Sidgwick's Theory of International Values

Jacques Melitz

MPRA Paper from University Library of Munich, Germany

Abstract: Henry Sidgwick (1838-1900) is generally believed to have rejected the classical theory of comparative costs. He supposedly maintained, contrary to the classical view, that transportation costs instead of international factor immobilities were the primary basis for a special theory of international values. It is argued in this article that Sidgwick did not contest the classical theory of international values. He merely opposed John Stuart Mill's case for introducing the "equation of reciprocal demand" in international trade theory. Whereas Mill believed that the use of the "equation" was required by international factor immobilities, Sidgwick attributed the need for it mainly to transportation costs.

Keywords: International trade; transportation costs; history of trade theory (search for similar items in EconPapers)
JEL-codes: B0 F0 (search for similar items in EconPapers)
Date: 1963, Revised 1963
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Published in The Economic Journal 291.73(1963): pp. 431-441

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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:84891

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