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law of comparative costs

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Betty Tromp

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4y ago

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Who developed the law of comparative advantages?

David Ricardo first promoted the theory in his 1817 book On the Principles of Political Economy and Taxation.


David ricardo developed his economic theory as a reaction to whos writing?

Adam smith


David Ricardo developed his economic theory as a reaction to this mans writings?

Smith


The law of comparative advantage was developed by who?

David Ricardo is credited with being the person who developed the law of comparative advantage. He first mentioned it in his book "On the Principles of Political Economy and Taxation" in 1817.


The concept of 'no rent land ' is visualized by?

David Ricardo


When was David Ricardo born?

David Ricardo died on September 11, 1823 at the age of 51.


How old was David Ricardo at death?

David Ricardo died on September 11, 1823 at the age of 51.


Who is David Ricardo?

An economist.


Was law of comparative costs developed by David Ricardo?

Yes, the law of comparative costs, also known as the theory of comparative advantage, was developed by economist David Ricardo in the early 19th century. This principle explains how countries can benefit from trade by specializing in the production of goods for which they have a lower opportunity cost, even if one country is more efficient in producing all goods. Ricardo's insights laid the foundation for modern trade theory and highlighted the benefits of international trade.


What did David Ricardo invent?

The clarinet?


Who developed the law of comperative average?

Ricardo.


How old is David Ricardo?

David Ricardo was born on April 19, 1772 and died on September 11, 1823. David Ricardo would have been 51 years old at the time of death or 243 years old today.