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Modern Developments of the Pure Theory
The Terms of Trade
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analysis assume assumptions balance of payments classical theory classical writers commodity terms comparative costs competition concept country's curve for pounds deficit defined demand and supply demand curve deterioration dollars domestic dynamic elasticities employment equal equilibrium example exchange rates existence export prices exports and imports external economies factoral terms factors of production free trade implies import and export improve income effects income terms increase Indifference Curves industries infant industry argument inputs International Economics international trade international trade theory investment John Stuart Mill labor theory Leontief literature location theory marginal costs marginal propensity mechanism ment Metzler mobility modern monetary national income Ohlin opportunity cost possible price effects problems production functions real cost real terms reparations result Samuelson shift static theory Stolper supply curve terms of trade theoretical theorists theory of comparative theory of international theory of value tion trade theory transport costs United Viner