The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Vent for Surplus

  • H. Myint
Reference work entry


Conventionally, international trade theory focuses attention on the pattern of comparative costs existing at a point of time on the basis of the given resources and technology of the trading countries. Adam Smith, writing before the theory of comparative costs became formalized as a cross-section type of analysis, was concerned with the process of interaction between trade and development over a period of time. Thus his writings provide a more promising starting point for the study of the historical process of export expansion and economic development in the underdeveloped countries (Williams 1929; Myint 1958; and Myint 1977).

This is a preview of subscription content, log in to check access.


  1. Caves, R.E. 1965. ‘Vent for surplus’ models of trade and growth. In Trade, growth and the balance of payments, ed. R.E. Baldwin et al. Chicago: Rand McNally.Google Scholar
  2. Hayami, Y., and V.W. Ruttan. 1985. Agricultural development: An international perspective. Baltimore: Johns Hopkins Press.Google Scholar
  3. Myint, H. 1954. An interpretation of economic backwardness. Oxford Economic Papers 6: 132–162.CrossRefGoogle Scholar
  4. Myint, H. 1958. The ‘classical theory’ of international trade and the underdeveloped countries. Economic Journal 68: 317–337.CrossRefGoogle Scholar
  5. Myint, H. 1963. The economics of the developing countries. London: Hutchinson.Google Scholar
  6. Myint, H. 1972. Southeast Asia’s economy: Development policies in the 1970s. Harmondsworth: Penguin Books.Google Scholar
  7. Myint, H. 1977. Adam Smith’s theory of international trade in the perspective of economic development. Economica 44: 231–248.CrossRefGoogle Scholar
  8. Smith, A. 1776. In An inquiry into the nature and causes of the wealth of nations, ed. E. Cannan. London: Methuen. 1950.CrossRefGoogle Scholar
  9. Williams, J.H. 1929. The theory of international trade reconsidered. Economic Journal 39: 195–209.CrossRefGoogle Scholar
  10. World Bank. 1981. Accelerated development in Sub-Saharan Africa: Agenda for action. Washington, DC: World Bank.Google Scholar

Copyright information

© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • H. Myint
    • 1
  1. 1.