Shaikh’s path 2 Absolute Advantage

The speaker discusses their controversial work on trade, focusing on the methodological approach of questioning established ideas. Using stage magic as an analogy, they explore the concepts of comparative and absolute advantage, highlighting the flaws in Ricardo's theory when considering endogenous money. The speaker concludes with empirical evidence supporting the idea of absolute advantage over comparative advantage.

What is the significance of asking how a concept is derived in the context of international trade?

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How does the study of stage magic relate to the understanding of comparative advantage?

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What are the main differences between absolute advantage and comparative advantage as discussed in the text?

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What role does the quantity theory of money play in Ricardo's explanation of trade?

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How did the author approach the empirical evidence regarding comparative and absolute advantage?

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