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The Torrens–Ricardo Principle of Comparative Advantage: an Extension

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  • Murray C. Kemp
  • Masayuki Okawa

Abstract

The 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.

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  • Murray C. Kemp & Masayuki Okawa, 2006. "The Torrens–Ricardo Principle of Comparative Advantage: an Extension," Review of International Economics, Wiley Blackwell, vol. 14(3), pages 466-477, August.
    • Handle: RePEc:bla:reviec:v:14:y:2006:i:3:p:466-477
    DOI: 10.1111/j.1467-9396.2006.00625.x
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    Cited by:

    1. Morales Meoqui, Jorge, 2012. "On the distribution of authorship-merits for the comparative-advantage proposition," MPRA Paper 35905, University Library of Munich, Germany.
    2. Taro Hisamatsu, 2016. "Constructing a Myth that Ricardo Was the Father of the Ricardian Model of International Trade: A Reconsideration of Torrens f Principles of Comparative Advantage and Gain-from-trade," Discussion Papers 1630, Graduate School of Economics, Kobe University.
    3. repec:kob:wpaper:1630 is not listed on IDEAS

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