Economists find evidence for famous hypothesis of 'comparative advantage'
Wednesday, June 20, 2012 - 04:30
in Psychology & Sociology
David Ricardos concept of comparative advantage is one of the most famous and venerable ideas in economics. Dating to 1817, Ricardos proposal is that countries will specialize in making the goods they can produce most efficiently their areas of comparative advantage and trade for goods they make less well, rather than making all kinds of products for themselves.