KBC 13 Offline Quiz (September 11, 2021): Which economist developed International Trade Theory in 1817 based on comparative advantage and specialisation?
The options are
A. David Ricardo
B. Karl Marx
C. John Barton
D. Enrico Barone
Answer: David Ricardo.
British economist David Ricardo developed International Trade Theory, also known as theory of comparative advantage, in 1817. Ricardo published the theory in a paper titled ‘On the Principles of Political Economy and Taxation.’ Ricardo hypothetically considered world economy comprising the countries of England and Portugal. He argued that Portugal with its long history of wine making took fewer workers for its production as it took England fewer workers to make cloth due to the country’s expertise in textile industry at the time.
Hence, it made sense for Portugal to export its wine to England, and England to export its cloth to Portugal. Workers weren’t the only factor. Equipment, skills and currency values were other considerations that Ricardo put forth in the theory.
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