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comparative advantage |
Also found in: Financial, Wikipedia, Hutchinson | 0.06 sec. |
comparative advantageEconomic theory first advanced by Robert Torrens and David Ricardo that analyzes international trade in terms of differences in relative opportunity costs. The theory suggests that countries should specialize in the goods they can produce most efficiently rather than trying for self-sufficiency and argues strongly in favour of free international trade. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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Economists often refer to a fancy theory known as Ricardo's law of comparative advantage. |
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