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An indirect link between these two theories, along with a confirmation of Ricardo's law of diminishing returns, can be eventually detected in Maide's chapter.
In this context, we can now see how Bastiat's law and Ricardo's law of association can be articulated.
(16) That these relationships seem to hold here only between individuals contributing in different sectors is the outcome of our simplified presentation which is only intended to outline the relationship between Bastiat's law and Ricardo's law. Since we have here two workers, one in each sector, the Ricardian-type relationship will be visible only between actors of the two different sectors.
Classical economists will relish eight case studies demonstrating Ricardo's law of diminishing returns.
This same idea is developed much further by Mises, particularly in his discussion of what he calls "Ricardo's Law of Association." The key difference between the two is that Mises' analysis is informed by two other ideas: the development of marginalist thinking by Menger and others, and Mises' own work on the centrality of monetary calculation and entrepreneurship.
Mises (1966, p.159ff) saw that this principle, which he called "Ricardo's Law of Association," could be generalized to all market exchange.
Companies have figured out Ricardo's law. One need only look at the huge run-up in global stock markets of recent months to see the surge in action.
Yet George often referred to "Ricardo's law of rent," and shared Ricardo's political belief "that workers and investors have a common cause against the landowners, landholders and land speculators." EDWARD J.
Histories of economics frequently refer to 'Ricardo's Law of Comparative Advantage' in eulogistic terms.
The article therefore concludes that, if the LCA is understood in its modern sense, incorporating an implication for international specialisation, then Ricardo did not have an LCA, and the expression 'Ricardo's Law of Comparative Advantage' is a misnomer and a misinterpretation of Ricardo.