Lecture

Modern Trade: Ricardo's Comparative Advantage

Description

This lecture delves into the historical shift in trade conceptualisation during the 19th century, focusing on David Ricardo's 'Principle of Comparative Advantage'. It explains how nations tend to export goods based on relative prices, leading to mutual gains from trade. The lecture also explores the impact of comparative advantage on production patterns, emphasizing efficiency and productivity. Additionally, it discusses the evolution of globalisation from laissez-faire capitalism to a more socially conscious approach, highlighting the roles of efficiency in the market and justice in government policies. Twists on traditional conceptualisations by economists like Stiglitz and Rodrik are also examined, along with extreme views on globalisation as a conspiracy.

About this result
This page is automatically generated and may contain information that is not correct, complete, up-to-date, or relevant to your search query. The same applies to every other page on this website. Please make sure to verify the information with EPFL's official sources.