13min chapter

In Our Time cover image

David Ricardo

In Our Time

CHAPTER

David Ricardo and Comparative Advantage

This chapter explores David Ricardo's influential work, 'The Principles of Political Economy and Taxation', emphasizing his labor theory of value and the principle of comparative advantage. It discusses how Ricardo's theories, especially on specialization and trade, illuminate the economic interactions between countries and highlight the mutual benefits of trade. Additionally, the chapter critiques the complexities and political implications of Ricardo's ideas, particularly in the context of post-Napoleonic trade dynamics.

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