MEASURING INTERNATIONAL AND INTER‐SECTORAL TERMS OF TRADE: SOME METHODOLOGICAL ISSUES

J. B. D. Derksen

Review of Income and Wealth, 1980, vol. 26, issue 3, 341-349

Abstract: The view is expressed that the well‐known formulae for measuring changes in terms of trade cannot be used to conclude whether a country is better off or not. Other variables which reflect the impact upon production, employment, and the competitive position should also be taken into account. Similarly, changes in terms of trade between the industrial sectors of an economy cannot be used to conclude whether one sector is better off than others. Other factors which play a role include increases in productivity per man‐hour. These may help to explain why in some sectors prices increase less than in others. An attempt is made to illustrate this point using some statistics for the Netherlands.

Date: 1980
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