Comparative Advantage: An Idea Whose Time Has PassedGuest Post
Comparative Advantage: An Idea Whose Time Has Passed by Michael Munger, Foundation For Economic Education
Many economists will tell you that the most important principle in economics is comparative advantage — the idea that it is expensive to grow oranges in Alaska or to flood rice paddies in Saudi Arabia, so Alaska and Saudi Arabia should import oranges and rice, respectively, and base local production on the advantages of local conditions. We got this idea from . . .
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