Wednesday, March 31, 2010

Rethinking Ricardo's comparative advantage theory

The free trade vs. protectionism debate is current these days.

Does David Ricardo's comparative advantage theory hold water, at least in this era?

Irrespective of Paul Krugman's proposal to slap tariffs on Chinese products to confront China's yuan policy, a key question for the US and Europe is: Can economies like the US & EU be sustained by Services & intangible - intellectual products (& their exports)? In other words, can they depend for the industrial products on the world markets?

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