Trends in Terms of Trade, and Their Repercussions on Primary Producers

T. Morgan
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T. Morgan: University of Wisconsin

Chapter Chapter 3 in International Trade Theory in a Developing World, 1963, pp 52-95 from Palgrave Macmillan

Abstract: Abstract With one exception, we will in this paper use the simplest and most available concept of the terms of trade: (1) The ratio between the prices of two commodities, or of two groups of commodities, that may be exchanged against each other. This is often called the commodity terms of trade; Taussig called it the ‘net barter terms of trade’. (2) The classical concept is different. It looked to the real quantity of factors exchanged for each other through the intermediation of commodities — in Marshall, the labour in G-bales exchanged for the labour in E-bales. The classical concept is thus the double factoral terms of trade, or the commodity terms of trade times the reciprocal of changes in technical coefficients for exports and imports.

Keywords: Underdeveloped Country; Agricultural Export; Monthly Bulletin; International Trade Theory; Income Term (search for similar items in EconPapers)
Date: 1963
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Persistent link: https://EconPapers.repec.org/RePEc:pal:intecp:978-1-349-08458-6_3

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DOI: 10.1007/978-1-349-08458-6_3

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