On the Laws of Absolute and Comparative Advantage: A Commentary
Journal Title: Scholars Journal of Economics, Business and Management - Year 2015, Vol 2, Issue 7
Abstract
Abstract: I try to make a brief comment and to draw attention to the Laws of Absolute and Comparative Advantage and their obsolescence in today’s economic theory because of the age-long damage they have impacted on many economies via economic advisers and the contending problems developing nations are currently battling to surmount. It is unnecessary for a country to skew its expertise towards a particular or few production areas because it want to gain absolute advantage over other countries in that area and so neglect other potential areas (that could have made up for subsistence needs) by deploying all resources to the absolute advantage area thereby facing a long-run in-balance in meeting demands of other sectors. I suggest in this commentary that, the only way to develop productive sectors is to go by the Law of General or Near-Self-reliance Advantage. Keywords: Laws of absolute and comparative advantage, Law of general advantage, Developing economies, Productive sectors, Productive resources.
Authors and Affiliations
Alex A. A. Bruce
Keywords
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