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.

Troy Segal is an editor and writer. She has 20+ years of experience covering personal finance, wealth management, and business news. Absolute and comparative advantage are economic concepts that help ...

Liam Lenten does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their ...