...prudence in the conduct of every private family, can scarcely be folly in that of a great kingdom. If a foreign country can supply us with a commodity...employed in a way in which we have some advantage." Shelburne and William Pitt. Indeed there can be little doubt that a long step would have been taken...

...equilibrium will be established at W, where British consumers appropriate all the gains from trade. If a foreign country can supply us with a commodity...employed in a way in which we have some advantage. If the words "cheaper" and "advantage" are not qualified carefully, this sentence cannot forecast trade...

...is prudence in the conduct of every private family, can scarce be folly in that of a great kingdom. If a foreign country can supply us with a commodity...with some part of the produce of our own industry. . . ." It was Ricardo, in 1817, who went a step further and developed the theory of comparative advantage,...

...industry with subsidies. A liberal interpretation of 'dumping' is necessary to protect domestic industry." If a foreign country can supply us with a commodity cheaper than we ourselves can make it, [we had] better buy it off them with some part of our own industry, employed in a way in which we have...

...production from wine to cloth and freely exchanging it for Portuguese wine (Ricardo 1817/ 1969: 82-3). 'If a foreign country can supply us with a commodity cheaper than we can make it, better buy it of them with the fruits of our own industry, employed in a way that we have...

...in Malaysia, New York, NY: St. Martin's Press. Chapter 7 Economic Inter-Dependence: External Trade "If a foreign country can supply us with a commodity...employed in a way in which we have some advantage. " Adam Smith, The Wealth of Nations Objectives / Provide theoretical explanation of relationship between...

...is prudence in the conduct of every private family, can scarce be folly in that of a great kingdom. If a foreign country can supply us with a commodity...employed in a way in which we have some advantage. (Smith, 1937, p. 424.) It follows that the level of production attained by every nation in autarky...

...though later economists such as David Ricardo spelled it out at greater length. According to Smith, "If a foreign country can supply us with a commodity...employed in a way in which we have some advantage." 5 To understand comparative advantage more fully, one has to compare it with absolute advantage. To...

...though later economists such as David Ricardo spelled it out at greater length. According to Smith, "If a foreign country can supply us with a commodity...own industry employed in a way in which we have some advantage."5 To understand comparative advantage more fully, one has to compare it with absolute advantage....

...is prudence in the conduct of every private family, can scarce be folly in that of a great kingdom. If a foreign country can supply us with a commodity...cheaper than we ourselves can make it, better buy it off them with some part of the produce of our own industry, employed in a way in which we have some...