The Torrens-Ricardo Principle of Comparative Advantage: an Extension
AbstractThe Torrens-Ricardo Principle of Comparative Advantage rests on the special assumptions that, both in autarky and under free trade, all countries can produce all commodities and that, in autarkic equilibrium, each country consumes all producible commodities, at least incipiently. We reformulate the Principle to accommodate alternative assumptions. In our reformulation the emphasis is on marginal rates of substitution, not on the traditional marginal rates of transformation in production. It is shown in effect that, in existing formulations, the supply side is assigned a role that it can rarely sustain. Copyright � 2006 The Authors; Journal compilation � 2006 Blackwell Publishing Ltd.
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Bibliographic InfoArticle provided by Wiley Blackwell in its journal Review of International Economics.
Volume (Year): 14 (2006)
Issue (Month): 3 (08)
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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0965-7576
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- Morales Meoqui, Jorge, 2012. "On the distribution of authorship-merits for the comparative-advantage proposition," MPRA Paper 35905, University Library of Munich, Germany.
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