Why economic theory doesn’t help us to understand globalisation and trade

15 Feb, 2021 at 08:28 | Posted in Economics | 4 Comments

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4 Comments »

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  1. I agree with most of what the guy said. But he asked for comments. Who or where would I direct those comments to?

    • I think it’s done on the YouTube page, Jerry.

      • Thanks Henry. But I can’t find it. And to be honest- I don’t remember what I wanted to tell him at this point. I’m sure it is no great loss to humanity.
        🙂

  2. Indeed, Lars, current economic theory does not help understand globalization and trade, and I have a hypothesis why:
    Because both neoclassical and many heterodox theories of international trade are based on a fundamental misunderstanding of David Ricardo’s famous numerical example:
    https://osf.io/u6esg
    The featured video is a good example of this misunderstanding. To overcome the current situation, it is necessary, as a first step, to debunk the mythological construct of the law of comparative advantage, as I have tried in this paper:
    https://osf.io/dyt83


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