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Stripping Away Ricardo’s Assumptions

In: International Trade and Global Macropolicy

Author

Listed:
  • Farrokh Langdana

    (Rutgers Business School)

  • Peter T. Murphy

Abstract

Finally we strip away David Ricardo’s restrictive assumptions one by one to find out: does Ricardian theory hold up even without these assumptions, in the real world? We explore the Production Life Cycle hypothesis, where countries move up the value chain, initially moving from agriculture into simple manufactures as they open up to trade, and progress through to higher and higher levels of production over time. We see how intra-industry trade, which accounts for a significant portion of the world’s trade overall, fits nicely within the Ricardian model. We present the Boeing 787 Dreamliner as a case study in intra-industry trade.

Suggested Citation

  • Farrokh Langdana & Peter T. Murphy, 2014. "Stripping Away Ricardo’s Assumptions," Springer Texts in Business and Economics, in: International Trade and Global Macropolicy, edition 127, chapter 0, pages 57-73, Springer.
    • Handle: RePEc:spr:sptchp:978-1-4614-1635-7_5
    DOI: 10.1007/978-1-4614-1635-7_5
    as

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