Dear Global Economy, we thank thee for thy economies of scale, thy professional specialization, and thy international networks of trade under Ricardo’s Law of Comparative Advantage, without which we would all starve to death while trying to assemble the ingredients for such a dinner as this. Amen.
James K
James is a government policy analyst, and lives in Wellington, New Zealand. His interests including wargaming, computer gaming (especially RPGs and strategy games), Dungeons & Dragons and scepticism. No part of any of his posts or comments should be construed as the position of any part of the New Zealand government, or indeed any agency he may be associated with.
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The Market giveth and The Market taketh away. Blessed be the name of the Marker.Report
I would be very curious to see whether you could even explain the law of comparative advantage without looking it up.Report
It describes the situation in which two parties have different costs for all the ‘splainin they have to do.Report
In other words, you can’t, but you won’t come right out and admit it.Report
Strutting ignorance: It’s not just for Republicans anymore.Report
Hint:: there’s a reason I included the phrase “different costs”.
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Quick: What type of costs are we talking about?Report
I’m stumped too.
Take a group of people.
Take a group of skills that they have.
Imagine that one person in that group happens to be the worst in the group at every single one of the skills.
Comparative advantage says that even he will get wealthier through specialization and trade. No matter what the differentials are. All that’s needed is to allow every one to practice whatever skill for whatever the others are willing to pay.
This is also provable mathematically. It’s one of the few such results in the social sciences. And if left-liberals had any idea at all how to help the least fortunate, they’d start by talking about comparative advantage, rather than remaining silent or making fun of it.Report
Another misapprehension. I wasn’t making fun of it.Report
Another obfuscation.
I’m bored with this game. Toodles.Report
That’s encouraging–it’s anti-intellectual to make fun of things we don’t understand.Report
Another hint: rudeness will not be reward.Report
Pots and kettles, Mr. Schilling.Report
Really? Point out where I was rude.Report
You haven’t on this thread, but that’s hardly the sum total of all our discussions. I’d say that every time I make a libertarian argument and you make a strawman out of it you’re being rude. Certainly it’s hardly a polite form of debate to assume the worst, most extreme, version of your opponent’s claims.Report
Jason, there is a type of cost that is central to the concept of comparative advantage (and its implicit in your comment). My interpretation of Mike’s comment leads me to think he doesn’t know what type of cost it is, but my interpretation could be wrong, so I can’t claim he doesn’t know. I’m curious to see if he can actually specify it.
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The costs of producing goods, for example candy.Report
Wrong. It’s not production costs, but opportunity costs. Jason’s first comment was right on target.Report
I coudn’t find a YouTube video that illustrates opportunity costs. Perhaps if you picture that Lucy could be stomping grapes instead.Report
If you can’t find a youtube video demonstrating opportunity costs I’m sure you can find someone to teach you how to Google.
On the other hand, if you didn’t actually know what comparative advantage was, it might not have occurred to you to Google youtube opportunity costs.Report
Isn’t this essentially praying to ourselves then?Report
Pretty much, but what else are we atheists supposed to pray to?Report
I tend to think everyone is praying to themselves. Why should I be the only one not doing it?Report
True, might as well be transparent about it.Report
I talk to myself occasionally, does that count as praying? I don’t get down on my knees and put my hands together nor do I usually implore myself or thank myself for much. I don’t think I’d take me very seriously if I did.Report