The Law of Comparative Advantage
It is not hard to identify the discipline in which to look for the scientific concept that would most improve everybody's cognitive toolkit; it has to be economics. No other field of study contains so many ideas ignored by so many people at such great cost to themselves and the world. The hard task is picking just one of the many such ideas that economists have developed.
On reflection, I plumped for the law of comparative advantage, which explains how trade can be beneficial for both parties even when one of them is more productive than the other in every way. At a time of growing protectionism, it is more important than ever to reassert the value of free trade. Since trade in labor is roughly the same as trade in goods, the law of comparative advantage also explains why immigration is almost always a good thing — a point which also needs emphasizing at a time when xenophobia is on the rise.
In the face of well-meaning but ultimately misguided opposition to globalization, we must celebrate the remarkable benefits which international trade has brought us, and fight for a more integrated world.
