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Testing the Ricardian Model: Do the Data Confirm the Assumptions?

Author

Listed:
  • Muntean Mihaela-Carmen

    (Faculty of Economic and Business Administration, “Dunarea de Jos” University of Galati)

  • Alexa Ioana-Veronica

    (Faculty of Economic and Business Administration, “Dunarea de Jos” University of Galati)

  • Toma Simona Valeria

    (Faculty of Economic and Business Administration, “Dunarea de Jos” University of Galati)

Abstract

The insight of David Ricardo’s international trade theory can be proved by the way he managed to capture the economic problems of his era and by the fact that his theory is still studied and applied in the construction of new economic models and theories. Ricardo has accepted Adam Smith’s idea, that the “absolute advantage” determines domestic output and trade between countries, under the assumption of perfect mobility of factors of production. The aim of this paper is to do an empirical analysis of Ricardo’s model not only to test the validity of his assumptions, but also to see what are the main categories of goods that the European Union, the United States and Japan export and which specialization should each of them choose.

Suggested Citation

  • Muntean Mihaela-Carmen & Alexa Ioana-Veronica & Toma Simona Valeria, 2014. "Testing the Ricardian Model: Do the Data Confirm the Assumptions?," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(3), pages 43-48, May.
    • Handle: RePEc:ovi:oviste:v:xiv:y:2014:i:3:p:43-48
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    More about this item

    Keywords

    Ricardian model; international trade; country specialization; comparative advantage;
    All these keywords.

    JEL classification:

    • Z19 - Other Special Topics - - Cultural Economics - - - Other

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