mick silver
26th August 2014, 07:04 AM
Nobel gurus fear globalization is going horribly wrong ... An interconnected world was meant to reduce inequality – but that doesn't seem to be happening. David Ricardo's Theory of Comparative Advantage has broken down after 200 years, or so I learned at the Lindau forum of Nobel laureates in Bavaria. The theory published in 1817 has been a guiding principle of free trade, taken as a given by every student of economics in the modern era. It has served us well, but just as Newton's theories ran into limits and were overtaken by Einstein's relativity, comparative advantage no longer explains the world. – UK Telegraph - See more at: http://www.thedailybell.com/news-analysis/35590/Nobel-Prize-Winners-Rail-Against-Income-Inequality/#sthash.9UAYloTZ.dpuf