Why would we care about the economic ideas of a man from before the industrial revolution, the jet revolution, and the robotic revolution?
-
-
-
Because his economic ideas aren't tied to or dependent on specific technology. In-fact, recent globalization is a perfect application of his thoughts on comparative advantage and specialization.
-
All economic ideas are tied to technology. What's the point of comparative advantage when you have machines that can do most of the work?
-
No, technology is a layer on top of the economics. To take your example, having machines do the work of humans is the EXACT application of comparative advantage. Why have a human do something a robot can do better?! It makes economic sense to delegate that work to a robot.
-
Comparative advantage is a discussion between countries and an argument in favor of trade. Automating the production process eliminates the need for trade for most things.
-
Another aspect of Comparative Advantage is the scarcity of labor. you have X labor units, what do you produce to maximize efficiency? With automation your labor supply is effectively infinite.
-
I think you misunderstand how CA works. It's simply a matter of delegating work where it's most efficient. It's not a "discussion" (literally or figuratively). A country might be more efficient due to cheap labor, natural resources, automation, proximity, etc..
-
Comparative advantage is a conceptual discussion describing the activity between countries, sorry for being unclear on that earlier. The idea of setting policy on a government and private level. Why should we not produce X when we need X? Because we can make more y and trade.
- 8 more replies
New conversation -
-
-
This might be a good day for you to jump off the Trump Train! Beyond Manafort’s 2nd trial approaching, which is likely to bring Trump closer to collusion, you now have NY filing charges against Trump Org. He apparently spent over $2MM from his Charity for campaign expenses!
Thanks. Twitter will use this to make your timeline better. UndoUndo
-
-
-
You should know that your “party over country” views have contributed toward this longtime Republican becoming an Independent. You are an enabler for a president who has only contempt for the rule of law and sees himself as an autocrat. Shame on you all!
-
Obama hasn't been president for 20 months now.
End of conversation
New conversation -
-
-
That guy is dead for centuries...how stupid is to even discuss what a dead man may said about a task that he don't even know... This is because the actual "smart advisors" ard ful of BS on everything!
Thanks. Twitter will use this to make your timeline better. UndoUndo
-
-
-
The complexity of today’s economy and the impact that decisions can carry, make any comparison with previous environments invalid.
-
I would wager that you can't back that up. The principles of specialization, division of labor, comparative advantage, and free markets all apply today just as much as they did in 1776.
End of conversation
New conversation -
-
-
LIES!!!!!!!
Thanks. Twitter will use this to make your timeline better. UndoUndo
-
-
-
He would probably say that Trump has to do what he has to do to secure American dominance as #1 and as second, that us europeans pretend its still 1947 and the marshall plan is intact, and play by equal rules and not put 4x tarrifs on us manufacturers..
Thanks. Twitter will use this to make your timeline better. UndoUndo
-
Loading seems to be taking a while.
Twitter may be over capacity or experiencing a momentary hiccup. Try again or visit Twitter Status for more information.