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Trends in Terms of Trade, and Their Repercussions on Primary Producers

In: International Trade Theory in a Developing World

Author

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  • T. Morgan

    (University of Wisconsin)

Abstract

With one exception, we will in this paper use the simplest and most available concept of the terms of trade: (1) The ratio between the prices of two commodities, or of two groups of commodities, that may be exchanged against each other. This is often called the commodity terms of trade; Taussig called it the ‘net barter terms of trade’. (2) The classical concept is different. It looked to the real quantity of factors exchanged for each other through the intermediation of commodities — in Marshall, the labour in G-bales exchanged for the labour in E-bales. The classical concept is thus the double factoral terms of trade, or the commodity terms of trade times the reciprocal of changes in technical coefficients for exports and imports.

Suggested Citation

  • T. Morgan, 1963. "Trends in Terms of Trade, and Their Repercussions on Primary Producers," International Economic Association Series, in: Roy Harrod & Douglas Hague (ed.), International Trade Theory in a Developing World, chapter 0, pages 52-95, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-349-08458-6_3
    DOI: 10.1007/978-1-349-08458-6_3
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    Citations

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    Cited by:

    1. Prabirjit Sarkar, 2001. "The North-South terms of trade debate: a re-examination," Progress in Development Studies, , vol. 1(4), pages 309-327, October.
    2. Hadass, Yael S & Williamson, Jeffrey G, 2003. "Terms-of-Trade Shocks and Economic Performance, 1870-1940: Prebisch and Singer Revisited," Economic Development and Cultural Change, University of Chicago Press, vol. 51(3), pages 629-656, April.
    3. Shouvik Chakraborty & Prabirjit Sarkar, 2020. "From The Classical Economists To Empiricists: A Review Of The Terms Of Trade Controversy," Journal of Economic Surveys, Wiley Blackwell, vol. 34(5), pages 1111-1133, December.

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