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An Austrian critique of the Prebisch-singer theory of the deterioration in the terms of trade

Author

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  • Alan G. Futerman
  • Walter E. Block

Abstract

Purpose - This study aims to offer a critique of the theory of the deterioration in terms of trade, developed by Raúl Prebisch and Hans Singer. Design/methodology/approach - As an example of the theory’s shortcomings, the case of Argentina’s import substitution model is analyzed. Findings - This study demonstrates how a misunderstanding of the influence of price variability in international trade may lead to the mistaken conclusion that protectionist measures must be enforced to achieve growth and prosperity. Originality/value - This is the first study that criticizes the Prebisch-Singer theory of the deterioration in the terms of trade from an Austrian economics.

Suggested Citation

  • Alan G. Futerman & Walter E. Block, 2020. "An Austrian critique of the Prebisch-singer theory of the deterioration in the terms of trade," Journal of Financial Economic Policy, Emerald Group Publishing Limited, vol. 12(4), pages 721-735, January.
    • Handle: RePEc:eme:jfeppp:jfep-09-2019-0181
    DOI: 10.1108/JFEP-09-2019-0181
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    More about this item

    Keywords

    International trade; Terms of trade; Argentina; Prebisch; Singer; Agriculture; Allocative efficiency; F19;
    All these keywords.

    JEL classification:

    • F19 - International Economics - - Trade - - - Other

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