Which economist developed international trade theory in 1817 based on comparative advantage and spec...........

Static GK (CPO) Indian Economy

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Which economist developed international trade theory in 1817 based on comparative advantage and specialisation?

Paul Krugman

Milton Friedman

Gary Becker

David Ricardo

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Explanation:

- David Ricardo (Option 4 - ): Developed the theory of comparative advantage in 1817. It explains how countries benefit from specializing in goods they can produce more efficiently. This leads to increased global trade and better resource allocation. .

- Paul Krugman (Option 1): A modern economist known for his work on new trade theory and economic geography, not for developing comparative advantage theory.

- Milton Friedman (Option 2): Renowned for his contributions to monetarism and free-market philosophy, but not related to the 1817 trade theory.

- Gary Becker (Option 3): Focused on human capital, economics of the family, and crime, with no direct link to 19th-century trade theories.