On the Principles of Political Economy and Taxation - Econlib
David Ricardo: What is the Key Problem in Political Economy?
: Ricardo's most famous contribution. It argues that international trade is mutually beneficial if countries specialize in goods where they have the lowest relative opportunity cost, even if one country is more efficient at producing everything.
: Ricardo posits that the exchange value of most commodities is determined by the total quantity of labor required for their production.
On the Principles of Political Economy and Taxation - Econlib
David Ricardo: What is the Key Problem in Political Economy?
: Ricardo's most famous contribution. It argues that international trade is mutually beneficial if countries specialize in goods where they have the lowest relative opportunity cost, even if one country is more efficient at producing everything.
: Ricardo posits that the exchange value of most commodities is determined by the total quantity of labor required for their production.