David Ricardo's Comparative Advantage After Two Centuries
Two centuries ago in 1817, the great economist David Ricardo published his most prominent work: "On the Principles of Political Economy and Taxation."Among many other insights, it's the book that introduced the idea of "comparative advantage" (especially in Chapter 7) and thus offered a way of thinking about the potential for gains from trade -- both between countries and within areas of a single country -- that has been central to economic thinking on these topics ever since. In Cloth for Wine? The Relevance of Ricardo’s Comparative Advantage in the 21st Century, Simon Evenett has edited a collection of 15 short essays thinking through how and when comparative advantage applies to modern economies. The book is published by the Center for Economic Policy Research (CEPR) Press, in association with the UK government Department for International Trade.
- 04/08/2018
- 7
Migration from a Global Perspective
International migration is one of the hot-button subjects everywhere. The World Migration Report 2018 from the International Organization for Migration (the UN Migration Agency) provides a wealth of facts and background not just about the economics, which is my focus here, but also about regional aspects of migration, international frameworks governing migration, media coverage of migration, how potential migrants perceive their choices, and more.
- 02/08/2018
- 6
How Coalitional Instincts Make Weird Groups and Stupid People
I like to think of myself as an individual who makes up his own mind, but that's almost certainly wrong for me, and you, gentle reader, as well. A vast literature in psychology points out that, in effect, a number of separate personalities live in each of our brains. Which decision gets made at a certain time is determined in part by how issues of reward and risk are framed and communicated to us. Moreover, we are members of groups. If my wife or one of my children is in a serious dispute, I will lose some degree of my sunny disposition and rational fair-mindedness. Probably I won't lose all of it. Maybe I'll lose less of it than a typical person in a similar situation. But I'll lose some of it.
- 01/08/2018
- 4
Interview with Anne Case: Mortality, Funerals, and More
Douglas Clement has published an "Interview with Anne Case," subtitled "Princeton economist on the cost of AIDS in South Africa, 'deaths of despair' in the U.S. and women in economics," in The Region (from the Minneapolis Federal Reserve, December 12, 2017).
- 01/08/2018
- 3
India: Headed Toward Most Populous Country
Throughout my lifetime, China has been the most populous country in the world. But India has nearly caught up, and should overtake China in the next couple of years.
- 31/07/2018
- 6
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