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2017 | OriginalPaper | Buchkapitel

9. Mill and Ricardo: The Genesis of Comparative Advantage

verfasst von : Roy J. Ruffin

Erschienen in: 200 Years of Ricardian Trade Theory

Verlag: Springer International Publishing

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Abstract

Britain suspended the gold standard in its war with France in 1797. This led to an inflation controversy that created Ricardo the economist. He entered the discussion in 1809 arguing that the inflation was caused by too much paper money. His impressive argument attracted the attention of James Mill and Thomas Malthus who both became life-long friends and correspondents. In its early days economics was unsettled with vague terms and loose reasoning. James Mill, impressed with Ricardo’s logical mind and brilliance, convinced him to write a book to settle the issues. It was during the writing of this book in 1816 that Ricardo discovered comparative advantage. I tell the story.

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Vorheriges Kapitel Discussion About “The Main Contribution of the Ricardian Trade Theory”

Nächstes Kapitel Comments on “Mill and Ricardo: The Genesis of Comparative Advantage” by Roy J. Ruffin

Mill (1808) and Torrens (1808). Thweatt (1976, p. 212) conveniently contains their statements.

At least since the classic text book by Ellsworth (1938).

In an early debate between Edwin Seligman and Jacob Hollander (1911, p. 457), Hollander misinterprets “thirty times the expense for which at least equally good can be brought from foreign countries” as 30 times the cost in Portugal.

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Titel: Mill and Ricardo: The Genesis of Comparative Advantage
verfasst von: Roy J. Ruffin
Verlag: Springer International Publishing
Buch: 200 Years of Ricardian Trade Theory
Print ISBN: 978-3-319-60605-7

Electronic ISBN: 978-3-319-60606-4

Copyright-Jahr: 2017
DOI: https://doi.org/10.1007/978-3-319-60606-4_9

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