David Ricardo, a Scottish economist, made a perceptive observation that a few individuals, firms, or countries can gain from trading, even if one of them is objectively the best in all activities.

Let’s say for now that the day comes when robots and artificial intelligence can outperform human beings at every conceivable job, from waxing floors to waxing eyebrows to waxing philosophical at a ...

Martin Richardson does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond ...

According to the general consensus in academia, Ricardo’s theory of international trade embodies the theory of comparative advantage. The principle of comparative advantage he proposed, based on the ...

In textbook economics, trade is a win-win: Two countries trade freely based on comparative advantage and share the resulting gains, improving welfare in both countries. America’s trade with China is ...

This is a preview. Log in through your library . Abstract We exploit Japan’s sudden and complete opening up to international trade in the 1860s to test the empirical validity of one of the oldest and ...