The Terms of Trade

H. M. A. Onitiri
Additional contact information
H. M. A. Onitiri: University College of Ibadan

Chapter Chapter 31 in Problems in Economic Development, 1965, pp 510-529 from Palgrave Macmillan

Abstract: Abstract My terms of reference call for ‘a review of what is known historically of long-term movements in the terms of trade plus a discussion of factors relevant to speculations about future trends’. This is a large and controversial subject, and the literature is quite extensive. In this brief survey, I cannot hope to explore the subject fully in all its aspects. What I propose to do is to draw attention to the main issues, particularly as they bear on the problems of economic development. Before turning to this task, however, a few remarks about the uses and limitations of the terms of trade in the sphere of development may provide a useful background to the discussion. Since controversy has raged as much on the accuracy of the statistical estimates of the terms of trade as on the economic and welfare interpretations to be placed upon them, one does not need to be apologetic about treading again a time-worn path. I propose, then, to divide the discussion into three parts. The first part will consider the usefulness of various measures of the terms of trade in the analysis of development problems; the second will examine the historical movement; and the third will discuss the future prospects.

Keywords: Price Level; National Income; Trade Balance; External Trade; International Prex (search for similar items in EconPapers)
Date: 1965
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pal:intecp:978-1-349-15223-0_31

Ordering information: This item can be ordered from
http://www.palgrave.com/9781349152230

DOI: 10.1007/978-1-349-15223-0_31

Access Statistics for this chapter

More chapters in International Economic Association Series from Palgrave Macmillan
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().