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Politics : Politics for Pros- moderated
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To: LindyBill who wrote (25045)1/19/2004 12:46:55 AM
From: TimF  Read Replies (1) of 793670
 

Adam Smith could not have had all the correct answers for economic theory in the 21st Century.

Not totally nailed. He thought the benefits of free trade would only occur when one country that had an absolute advantage over another country in producing one good traded with another who had an absolute advantage in another. David Ricardo and others later worked out the idea of comparative advantage.

Tim
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