Comparison advantage is an economic term that defines when one country produces a product or service at a lower cost relative to another country. It’s not just about country economics, though.

Discover how the Home Market Effect explains global trade patterns, why large countries become net exporters, and ...

The great mathematician Stanislaw Ulam challenged the great economist Paul Samuelson to name a principle in the social sciences that was both true and nonobvious. Samuelson thought for a bit, then ...

The Royal Swedish Academy of Sciences announced yesterday that the 2008 winner of the Nobel Prize in Economic Sciences is Paul Krugman. A professor at Princeton University, Mr. Krugman is known to the ...

A comparative advantage can be something inherent, in the way a person’s height might make them better at basketball. It can also be developed and improved, the way one basketball player can become ...