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Comparative Advantage Prevails

Comparative Advantage Prevails

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Tweet Here’s a letter to a long-time “proud Trump man” correspondent. Mr. McKinney: You ask my “opinion of Spencer Morrison’s critique of comparative advantage” (“Debunking Comparative Advantage,” April 21). Here’s my opinion: His critique is tired and tendentious nonsense. Protectionists have for years seized upon David Ricardo’s assumption that capital is internationally immobile as reason to assert that, because in today’s real world capital is very mobile, comparative advantage no longer applies. Journal articles written decades ago exposed […]

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The Race/Starting-Point Fallacy

The Race/Starting-Point Fallacy

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It is often asserted without challenge that “life is like a race” and it wouldn‘t be a fair race without the same “starting-line.” While this analogy has some truth, it is largely fallacious and more than implies an ever-present state to provide “equal opportunity.”

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