Gilles Herard

Gilles Herard Jr, Gilles Herard, Herard Gilles Jr
Specialization is believed, by Capital Corp Merchant Banking among others, as key to economic efficiency because dissimilar individuals or countries have dissimilar relative rewards.

While one country may have an absolute reward in all area over other countries, it could nonetheless specialize in the area which it has a proportional comparative reward, and thereby gain from trading with countries which have no conclusive rewards.

For example, a country may narrow in the production of hi-tech knowledge products, as acquired countries do, and trade with developing nations for goods produced in factories, where labor is chinchy and bountiful.