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Ricardo and Comparative Costs

In: Developments of International Trade Theory

Author

Listed:
  • Takashi Negishi

    (The Japan Academy)

  • Takashi Negishi

    (The University of Tokyo)

Abstract

David Ricardo (1772–1823) was the representative theorist of the classical school of economics which was initiated by Adam Smith. Ricardo’s theory of comparative advantage developed in Chap. 7 of his Principles (1817) has been one of the few theories that economists of all the different schools understand and agree with. Although the current mainstream economics, the neo-classical school, has been developed from the marginal revolution against the classical school, it cannot be denied that Ricardo’s theory of comparative advantage is still an important cornerstone of the modern theory of international trade and has been studied intensively by many leading scholars of the neo-classical economics. Such modern interpretations of Ricardo are, however, sometimes very much different from what Ricardo really meant, as will be seen below.

Suggested Citation

  • Takashi Negishi & Takashi Negishi, 2014. "Ricardo and Comparative Costs," Advances in Japanese Business and Economics, in: Developments of International Trade Theory, edition 2, chapter 0, pages 21-32, Springer.
    • Handle: RePEc:spr:advchp:978-4-431-54433-3_4
    DOI: 10.1007/978-4-431-54433-3_4
    as

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