200 Years of the Theory of Comparative Advantage

ThinkMarkets

by Shruti Rajagopalan

Today is the 200th anniversary of David Ricardo’s On the Principles of Political Economy and Taxation, published on April 19, 1817. This remarkable, and rather unintuitive idea, is an essential component of every economist’s arsenal. When challenged by the mathematician Stan Ulam to name one proposition in the social sciences that was both true and non-trivial, Paul Samuelson said it was the theory of comparative advantage.

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