Ricardo's International Trade Theory: Beyond the Comparative Cost Example

Andrea Maneschi

Cambridge Journal of Economics, 1992, vol. 16, issue 4, 421-37

Abstract: The benefits of trade for David Ricardo should be related to his rent theory and are dynamic in nature, outweighing the static ones associated with the theory advantage. In light of several recen t multifactor "Ricardian" models, a reevaluation of Ricardo's trade theory is called for. Its textbook version postulates that commoditi es are produced by labor alone at constant cost. This static model is n ot representative of the implicit trade model underlying chapter 7 and other chapters of the Principles in which trade figures prominently, and Ricardo's other writings, and should be replaced by a richer, multifactor model. Copyright 1992 by Oxford University Press.

Date: 1992
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