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Ricardo vs. “Ricardian” Model

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  • Morales Meoqui, Jorge

Abstract

The so-called Ricardian model of contemporary economic textbooks differs significantly from the famous numerical example included in chapter seven of the Principles. The difference is not merely with respect to the definition of the four numbers, but also in terms of underlying proposition, logical construction, assumptions and theoretical implications. Therefore, the textbook model should no longer be considered as part of Ricardo’s international trade theory, nor taken as basis for understanding Ricardo’s superior demonstration of comparative advantage in the Principles.

Suggested Citation

  • Morales Meoqui, Jorge, 2010. "Ricardo vs. “Ricardian” Model," MPRA Paper 27104, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:27104
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    References listed on IDEAS

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    1. Piero Sraffa & L. Einaudi, 1930. "An Alleged Correction of Ricardo," The Quarterly Journal of Economics, Oxford University Press, vol. 44(3), pages 539-545.
    2. Edward S. Mason, 1926. "The Doctrine of Comparative Cost," The Quarterly Journal of Economics, Oxford University Press, vol. 41(1), pages 63-93.
    3. Aldrich, John, 2004. "The Discovery of Comparative Advantage," Journal of the History of Economic Thought, Cambridge University Press, vol. 26(03), pages 379-399, September.
    4. Rune Skarstein, 2007. "Free Trade: A Dead End for Underdeveloped Economies," Review of Political Economy, Taylor & Francis Journals, vol. 19(3), pages 347-367.
    5. Jorge Morales Meoqui, 2011. "Comparative Advantage and the Labor Theory of Value," History of Political Economy, Duke University Press, vol. 43(4), pages 743-763, Winter.
    6. Jorge Morales Meoqui, 2014. "Reconciling Ricardo's Comparative Advantage with Smith's Productivity Theory," Economic Thought, World Economics Association, vol. 3(2), pages 1-21, September.
    7. Arnaud Costinot & Dave Donaldson, 2012. "Ricardo's Theory of Comparative Advantage: Old Idea, New Evidence," American Economic Review, American Economic Association, vol. 102(3), pages 453-458, May.
    8. Reinhard Schumacher, 2013. "Deconstructing the Theory of Comparative Advantage," World Economic Review, World Economics Association, vol. 2013(2), pages 1-83, February.
    9. Mark Blaug, 2001. "No History of Ideas, Please, We're Economists," Journal of Economic Perspectives, American Economic Association, vol. 15(1), pages 145-164, Winter.
    10. Dani Rodrik, 1998. "Symposium on Globalization in Perspective: An Introduction," Journal of Economic Perspectives, American Economic Association, vol. 12(4), pages 3-8, Fall.
    11. Christian Gehrke, 2015. "Ricardo's discovery of comparative advantage revisited: a critique of Ruffin's account," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 22(5), pages 791-817, October.
    12. Ron Baiman, 2010. "The Infeasibility of Free Trade in Classical Theory: Ricardo's Comparative Advantage Parable has no Solution," Review of Political Economy, Taylor & Francis Journals, vol. 22(3), pages 419-437.
    13. Jesus Felipe & Matias Vernengo, 2002. "Demystifying the Principles of Comparative Advantage : Implications for Developing Countries," International Journal of Political Economy, Taylor & Francis Journals, vol. 32(4), pages 49-75.
    14. repec:cup:cbooks:9788175967199 is not listed on IDEAS
    15. Driskill, Robert, 2012. "Deconstructing The Argument For Free Trade: A Case Study Of The Role Of Economists In Policy Debates," Economics and Philosophy, Cambridge University Press, vol. 28(01), pages 1-30, March.
    16. F. H. Knight, 1924. "Some Fallacies in the Interpretation of Social Cost," The Quarterly Journal of Economics, Oxford University Press, vol. 38(4), pages 582-606.
    17. Gilbert Faccarello, 2015. "A calm investigation into Mr Ricardo's principles of international trade," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 22(5), pages 754-790, October.
    18. Oumar Bouare, 2009. "An Evaluation Of David Ricardo¡¯S Theory Of Comparative Costs: Direct And Indirect Critiques," Journal of Economic Development, Chung-Ang Unviersity, Department of Economics, vol. 34(1), pages 99-125, June.
    19. Roy J. Ruffin, 2002. "David Ricardo's Discovery of Comparative Advantage," History of Political Economy, Duke University Press, vol. 34(4), pages 727-748, Winter.
    20. Andrea Maneschi, 2008. "How Would David Ricardo Have Taught The Principle Of Comparative Advantage," Southern Economic Journal, Southern Economic Association, vol. 74(4), pages 1167-1176, April.
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    More about this item

    Keywords

    comparative advantage; Ricardian model; CULC model; international trade theory; free trade;

    JEL classification:

    • B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)
    • F11 - International Economics - - Trade - - - Neoclassical Models of Trade

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