Ricardo's vice and the virtues of industrial diversity

Keen, Steve (2017) Ricardo's vice and the virtues of industrial diversity. Journal of American Affairs, 2017(Fall), pp. 85-98. ISSN (print) 2475-8809

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Abstract

That specialization is the primary source of economic gain has been accepted by economists ever since the famous example of the pin factory with which Adam Smith opened The Wealth of Nations. However, this and Ricardo's "Comparative Advantage" example ignore that machinery cannot be moved from one industry to another. Empirical research also shows that gains arise not from specialisation but from diversity.

Item Type: Article
Uncontrolled Keywords: Comparative Advantage, International Trade, Economics, Industrial Policy
Research Area: Economics and econometrics
Faculty, School or Research Centre: Faculty of Arts and Social Sciences (until 2017) > School of Economics, History and Politics (from November 2012)
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Depositing User: Stephen Keen
Date Deposited: 18 Aug 2017 13:01
Last Modified: 25 Sep 2017 15:18
URI: http://eprints.kingston.ac.uk/id/eprint/38907

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