Fundamentals of Economics. Доловова Н.Н - 27 стр.

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27
27
wealth - богатс тво, изобилие, благосостояние,
процветание
value – ценность, стоимость, цена
to impede - препятствовать, задерживать, затруднять
supply and demand – предложение и спрос
corollary - вывод; заключение; следствие
distort - искажать; искривлять; деформировать;
представлять в ложном свете
marketplace – рынок, место для проведения рыночных
торгов
The Legacy of Adam Smith and David Ricardo
Economists have long understood the principle of comparative advantage.
Here is how the great economist Adam Smith put the argument: It is a maxim of
every prudent master of a family, never to attempt to make at home what it will cost
him more to make than to buy. The tailor does not attempt to make his own shoes, but
buys them of the shoemaker. The shoemaker does not attempt to make his own
clothes but employs a tailor. The farmer attempts to make neither the one nor the
other, but employs those different artificers. All of them find it for their interest to
employ their whole industry in a way in which they have some advantage over their
neighbors, and to purchase with a part of its produce, or what is the same thing, with
the price of part of it, whatever else they have occasion for.
This quotation is from Smith's 1776 book An Inquiry into the Nature and
Causes of the Wealth of Nations. This book was a landmark in the analys is of trade
and economic interdependence. Many economists consider Smith to be the founder of
modern economics.
Smith's book inspired David Ricardo, a millionaire stockbroker, to become an
economist. In his 1817 book Principles of Political Economy and Taxation, Ricardo
developed the principle of comparative advantage as we know it today. His defense
of free trade was not a mere academic exercise. Ricardo put his economic beliefs to
work as a member of the British Parliament, where he opposed the Corn Laws, which
restricted the import of grain.
The conclusions of Adam Smith and David Ricardo on the gains from trade
have held up well over time. Although economists often disagree on questions of
policy, they are united in their support of free trade. Moreover, the central argument
for free trade has not changed much in the past two centuries. Even though the field
of economics has broadened its scope and refined its theories since the time of Smith

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