Comparative Advantage and Free Trade

Paul Streeten

Chapter 4 in Trade, Planning and Rural Development, 1990, pp 36-52 from Palgrave Macmillan

Abstract: Abstract In reply to the question whether there exists in economics a set of propositions that is both true and non-trivial, the great M.I.T.-WIT (the opposite of NIT-WIT) Paul Samuelson is reported to have said: the doctrine of comparative advantage. In spite of its venerable age, there are many politicians, officials and common men and women who have not grasped it. Even that great institution of trade liberalisation, the General Agreement on Tariffs and Trade, approaches trade negotiations as if admitting more imports were a concession and removing protection a sacrifice.

Keywords: Free Trade; Comparative Advantage; Trade Policy; Production Frontier; Allocative Efficiency (search for similar items in EconPapers)
Date: 1990
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DOI: 10.1007/978-1-349-11415-3_5

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