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| | AllRefer.com - David Ricardo (Economics, Biography) - Encyclopedia |
 | | As far as value was concerned, Ricardo stated that the value of almost any good was, essentially, a function of the labor needed to produce it. |
 | | Ricardo was also concerned with the subject of international trade, and for that he developed the theory of comparative advantage, still widely accepted among economists. |
 | | In a now classic illustration, Ricardo explained how it was advantageous for England to produce cloth and Portugal to produce wine, as long as both countries traded freely with each other, even though Portugal might have produced both wine and cloth at a lower cost than England did. |
| reference.allrefer.com /encyclopedia/R/Ricardo.html (507 words) |
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