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Ep. 85: Ricardo's Assumptions Don't Hold, But Trade Still Makes US Richer
Description
Sophisticated critics of free trade argue that David Ricardo's demonstration of "comparative advantage" had valid assumptions in the early 1800s, but those no longer hold in our age of labor and capital mobility. Murphy demonstrates that this critique doesn't hold up; the US still benefits from specialization and trade.
Watch the video version of this episode here: https://youtu.be/QxMJvjEjRK4
Related:
- https://mises.org/podcasts/human-action-podcast/trumps-tariffs-triffin-wrong-ron-paul-right
- https://mises.org/mises-daily/free-trade-and-factor-mobility
- https://mises.org/mises-daily/can-trade-bring-poverty
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