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.

Alexandra Twin has 15+ years of experience as an editor and writer, covering financial news for public and private companies. Robert Kelly is managing director of XTS Energy LLC, and has more than ...

David Ricardo published "On the Principles of Political Economy and Taxation" on April 19 1817. This is the work that described the principle of comparative advantage and thus explained to us all why ...