Discover how absolute and comparative advantage influence global trade, highlighting real-world examples and implications for economic decision making.

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.

Through the country's 'Make in India' policy, which aims to promote domestic entrepreneurship and attract foreign investment into high-tech export industries, India's focus on self-reliance has ...