Comparative advantage is an economic term that describes doing what you do best, and leveraging that against what you don’t do so well. World economies depend on the outcome. Comparison advantage is ...

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.

Log-in to bookmark & organize content - it's free! The House Agriculture Committee hears testimony on how food production would be affected by the adoption of a North American Free Trade Agreement, ...

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 Most of the literature on international trade under uncertainty has focused on technological uncertainty. The present paper, in contrast, ...