David Ricardo and Comparative Advantage
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Description: An introduction to Ricardo's theory of comparative advantage and a biography.
David Ricardo and Comparative Advantage The Theory of Comparative Advantage David Ricardo, working in the early part of the 19th century, realised that absolute advantage was a limited case of a more general theory. Consider Table 1. It can be seen that Portugal can produce both wheat and wine more cheaply than England (ie it has an absolute advantage in both commodities). What David Ricardo saw was that it could still be mutually beneficial for both countries to specialise and trade.
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