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The Astonishing Conclusion of the Attribution Debate on the Law of Comparative Advantage

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  • Morales Meoqui, Jorge

Abstract

The law of comparative advantage should not be attributed to anyone. This astonishing conclusion to the longstanding attribution debate on the law of comparative advantage comes from the recent demystification of David Ricardo’s famous numerical example in chapter 7 of the Principles. It debunked the conventional narrative that his “four magic numbers” were the first proof of this law by showing that Ricardo chose them according to a different rule for specialization. Likewise, as this article shows, there is no hint of the law of comparative advantage in the writings of John Stuart Mill, James Mill and Robert Torrens. The belief in the existence of this alleged law grew out of the confusion created by J. S. Mill’s misreading of the purpose, content and implications of Ricardo’s numerical example. In truth, the law of comparative advantage is nothing more than a mythological construct, so no one deserves credit for it.

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  • Morales Meoqui, Jorge, 2021. "The Astonishing Conclusion of the Attribution Debate on the Law of Comparative Advantage," OSF Preprints uwdbk_v1, Center for Open Science.
    • Handle: RePEc:osf:osfxxx:uwdbk_v1
    DOI: 10.31219/osf.io/uwdbk_v1
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    References listed on IDEAS

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    1. Jorge Morales Meoqui, 2017. "Ricardo's Numerical Example Versus Ricardian Trade Model: a Comparison of Two Distinct Notions of Comparative Advantage," Economic Thought, World Economics Association, vol. 6(1), pages 35-55, March.
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    5. Morales Meoqui, Jorge, 2023. "The Demystification Of David Ricardo’S Famous Four Numbers," Journal of the History of Economic Thought, Cambridge University Press, vol. 45(3), pages 447-466, September.
    6. Gilbert Faccarello, 2022. "“I profess to have made no discovery”. James Mill on comparative advantage," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 29(1), pages 61-81, January.
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    9. Christian Gehrke, 2015. "Ricardo's discovery of comparative advantage revisited: a critique of Ruffin's account," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 22(5), pages 791-817, October.
    10. Meoqui, Jorge Morales, 2021. "Overcoming Absolute And Comparative Advantage: A Reappraisal Of The Relative Cheapness Of Foreign Commodities As The Basis Of International Trade," Journal of the History of Economic Thought, Cambridge University Press, vol. 43(3), pages 433-449, September.
    11. Michael Gaul, 2021. "Robert Torrens’ model of trade and growth: genesis and implications for the discovery of comparative advantage," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 28(2), pages 201-228, March.
    12. Murray C. Kemp & Masayuki Okawa, 2006. "The Torrens–Ricardo Principle of Comparative Advantage: an Extension," Review of International Economics, Wiley Blackwell, vol. 14(3), pages 466-477, August.
    13. Cheryl Schonhardt-Bailey, 2006. "From the Corn Laws to Free Trade: Interests, Ideas, and Institutions in Historical Perspective," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262195437, December.
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