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.

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 ...

This is a preview. Log in through your library . Abstract This paper develops a dynamic model of innovation and international trade in which agents can direct their research efforts to specific goods ...

On 2 April, President Donald Trump didn’t just shock the world with his reciprocal tariffs announcement—he also upended 200 years of trade wisdom. Most of us take free trade and global supply chains ...