Market power, inelastic income elasticity of demand, and terms of trade

Roland Michelitsch
Authors registered in the RePEc Author Service: Praveen Kujal

UC3M Working papers. Economics from Universidad Carlos III de Madrid. Departamento de Economía

Abstract: The "Theory of Unequal Exchange" predicts that terms of trade for the producer of primary commodities worsen over time given the low income elasticity of demand for primary product exports and the market power of the industrialized countries. We set up a laboratory economy to test the influence of market power and low income elasticity of demand on trade. An experimental

Date: 1996-01
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Persistent link: https://EconPapers.repec.org/RePEc:cte:werepe:6013

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