Terms of Trade

Lawrence H. Officer ()
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Lawrence H. Officer: University of Illinois at Chicago

Chapter Chapter 9 in Essays in Economic History, 2022, pp 157-172 from Springer

Abstract: Abstract Using a new historical balance of payments for 1790–1919, terms of trade are developed for comprehensively defined goods, services, and combined goods and services. While the terms of trade for goods increase over time, in line with conventional finding; the terms of trade for services decrease. Improvement in the balance of goods relative to the balance of services suggests a shift in U.S. comparative advantage from services to goods, favorable to the country.

Keywords: Terms of trade; Standard of living; Openness of economy; Comparative advantage; Goods; Services; Exports; Imports (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-030-95925-8_9

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DOI: 10.1007/978-3-030-95925-8_9

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