A comparative advantage can be something inherent, in the way a person’s height might make them better at basketball. It can also be developed and improved, the way one basketball player can become ...

A comparative advantage means having the lowest cost of producing a product. Numerous factors contribute to comparative advantage. Having a comparative advantage allows a company to lower prices on ...

David Ricardo, a Scottish economist, made a perceptive observation that a few individuals, firms, or countries can gain from trading, even if one of them is objectively the best in all activities.

Shannon Fiecke’s Monday column, “Steel tariffs are U.S. protectionism at its worst,” misapplies basic principles of economics. Although Fiecke is correct that the tariffs imposed by the Bush ...

Log-in to bookmark & organize content - it's free! Stephen Moore, longtime economic adviser to President Trump and visiting fellow at the Heritage Foundation, discusses the benefits of trade and the ...

Thanks to oil prices that have reached record levels, proponents of increased exploration in the United States have gained an upper hand in the debate over whether to drill in previously untapped ...

Log-in to bookmark & organize content - it's free! The House Agriculture Committee hears testimony on how food production would be affected by the adoption of a North American Free Trade Agreement, ...

This is a preview. Log in through your library . Abstract This paper develops a dynamic model of innovation and international trade in which agents can direct their research efforts to specific goods ...

When we stroll down the aisles of our local supermarket, pause to browse electronics, or flip through streaming services at home, we seldom stop to think about how seamlessly international cultures ...

In textbook economics, trade is a win-win: Two countries trade freely based on comparative advantage and share the resulting gains, improving welfare in both countries. America’s trade with China is ...