...lower wealth for the many. " Walter Williams "No nation was ever ruined by trade." Benjamin Franklin "If a foreign country can supply us with a commodity cheaper than we ourselves can make it, we had better buy it of them with some part of our own industry, employed in a way in which we have...

...of Nations in 1776: What is prudence in the conduct of every private family, can scarce be folly in that of a great kingdom. If a foreign country can...employed in a way in which we have some advantage. Ask the students whether Smith is in favor of or against international trade. Ask the students to summarize...

...than to buy. [...l What is prudence in the conduct of every private family, can scarce be folly in that of a great kingdom. If a foreign country can...employed in a way in which we have some advantage."), 107 Dazu z. B. Larsson (2001 ); Norberg (2003), einen unilateralen Politikstil verfolgt oder protektionistische...

...certainly most likely to do so when its neighbors are all rich, industrious and commercial nations."21 "If a foreign country can supply us with a commodity...industry, employed in a way in which we have some advantage."22 Monopolies in any form act to raise prices. "The price of monopoly is upon every occasion...

...part of his intention. What is prudence in the conduct of every private family, can scarce be folly In that of a great kingdom. If a foreign country can...with some part of the produce of our own industry. The general industry of the country being always in proportion to the capital which employs it, will...

...have occasion for. What is prudence in the conduct of every private family, can scarce be folly in that of a great kingdom. If a foreign country can...cheaper than we ourselves can make it. better buy it of (hem with some part of the produce of our own industry, employed in a way in which we have some advantage....

...with one another. In his book An Inquiry into the Nature and Causes of the Wealth of Nations he said, 'If a foreign country can supply us with a commodity cheaper than we ourselves can make it, (we had) better buy it of them with some part of our own industry, employed in a way in which we have...

...full. All that he could muster was a special case of comparative advantage called absolute advantage. "If a foreign country can supply us with a commodity cheaper than we ourselves can make it," Smith correctly argued, "better buy it of them with some part of the product of our own industry, employed...

...they have occasion for. What is prudence in the conduct of every private family can scarce be folly in that of a great kingdom. If a foreign country can...employed in a way in which we have some advantage. The general industry of the country, being always in proportion to the capital which employs it, will...

...cost than the other actor. Adam Smith (1723-1790) wrote in his famous book. The Wealth of Nations: "if a foreign country can supply us with a commodity...employed in a way in which we have some advantage." (Book 4: Systems of Political Economy, Chapter II). Modern arguments in favor of international trade...