Tag » David Ricardo

Economics #3: Comparative Advantage

In 1776, Adam Smith popularized the idea of specialization:

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.

1.059 kata lagi
Economics

30-Second Economics

30-Second Economics
The 50 most thought-provoking economic theories, each explained
in half a minute
Edited by Donald Marron
Icon Books – £14.99

In the Introduction of this rather readable, entertaining book on the theory of economics (an entertaining book on economics – who’d have thought it?), editor Donald Marron writes: ”Economists […] study how fundamental social forces explain everything from the price of bread to the wealth disparity between the United States and Zimbabwe.” 434 kata lagi

Miscellaneous

Where Do Monetary Rules Come From and How Do They Work?

In my talk last week at the Mercatus Conference on Monetary Rules for a Post-Crisis World, I discussed how monetary rules and the thinking about monetary rules have developed over time. 2.020 kata lagi

Gold Standard

But a rise in the wages of labour would not equally affect commodities produced with machinery quickly consumed, and commodities produced with machinery slowly consumed. – David Ricardo http://ift.tt/29XpzQr

David Ricardo

Profits might also increase, because improvements might take place in agriculture, or in the implements of husbandry, which would augment the produce with the same cost of production. 7 kata lagi

David Ricardo

Classical Economics and Methodology

The methodological question at issues during the classical period were very similar to those that were late to agitate neoclassical and modern economists. The controversies in classical methodology included:

249 kata lagi
Economics

Free Trade, Libertarianism, David Ricardo, Protectionism. The Glorious Pill Stance

When discussing National Capitalism it is also important to elaborate on what stance should be adapted in terms of foreign trade. For the classic Liberal, who adheres to the teachings of Adam Smith and David Ricardo, Protectionism is a hindrance to prosperity. 502 kata lagi

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