David Ricardo, a Scottish economist, made a perceptive observation that a few individuals, firms, or countries can gain from trading, even if one of them is objectively the best in all activities.

Comparative advantage is the economic principle that an individual, firm, or nation faces a unique set of advantages and disadvantages relative to others in its production of particular goods and ...

Let’s say for now that the day comes when robots and artificial intelligence can outperform human beings at every conceivable job, from waxing floors to waxing eyebrows to waxing philosophical at a ...

Martin Richardson does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond ...

In textbook economics, trade is a win-win: Two countries trade freely based on comparative advantage and share the resulting gains, improving welfare in both countries. America’s trade with China is ...

China already has de facto stablecoins in the form of WeChat Pay and Alipay, a top economist at the country’s leading investment bank has argued – amid growing calls for Beijing to quickly adapt to ...

Add articles to your saved list and come back to them any time. After this week, we might need to rethink the concept of comparative advantage in trading relationships with the US. The winners in ...

As calls grow for Beijing to embrace digital currencies, e-payment giants seen as aiding yuan's global push China already has de facto stablecoins in the form of WeChat Pay and Alipay, a top economist ...