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International and Domestic Commodities and the Theory of Prices

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  • L. B. Zapoleon

Abstract

The assumption of independent national price systems, in theory and in treatment of current problems, 409. — I. No domestic and no international prices; only local prices, more or less sensitive to external conditions, 410; merchandise and services, wholesale and retail prices, not differentiated in the terms "international" and "domestic" commodities, 413. — II. Parallelism in movement of wholesale price indices, 413; Internationalization of the commodity price structure, 414. — III. Illusion of domestic price structure for wholesale merchandise: large or sustained movement not essential to price interdependence, 422; defective market data and apparent price deviations, 432; limitations upon actual deviation; a priori indications of high correlation, 433. — IV. Reformulation: the local category consists mainly of services and retail prices, 436; merchandise at wholesale is international, 437; regional prices structurally related, 442. — V. Practical applications: farm relief, 452; export combinations, 453; tariff and monetary problems, 455. — VI. Regional prices of international goods: as affected by foreign exchange, 456; by movement of specie or changes in purchasing power, 457; a possible reconciliation with orthodox theory, 458; price stabilization through credit policies of central banks, 459.

Suggested Citation

  • L. B. Zapoleon, 1931. "International and Domestic Commodities and the Theory of Prices," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 45(3), pages 409-459.
    • Handle: RePEc:oup:qjecon:v:45:y:1931:i:3:p:409-459.
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    File URL: http://hdl.handle.net/10.2307/1883898
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    Cited by:

    1. Goodwin, Barry K. & Grennes, Thomas J. & Craig, Lee A., 2002. "Mechanical Refrigeration and the Integration of Perishable Commodity Markets," Explorations in Economic History, Elsevier, vol. 39(2), pages 154-182, April.

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