Abstract
This article describes the various approaches that have been made to the ‘terms of trade’, the question of determining and measuring the rate at which countries that engage in international trade divide the benefits between them. It traces the evolution of the relevant ideas, beginning with the pioneering contributions of David Ricardo, John Stuart Mill and Alfred Marshall.
This chapter was originally published in The New Palgrave Dictionary of Economics, 2nd edition, 2008. Edited by Steven N. Durlauf and Lawrence E. Blume
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Findlay, R. (2008). Terms of Trade. In: The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-95121-5_1510-2
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DOI: https://doi.org/10.1057/978-1-349-95121-5_1510-2
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Publisher Name: Palgrave Macmillan, London
Online ISBN: 978-1-349-95121-5
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Chapter history
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Latest
Terms of Trade- Published:
- 15 March 2017
DOI: https://doi.org/10.1057/978-1-349-95121-5_1510-2
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Original
Terms of Trade- Published:
- 18 November 2016
DOI: https://doi.org/10.1057/978-1-349-95121-5_1510-1