The Theory of Comparative Advantage in the Context of Underdevelopment and Growth

Jagdish Bhagwati
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Jagdish Bhagwati: Indian Statistical Institute, Calcutta, India.

The Pakistan Development Review, 1962, vol. 2, issue 3, 339-353

Abstract: The theory of comparative advantage has two facets which should be clearly distinguished: 1) positive; and, 2) welfare. The former relates to the formulation of hypotheses to explain the pattern of trade; the latter concerns the advantages to be derived from the possibility of various forms of tradel . This paper examines the status of the welfare propositions of trade theory in relation to 1) some features of underdeveloped countries; and, 2) the phenomenon of growth.

Date: 1962
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