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.

Troy Segal is an editor and writer. She has 20+ years of experience covering personal finance, wealth management, and business news. Absolute and comparative advantage are economic concepts that help ...

In the early 19th century David Ricardo formulated the principle of comparative advantage to explain mutual gains from trade among countries. He based it on a critical assumption: that capital did not ...

Last week was the 200th anniversary of the most counterintuitive idea in economics. On April 18, 1817, David Ricardo published On the Principles of Political Economy and Taxation, in which Ricardo ...

Add articles to your saved list and come back to them any time. After this week, we might need to rethink the concept of comparative advantage in trading relationships with the US. The winners in ...

Ray Perryman is the head of The Perryman Group and serves as a distinguished professor at the International Institute for Advanced Studies. The economic theories supporting free trade were introduced ...

Will Kenton is an expert on the economy and investing laws and regulations. He previously held senior editorial roles at Investopedia and Kapitall Wire and holds a MA in Economics from The New School ...