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Lecture 9: A Demonstration of Why Trade Is Critical to the Production of Wealth

Lecture 9: A Demonstration of Why Trade Is Critical to the Production of Wealth. Evolution of Economic Theory: Adam Smith (1776) explained the value of 1) the division of labor and 2) specialization of labor Pin factory example David Ricardo later explained: comparative advantage.

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Relative costs 100 shirts - PowerPoint PPT Presentation

Lecture 9: A Demonstration of Why Trade Is Critical to the Production of Wealth