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Some Theoretical Notes on the Trade-Growth Nexus

In: The Gap Between Rich and Poor Nations

Author

Listed:
  • Ronald Findlay

    (Columbia University)

Abstract

The mutual inter-relationships of trade and growth have been perceived by economists from the earliest days of the development of the subject. Adam Smith’s ‘productivity’ and ‘vent for surplus’ theories of the interaction between trade and growth have been revived recently by Hla Myint, and perhaps the current interest in Cambridge growth theory will draw attention away from the static trade model of Ricardo’s Principles and towards the fascinating link between trade, income distribution and growth that he explores in his earlier Essay on the Influence of a Low Price of Corn on the Profits of Stock. Marshall’s view that the causes of economic development are to be sought in the theory of international trade, and D. H. Robertson’s famous phrase about trade being an ‘engine of growth’, show the awareness of the relation by neo-classical writers, although it must be said that the experience of the 20th century points more in the direction of growth being an ‘engine of trade’ rather than the reverse.

Suggested Citation

  • Ronald Findlay, 1972. "Some Theoretical Notes on the Trade-Growth Nexus," International Economic Association Series, in: Gustav Ranis (ed.), The Gap Between Rich and Poor Nations, chapter 11, pages 270-298, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-349-15456-2_11
    DOI: 10.1007/978-1-349-15456-2_11
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