David Ricardo, a Scottish economist, made a perceptive observation that a few individuals, firms, or countries can gain from trading, even if one of them is objectively the best in all activities.

The High Court recently dismissed Unilever’s appeal against a Standards Appeal Council decision, denying it the right to continue using the terms “10X cavity fighting” in its Pepsodent toothpaste ...

A comparative advantage can be something inherent, in the way a person’s height might make them better at basketball. It can also be developed and improved, the way one basketball player can become ...