Article Writing Homework Help

I will pay for the following article The Law of Comparative Advantage. The work is to be 8 pages with three to five sources, with in-text citations and a reference page. Because the theory failed to understand the laws of absolute and comparative advantage, which advocates that trade, may not necessarily be a zero-sum game, mercantilists regulations were gradually removed in Britain in the course of the eighteenth century after the government has fully embraced Adam Smith’s concept of laissez-faire (Wikimedia Foundations, Inc).

The greatest challenge to mercantilism was Adam Smith’s theory of absolute advantage. It is said that Smith’s publication of the book The Wealth of Nation in 1776 has ended the rule of mercantilism as an economic philosophy. In contrast to the necessity of government control in the mercantilists’ philosophy, Adam Smith advocated the laissez-faire system, with limited government intervention in the economy.

Particularly, Smith believes that trade would be beneficial to both countries through specialization. In practical terms, when one country is more efficient than another country in the production of one commodity but is less efficient in the production of another, then both can gain by specializing in the commodity in which it has the absolute advantage.