 4614: 4611: 4609: 4606: 4604: 4603:Globalization 4601: 4599: 4596: 4594: 4591: 4589: 4586: 4584: 4581: 4579: 4576: 4574: 4571: 4569: 4566: 4564: 4561: 4559: 4556: 4555: 4553: 4549: 4545: 4538: 4533: 4531: 4526: 4524: 4519: 4518: 4515: 4509: 4506: 4504: 4501: 4499: 4496: 4494: 4491: 4489: 4486: 4483: 4479: 4476: 4473: 4469: 4467: 4463: 4460: 4457: 4456: 4452: 4446: 4442: 4439: 4435: 4432: 4428: 4424: 4419: 4415: 4411: 4407: 4403: 4398: 4394: 4390: 4387:(1): 208–25. 4386: 4382: 4377: 4373: 4369: 4365: 4361: 4356: 4351: 4347: 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3619: 3616:(5): 941–57. 3615: 3611: 3604: 3601: 3596: 3589: 3586: 3583: 3577: 3574: 3569: 3565: 3561: 3557: 3553: 3549: 3542: 3539: 3535:. 2016-09-28. 3534: 3530: 3524: 3521: 3516: 3515: 3507: 3504: 3499: 3492: 3489: 3484: 3482:9780273655077 3478: 3474: 3473: 3465: 3462: 3457: 3455:9780415063807 3451: 3447: 3446: 3438: 3435: 3431: 3426: 3422: 3416: 3413: 3408: 3402: 3398: 3394: 3387: 3384: 3379: 3373: 3369: 3368: 3360: 3358: 3354: 3349: 3342: 3339: 3334: 3327: 3324: 3313: 3306: 3303: 3298: 3291: 3288: 3283: 3281:9780130630858 3277: 3273: 3269: 3263: 3260: 3254: 3251: 3247: 3243: 3241:9783869561950 3237: 3233: 3226: 3223: 3218: 3211: 3208: 3196: 3192: 3186: 3183: 3176: 3172: 3169: 3167: 3164: 3162: 3159: 3157: 3154: 3153: 3149: 3143: 3138: 3133: 3131: 3129: 3125: 3117: 3112: 3109: 3105: 3104:James Brander 3097: 3095: 3093: 3089: 3085: 3081: 3076: 3072: 3068: 3065: 3058: 3056: 3049: 3047: 3043: 3041: 3036: 3032: 3025: 3023: 3020: 3016: 3007: 3005: 3001: 2997: 2995: 2991: 2983: 2981: 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143: 139: 136: – 135: 131: 130:Find sources: 124: 120: 114: 113: 108:This section 106: 102: 97: 96: 88: 86: 82: 78: 74: 70: 66: 65:David Ricardo 62: 60: 56: 52: 51:marginal cost 48: 44: 40: 36: 32: 19: 5043:Live animals 5023:Gas turbines 4836:Asia-Pacific 4768:Mercantilism 4755: 4650:and policies 4577: 4482:Paul Krugman 4444: 4437: 4426: 4422: 4408:(4): 54–90. 4405: 4401: 4384: 4380: 4348:(1): 48–67. 4345: 4341: 4316: 4312: 4304:Bibliography 4252: 4243: 4234: 4223: 4217: 4206:. 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229:broadcloth 198:Adam Smith 145:newspapers 4983:Computers 4968:Car parts 4963:Aluminium 4700:Incoterms 4633:Trade war 4429:: 514–17. 4350:CiteSeerX 4283:cite book 4275:192109752 4108:CiteSeerX 4064:cite book 3098:Criticism 3019:empirical 2891:July 2021 2655:− 2631:≥ 2587:− 2520:≤ 2366:− 2300:≤ 2179:≤ 2149:≤ 254:In 1817, 175:July 2021 5131:Category 5103:Vehicles 5093:Textiles 5038:Iron ore 5003:Diamonds 4827:Mercosur 4805:Americas 4462:Archived 4372:17377670 4251:(2008). 3893:17377670 3761:29501533 3630:58917101 3423:(1817). 3195:Glossary 3134:See also 2216:′ 2195:′ 2053:′ 2032:′ 1932:′ 1911:′ 1836:′ 1815:′ 1762:′ 1741:′ 1641:′ 1620:′ 1521:′ 1500:′ 1470:′ 1449:′ 1418:′ 1397:′ 1215:curves. 1043:′ 1022:′ 935:′ 914:′ 838:′ 801:′ 743:′ 690:′ 349:Portugal 299:a priori 290:Portugal 5141:Commons 5018:Engines 4781:Autarky 4440:3rd ed. 4333:9787214 3709:1885496 3674:1828066 3582:Pearson 3568:9787214 3084:autarky 2875:scholar 473:autarky 468:⁠ 456:⁠ 452:⁠ 440:⁠ 428:⁠ 416:⁠ 408:⁠ 396:⁠ 392:⁠ 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