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Theory of Comparative Advantage (Example)

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Theory of Comparative advantage Name Institution Professor Course Date Abstract This paper discusses the views of theory of comparative advantage from different economists. It compares the arguments of the Adam Smith and David Ricardo on comparative advantage. It discusses how Adam Smith theory of international trade is presented in the new trade theory which is theory of comparative advantage by David Ricardo. It also discusses the assumptions of theory of comparative advantage that different from Palley’s views. Comparison of Arguments on Theory of comparative advantage Most economists support unrestricted international trade based on the theory of comparative advantage. Theory of comparative advantage argues that free trade benefits all nations. It goes ahead and illustrates how free trade leads to realization of those benefits. Theory of comparative advantage dominates the international economics. In modern economics theory of comparative advantage encourages the poor countries to open up their markets in order of the product specialized in. in this case the share of the gains reduces. Theory of comparative advantage has to acknowledge the deficiencies that exist within free international trade. It should be understood that there are losers and winners in the free international trade. Trading patterns determinants should not be ignored as depicted in the theory of comparative advantage. The assumptions that make theory of comparative advantage obsolete should be eliminated in order to maintain the intention of international trade which is benefiting the participating nations. References Palley T. I. (2008). Institutionalism and new trade theory: rethinking comparative advantage and trade policy. Journal of Economic Issues  42(1) 195-208. Schumacher R. (2012). Adam Smith's theory of absolute advantage and the use of doxography in the history of economics. Erasmus Journal for Philosophy and Economics  5(2) 54-80. Schumacher R. (2013). Deconstructing the theory of comparative advantage. World Social and Economic Review  2013(2 2013) 83. [...]

Order Description:

Read the required journal articles by Schumacher (2012) and Palley (2008) regarding the theory of comparative advantage. In a critical essay, compare and contrast Smith's original theory as indicated in the Schumacher (2012) article. What, in contrast, is Palley's (2008) observation regarding the modern view of comparative advantage? Differentiate these views and support your findings with additional academic references. Directions: Your essay should be 3-5 pages in length, which does not include the title page, abstract, or required reference page, which are never a part of the content minimum requirements. Support your submission with course material concepts, principles, and theories from the textbook and at least three scholarly, peer-reviewed journal articles. Use the Saudi Digital Library to find your resources. Use Saudi Electronic University academic writing standards and APA style guidelines. It is strongly encouraged that you submit all assignments into the Turnitin Originality Check prior to submitting it to your instructor for grading. If you are unsure how to submit an assignment into the Originality Check tool, review the Turnitin Originality Check – Student Guide for step-by-step instructions. Review the grading rubric to see how you will be graded for this assignment.

Subject Area: Economics

Document Type: Reports

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Project's rating is 5/5

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Words 825

Pages 3

Completed in 5 days

Expert Axel

Client Review

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