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Lower relative opportunity cost in producing a good
Comparative advantage is an economic principle that explains why people, firms, and countries can often benefit from trade even when one party is more
Comparative_advantage
Balassa index in international economics
The revealed comparative advantage (RCA) is an index used in international economics for calculating the relative advantage or disadvantage of a certain
Revealed comparative advantage
Revealed_comparative_advantage
Book by David Soskice and Peter A. Hall
The Institutional Foundations of Comparative Advantage is a 2001 book on economics, political economy, and comparative politics edited by political economists
Varieties_of_Capitalism
Benefit lost by a choice between options
the comparative advantage of, even if it does not have an absolute advantage, and trades for those products it does not have a comparative advantage over
Opportunity_cost
Economic theories of David Ricardo
economic rent, the labour theory of value and above all the theory of comparative advantage. Ricardo wrote his first economic article ten years after reading
Ricardian_economics
Attribute that allows an organization to outperform its competitors
sustaining competitive advantage. Competitive advantage seeks to address some of the criticisms of comparative advantage. Competitive advantage rests on the notion
Competitive_advantage
Subfield of economics focusing on trade between nations
for comparative costs form the basis of Adam Smith's model of absolute advantage in international trade. The Ricardian theory of comparative advantage became
International_trade_theory
British economist and politician (1772–1823)
specialization and free trade. Ricardo introduced the concept of "comparative advantage", suggesting that nations should concentrate resources only in industries
David_Ricardo
Economic concept
absolute advantage, he did not develop the concept of comparative advantage. While there are possible gains from trade with absolute advantage, the gains
Absolute_advantage
British economist (1883–1946)
fundamental pillar of neoclassical economics. He criticised Ricardian comparative advantage theory (the foundation of free trade), considering the theory's
John_Maynard_Keynes
Geographic concentration of related businesses
in the field. According to Porter, in the modern global economy, comparative advantage, whereby certain locations have special endowments (i.e., harbor
Business_cluster
Group of macroeconomic theories
the static dimension of the theory of comparative advantage, which, in his view, by fixing comparative advantages definitively, led in practice to a waste
Keynesian_economics
Development strategy based on global trade
process of a country by exporting goods for which the nation has a comparative advantage. Export-led growth implies opening domestic markets to foreign competition
Export-oriented industrialization
Export-oriented_industrialization
Social science studying goods and services
a comparative advantage and thereby gain from trading with a region that lacks any absolute advantage but has a comparative advantage in producing something
Economics
Economic effect of customs unions
service traded from one nation with a high comparative advantage to a nation of lower comparative advantage works against creating more efficiency and
Trade_diversion
Econometric finding
a comparative advantage, both countries trade different brands of cars between them. Similarly, new trade theory argues that comparative advantages can
Leontief_paradox
Economy with one consumer, one producer, and two goods
fish. So, we can say that Friday has a comparative advantage in hunting fish while Crusoe has a comparative advantage in gathering coconuts. Their respective
Robinson_Crusoe_economy
Goods produced in one country that are sold to another country
Business and economics portal Politics portal Business portal Comparative advantage Commodity currency Commodity Classification Automated Tracking System
Export
Topics referred to by the same term
Resource consumption accounting, an accounting methodology Revealed comparative advantage, an index in international economics RCCA (disambiguation) This
RCA
Book by Tim Harford
failures, externalities, globalisation, international trade and comparative advantage. It explains in non-technical terms how Starbucks and other coffee
The_Undercover_Economist
Workplace that has socially unacceptable working conditions
and the global movement of capital cite the economic theory of comparative advantage, which states that international trade will, in the long run, make
Sweatshop
Economic model for international trade
Stockholm School of Economics. It builds on David Ricardo's theory of comparative advantage by predicting patterns of commerce and production based on the resources
Heckscher–Ohlin_model
Exchange of goods and services
Trade exists between regions because different regions may have a comparative advantage (perceived or real) in the production of some trade-able goods –
Trade
Economic theory of international trade
trade models relied on productivity differences (Ricardian model of comparative advantage) or factor endowment differences (Heckscher–Ohlin model) to explain
New_trade_theory
Current holder of a political office
incumbent upon one as a duty'. In general, an incumbent has a political advantage over challengers at elections. Except when the timing of elections is
Incumbent
Krupp Foundation Professor of European Studies
book Varieties of Capitalism: The Institutional Foundations of Comparative Advantage (2001), written with David Soskice, introduced a framework distinguishing
Peter_A._Hall
Economics between nation states
theory of comparative advantage provides a logical explanation of international trade as the rational consequence of the comparative advantages that arise
International_economics
Strategic management theory
that are rare among competitors, are said to have a comparative advantage. This comparative advantage enables firms to produce marketing offerings that
Resource-based_view
Israeli military training program for autistic people
into the job market, are taught professions for which they have a comparative advantage. Military service is mandatory in Israel for almost all citizens
Ro'im_Rachok
Exchange across international borders
Thomas (1981). "Location and Trade Theory: Industrial Location, Comparative Advantage, and the Geographic Pattern of Production in the United States"
International_trade
Theory to describe international trade patterns
countries. The model demonstrates dynamic comparative advantage. The country that has the comparative advantage in the production of the product changes
Product_life-cycle_theory
American economist (born 1953)
Ricardo and Heckscher–Ohlin model) emphasized trade based on the comparative advantage of countries with very different characteristics, such as a country
Paul_Krugman
French-American economist
Costinot and Donaldson also used this dataset to report that Ricardian comparative advantage explains the pattern of agricultural trade around the world. "Arnaud
Arnaud_Costinot
Application of economic concepts to the study of the family
labor in the household in terms of comparative advantage, generally assuming that women have a comparative advantage in household production and men in
Family_economics
Economic improvement attempt that causes worse conditions for other countries
involves realizing that trade is not a zero-sum game, but rather the comparative advantage of each economy offers real gains from trade for all. An early 20th-century
Beggar_thy_neighbour
Net benefits to economic agents
factors of production, including labor, into activities according to comparative advantage, that is, for which they each have a low opportunity cost. The factor
Gains_from_trade
Unification of policies between states
the good where it has comparative advantage, and trading that good for the other. Economies of scale refers to the cost advantages that an enterprise obtains
Economic_integration
productivity underpins much of basic macroeconomics, such as the comparative advantage, international trade theory, and the Solow-Swan model. Some argue
Factor_endowment
timber trade Cash crop Central European Free Trade Agreement (CEFTA) Comparative advantage Cost, Insurance and Freight (CIF) Council of Arab Economic Unity
Index of international trade articles
Index_of_international_trade_articles
Exchange of derivatives or other financial instruments
swap. Some companies may have comparative advantage in fixed rate markets, while other companies have a comparative advantage in floating rate markets. When
Swap_(finance)
School of thought in economics
trade. Ricardo’s most famous economic theory was the theory of comparative advantage as the foundation of the international division of labor. He argued
Classical_economics
Hungarian economist (1928–1991)
Balassa–Samuelson effect). He is also known for his work on revealed comparative advantage. Balassa received a law degree from the University of Budapest.
Béla_Balassa
Canadian economist and the Frederic E (born 1974)
enforce contracts is possibly a more important determinant of their comparative advantage than skilled labour and physical capital combined. A substantial
Nathan_Nunn
Farm for cash crops
cannot withstand stagnant water. Protectionist policies and natural comparative advantage have sometimes contributed to determining where plantations are
Plantation
Restrictions limiting international trade
informed by Adam Smith’s theory of absolute advantage and David Ricardo’s theory of comparative advantage, supporters of free trade in Britain and Western
Trade_barrier
Term in Marxist economics
Ricardian and neoclassical theories of comparative advantage, which claim that free trade based on comparative costs is beneficial to all parties and
Unequal_exchange
Bilateral trade flow model
produced a number of results that do not match the expectations of comparative advantage theories. Notably, a study by Wassily Leontief found that the United
Gravity_model_of_trade
Economic policy of restricting imports
shifts in comparative advantage for specific countries have led some countries to become protectionist: "The shift in comparative advantage associated
Protectionism
Increasing links to international markets
absolute advantage to gain from trade, only a comparative advantage. David Ricardo argued that a country does not need to have an absolute advantage in the
Internationalization
Topics referred to by the same term
Comparative advantage, a law of economics Comparative advertising, a marketing technique Comparative economic systems, a method of economics Comparative statics
Comparative_(disambiguation)
Exchange of goods and services
differences of human needs and wants, and division of labour along with comparative advantage are the principal factors that give rise to commercial exchanges
Commerce
Austrian-American economist (1900–1995)
his major contributions was reformulating the Ricardian idea of comparative advantage in a neoclassical framework, abandoning the labor theory of value
Gottfried_Haberler
Advanced Placement course
opportunity costs, production possibilities, specialization, and comparative advantage. Major topics include the nature and functions of product markets;
AP_Microeconomics
region as if it were a small nation and uses notions of relative and comparative advantage from international trade theory (Charles Tiebout 1963). In a sense
Economic_base_analysis
1817 book by David Ricardo
rent grows as population increases. It also presents the theory of comparative advantage, the theory that free trade between two or more countries can be
On the Principles of Political Economy and Taxation
On_the_Principles_of_Political_Economy_and_Taxation
Positive-displacement lobe pump
The Roots blower is a positive displacement lobe pump which operates by pumping a fluid with a pair of meshing lobes resembling a set of stretched gears
Roots_blower
Theory in economics
that a country should specialise in industries in which it has a comparative advantage; thus a country rich in some natural resources would be better off
Dutch_disease
American economist (born 1944)
undertaken work on David Ricardo's theory of comparative advantage, arguing that "the law of comparative advantage breaks down when applied to individual commodities
Alan_Deardorff
1848 book by John Stuart Mill
which nations tended to benefit more in a system of trade based on comparative advantage (Mill's answer: those with more elastic demands for other countries'
Principles of Political Economy
Principles_of_Political_Economy
not reflecting the comparative economic advantage of the country, usually a less-industrialized country whose comparative advantage is considered to be
Urban_bias
International trade theory
which describes an advantage enjoyed by the country that introduces new goods in a market. The country will enjoy a comparative advantage as well as a temporary
Technology_gap
promoting comparative advantages among banks while they meet their priority sector lending obligations in India. "Banks with a comparative advantage in lending
Priority Sector Lending Certificates
Priority_Sector_Lending_Certificates
American business academic (1939–2022)
Maynard Award for the “best article on marketing theory” for “The Comparative Advantage Theory of Competition” published in the Journal of Marketing 2000
Shelby_D._Hunt
Indian think tank
charged with considering possible policies that might sharpen India's comparative advantage in the knowledge-intensive service sectors. It was constituted on
National_Knowledge_Commission
Goods import or export tax
most economists, particularly those adhering to the theory of comparative advantage, argue that such industries should not be maintained through protection
Tariff
Increasing worldwide interdependence
geographical area without any strong economic reason derived from comparative advantage, this is not a reason to argue against free trade because the absolute
Globalization
Economic policy emphasizing exports
Mercantilists failed to understand the notions of absolute advantage and comparative advantage (this idea was only fully fleshed out in 1817 by David Ricardo)
Mercantilism
View that the economic policies of postwar Japan will uplift Asian economies
the international division of labor in East Asia based on dynamic comparative advantage. The paradigm postulated that Asian nations will catch up with the
Flying_geese_paradigm
because individuals can work on whichever product provides them a comparative advantage, and then trade it to the individuals who cannot efficiently produce
Social_division_of_labor
Historical model of economic growth
by a few individual sectors. This belief echoes David Ricardo’s comparative advantage thesis and criticizes Marxist revolutionaries push for economic
Rostow's_stages_of_growth
situation since Iran is heavily dependent on Chinese refiners that take advantage on Iran's difficulties to sell oil in the global markets. Despite 1990s
Economy_of_Iran
Concept in international relations theory
interrelated with a non-zero-sum game which proposes that through use of comparative advantage, all states who engage in peaceful relations and trade can expand
Absolute gain (international relations)
Absolute_gain_(international_relations)
Advanced Placement high school macroeconomics course
scarcity, opportunity costs, production possibilities, specialization, comparative advantage, demand, supply, and price determination. Major topics include measurement
AP_Macroeconomics
spend doing domestic work. Most often this decision is weighed by comparative advantage. While this is often the most productive way to reach a balance
Partner_effects
Venezuelan economist
the Product Space predicts the actual evolution of the pattern of comparative advantage of nations. They claim that because of coordination failures, economies
Ricardo_Hausmann
Mountain range near the border of Afghanistan and Pakistan
re-development Income, consumption, production leapfrogs as per comparative advantage, benefit to large-scale tourism industry Food security, energy security
Hindu_Kush
Economic effect of customs unions
trade among member nations in the good or service of each nation's comparative advantage. In other words, increase in trade causes greater revenues, (more
Trade_creation
resources. As part of the social economy, localized trade enabled comparative advantage to be utilised within communities that possessed products in abundance
Economy of the Maya civilization
Economy_of_the_Maya_civilization
British political economist and academic
2001: Varieties of Capitalism: The Institutional Foundations of Comparative Advantage (ed. with Peter A. Hall). 2000: Unions, Employers and Central Banks:
David_Soskice
Economics concept regarding equity markets
considered to be consistent with Keynes' theory. Tactical voting Comparative advantage Focal point (game theory) Guess 2/3 of the average Family Feud Wisdom
Keynesian_beauty_contest
Study of global economic governance
sector model, both of which build on David Ricardo's theory of comparative advantage. The factor model (which has been called the H-O-S-S model) is shaped
International political economy
International_political_economy
trade promotion policies tend to target industries that have a comparative advantage over their foreign competitors. Trade promotion can also include
Trade promotion (international trade)
Trade_promotion_(international_trade)
Contracting internal tasks to an external organization
heavy industries have increasingly moved to the U.S., which has a comparative advantage due to its abundant presence of capital and well-developed technology
Outsourcing
Retailer with a large product range
leveraging large-scale bargaining power, these stores often gain a comparative advantage over smaller retailers and can significantly reduce competitors’
Category_killer
States Argentina Pakistan Romania Vietnam India Theory Comparative advantage Competitive advantage Heckscher–Ohlin model New trade theory Economic geography
List of bilateral free trade agreements
List_of_bilateral_free_trade_agreements
Trade and economic policy
be gained from specialisation and foreign imports. The theory of comparative advantage shows how countries within the model gain from trade, however, this
Import substitution industrialization
Import_substitution_industrialization
Situations of interdependence among institutions
(2001) Varieties of capitalism: The institutional foundations of comparative advantage. Oxford University Press, New York. Franzese R J (2001) Institutional
Institutional_complementarity
Gas compressor using a rotary positive-displacement mechanism
compressors, there are multiple control schemes, each with differing advantages and disadvantages. In a start/stop control scheme, compressor controls
Rotary-screw_compressor
preferences and factor endowments (relying on specialization to create a comparative advantage in the production of differentiated goods between the two nations)
Linder_hypothesis
Metropolitan Reticular Matrix (1996) planning
one that has a comparative advantage mostly related to a point of transition between two geographical systems: the comparative advantage at the border
Metropolitan Reticular Matrix Planning
Metropolitan_Reticular_Matrix_Planning
Female participants in technical fields
women's under-representation in STEM fields could be the result of comparative advantage, caused not by girls' 10% lower performance on math tests, but rather
Women_in_STEM
Derivative contract for an exchange of payments
borrow in their own domestic currencies (and may well each have comparative advantage when doing so), and then get the principal in the currency they
Cross-currency_swap
manufacturing. These sectors are either the result of Argentina's comparative advantage in agriculture and energy or reflect government policy to promote
Industry_in_Argentina
Policies intended to restrict trade between two countries
States Argentina Pakistan Romania Vietnam India Theory Comparative advantage Competitive advantage Heckscher–Ohlin model New trade theory Economic geography
Trade_restriction
British peer (born 1968)
(eds), Varieties of Capitalism: The Institutional Foundations of Comparative Advantage, Oxford: Oxford University Press, 2001, pp. 247–274. "Education
Stewart Wood, Baron Wood of Anfield
Stewart_Wood,_Baron_Wood_of_Anfield
British economist (born 1978)
Costinot and Donaldson also use this dataset to test whether Ricardian comparative advantage explains the pattern of agricultural trade around the world, finding
Dave_Donaldson_(economist)
Theory of the origin of the state
represent the emergence of a "quasi-state"—an organization with a comparative advantage in violence over a territory, but not yet a true state. Olson, Mancur
Stationary_bandit_theory
Area of international law
countries ought to be able to take advantage of low wages and poor conditions at work as a comparative advantage in order to boost their exports. Similarly
International_labour_law
Form of regulatory competition
overall taxation level and/or special tax preferences, creating a comparative advantage. Scholars generally consider economic development incentives to
Tax_competition
Term for a politically unstable country
to its comparative advantage in fertile lowlands, low labor costs, and skilled workers. Additionally, Ecuador has many environmental advantages, such as
Banana_republic
travel, tourism, insurance
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travel, tourism, insurance