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| Topic: |
Business
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| Number of pages / Number of words: |
4 / 1092 |
Essay's paper body
That is a case of absolute advantage.
But what if a country is bad at making everything? Will trade drive all producers out of business?
The answer, according to Ricardo, is no. The reason is the principle of comparative advantage, arguably the single most powerful insight in economics.
According to the principle of comparative advantage, countries A and B still stand to benefit from trading with each other even if A is better than B at making everything, both automobiles and bread...
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That is a case of absolute advantage.
But what if a country is bad at making everything? Will trade drive all producers out of business?
The answer, according to Ricardo, is no. The reason is the principle of comparative advantage, arguably the single most powerful insight in economics.
According to the principle of comparative advantage, countries A and B still stand to benefit from trading with each other even if A is better than B at making everything, both automobiles and bread...
Essay fragment
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