Trade disputes; Economics focus.(economist David Ricardo's views on trade disputes; economic effects of outsourcing)(articles by economists Paul Samuelson, Jagdish Bhagwati, Arvind Panagariya)

From: The Economist (US) | Date: September 18, 2004 | Copyright information

Nagging doubts about the benefits of globalisation, and a look at the evidence

WHEN David Ricardo, a 19th-century economist, criticised England's protectionist corn laws, he based his argument on the notion of "comparative costs", these days called comparative advantage. The idea, in brief, is that all countries can raise their living standards through specialisation and trade. Even if one country can make everything more cheaply than every other it still gains from focusing on the goods in which its relative advantage is greatest--ie, in which it has a comparative ...

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