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Terms of Trade

In: Essays in Economic History

Author

Listed:
  • Lawrence H. Officer

    (University of Illinois at Chicago)

Abstract

Using a new historical balance of payments for 1790–1919, terms of trade are developed for comprehensively defined goods, services, and combined goods and services. While the terms of trade for goods increase over time, in line with conventional finding; the terms of trade for services decrease. Improvement in the balance of goods relative to the balance of services suggests a shift in U.S. comparative advantage from services to goods, favorable to the country.

Suggested Citation

  • Lawrence H. Officer, 2022. "Terms of Trade," Springer Books, in: Essays in Economic History, chapter 0, pages 157-172, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-95925-8_9
    DOI: 10.1007/978-3-030-95925-8_9
    as

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