04: The Law of Comparative Advantage ( तुलनात्मक लाभको सिद्धान्त र आत्मनिर्भरता )

And here comes the fourth episode! In this episode, I discuss why trade is important and what is the law of comparative advantage which states that countries engaging in trade benefit even when one country is better at doing everything. Happy listening! 

Reference Materials:

1. Comparative Advantage Theory and Examples by Kimberly Amadeo

2. A Brief History of the Concept of Comparative Advantage by Morgan Rose

3. On the Principles of Political Economy and Taxation by David Ricardo

4. An Inquiry Into the Nature and Causes of the Wealth of Nations by Adam Smith