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How has the study of trade patterns evolved over time, and in the light of empirical...

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Economics

How has the study of trade patterns evolved over time, and inthe light of empirical testing of trade models

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Over the last two centuries trade has grown remarkably completely transforming the global economy Today about one fourth of total global production is exported Understanding this transformative process is important because trade has generated gains but it has also had important distributional consequences Initially trade pattern was based on Adam Smiths Absolute advantage where two nations trade with each other when both must gain However absolute advantage theory had some limitations as it was able to explain only a very small part of world trade Moreover trade between developed countries couldnot be explained by it David Ricardos comparative advantage removed the absolute advantage    See Answer
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