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Comparative Advantage: Rules, Regulations and Restrictions
Governments around the world impose rules, regulations and restrictions like:
- Tariffs
- Selective trade agreements.
- Lobbying and rent-seeking to protect a country's interests.
- Tax breaks and special deals
- Sanctions
These practices ensure that comparative advantage does not benefit all like it should, and stifles equality and growth of small players.
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Microeconomics: Comparative Advantage
The law of comparative advantage was first mentioned in 1817 by English economist David Ricardo.
A company has a comparative advantage when it is able to provide a good or service at a lower opportunity cost than others, helping it sell the same product at a lower cost, ...
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Comparative Advantage vs. Competitive Advantage
When a company is at a better position to provide strong value to the customer, it is said to be at a competitive advantage.
Example: A cable TV operator offers low cost wifi internet services at great speeds and no downtime, which isn’t offered by the competition in ...
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Skills: Diversity And Specialization
Comparative advantage is also measured by the salary yardstick, and how much a person’s time, skills and core skill sets are worth.
Example: Michael Jordan is a skilled basketball player, and is very tall. If he wants, he could paint his own house by himself and do it quickly due to h...
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Opportunity Cost
An opportunity cost is the potential ‘alternative’ or benefit that is forfeited when one chooses a particular option.
The other, foregone option, if it is lower than other companies, is the key factor in this trade-off.
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Comparative Advantage in International Trade
Certain countries have unique strengths, local resources and talent that can be a comparative advantage to them, and make products at a cheaper cost than other countries. If they indulge in protectionism, the end result is higher costs and inefficiency for all.
Example: China ...
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Comparative Advantage Vs. Absolute Advantage
- Comparative advantage is only an advantage of a lower opportunity cost, and does not factor in volume or quality.
- Absolute advantage is the pure ability of a company to produce better goods or services (in quantity or quality) than...
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