Did Ricardo really have a law of comparative advantage? A comparison of Ricardo's version and the modern version.(David Ricardo)(Essay) History of Economics Review | June 22, 2006| | COPYRIGHT 2006 History of Economic Thought Society of Australia. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information) Copyright

Abstract: This article compares Ricardo's statements on the Law of Comparative Advantage (LCA) with modern versions. It interprets Ricardo's LCA as a practical guide or as a piece of useful commercial advice for commodity traders, and argues that, contrary to modern versions, Ricardo's LCA does not constitute a logical basis for international specialisation of production. It contends that Ricardo's case for international specialisation is based on absolute advantage, not comparative advantage. It concludes that, if 'LCA' is taken to mean the LCA as found in modern textbooks, ...

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