The Importance Of The Ricardian Theory Of International Trade

Author: Matthias Bauer
Editor: GRIN Verlag
ISBN: 3638034836
File Size: 22,41 MB
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Essay from the year 2007 in the subject Economics - International Economic Relations, grade: 1,3, University of Hull (Business School), course: International Economics, 14 entries in the bibliography, language: English, abstract: Does international trade generate benefits for a country? This question still causes controversion between economists, company leaders and policy makers all over the globe. Over two centuries ago the pioneer of classical economics, Adam Smith ex-pressed the following statement promoting trade between nations: “If a foreign country can supply us with a commodity cheaper than we ourselves can make it, better buy it of them with some part of the produce of our own industry employed in a way in which we have some advantage.” (Smith, 1776, p. 457). Today, among other trade theories, the widely known Ricardian model of comparative advantage between economies is used by economists to explain how trade affects the prosperity of nations. Ricardo (1817) suggested that countries specializing in the production of the commodities in which they have a comparative advantage, can achieve higher standards of consumption and living by trading these goods with other countries. Indeed, international trade has been rising steadily over the past decades. Propo-nents of Ricardo’s theory argue that trade can create industries and jobs, particularly in less developed nations, and increase the spectrum of economic opportunities, such as innovation and entrepreneurship. The aim of the paper is to give a brief glace at the theoretical framework and the importance of the Ricardian theory of international trade.
The importance of the Ricardian theory of international trade
Language: en
Pages: 11
Authors: Matthias Bauer
Categories: Business & Economics
Type: BOOK - Published: 2008-04-09 - Publisher: GRIN Verlag

Essay from the year 2007 in the subject Economics - International Economic Relations, grade: 1,3, University of Hull (Business School), course: International Economics, 14 entries in the bibliography, language: English, abstract: Does international trade generate benefits for a country? This question still causes controversion between economists, company leaders and policy
Ricardo's Economics
Language: en
Pages: 264
Authors: Michio Morishima
Categories: Business & Economics
Type: BOOK - Published: 1990-10-25 - Publisher: Cambridge University Press

This book, together with Marx's Economic and Walras' Economics, completes a sequence of titles by Professor Morishima on the first generation of scientific economists. The author's assessment of Ricardo differs substantially from the established views adopted by economists and historians of economic thought. While economists such as Pasinetti, Caravale and
Ricardian Economics
Language: en
Pages: 269
Authors: Mark Blaug
Categories: Economics
Type: BOOK - Published: 1958 - Publisher: New Haven : Yale University Press

Books about Ricardian Economics
Ricardo and International Trade
Language: en
Pages: 276
Authors: Shigeyoshi Senga, Masatomi Fujimoto, Taichi Tabuchi
Categories: Business & Economics
Type: BOOK - Published: 2017-05-18 - Publisher: Routledge

David Ricardo’s theories have been widely studied and discussed, including the prominent theory on comparative advantage. Ricardo and International Trade looks at the ongoing renaissance of the Ricardian international trade theory. The book’s interpretation brings fresh insights into and new developments on the Ricardian international trade theory by examining the
Neo-Ricardian Theory
Language: en
Pages: 169
Authors: B. Näslund, B. Sellstedt
Categories: Business & Economics
Type: BOOK - Published: 2012-12-06 - Publisher: Springer Science & Business Media

During the last fifteen years certain very fundamental aspects of economic theory have been very actively debated. The debate has often been called the Cambridge controversy, since the main parti cipants in the debate come from Cambridge, USA and Cambridge, Eng land. In this debate certain important foundations of economic