How these concepts led these economic luminaries to conclude that free trade was economically beneficial.
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Free InquiryDavid Ricardo states that countries can benefit from specializing and trading with each other through the “Law of Comparative Advantage.” Smith also believed that specialization and trade is beneficial but through the ideas of the “Division of Labor” and the “Extent of the Market”. In 1-2 pages describe in words (not graphs) how these concepts led these economic luminaries to conclude that free trade was economically beneficial.
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