Political economy

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Monograph

Identifikator:: 867647221

URN:: urn:nbn:de:zbw-retromon-93157

Document type:: Monograph

Author:: Chapman, Sydney John http://d-nb.info/gnd/123743141

Title:: Political economy

Place of publication:: London [u.a.]

Publisher:: Williams & Norgate [u.a.]

Year of publication:: 1912

Scope:: 1 Online-Ressource (255 Seiten)

Collection:: Economics Books

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INTERNATIONAL TRADE 153 prices would fall in Germany and rise in England, and when the point was reached at which the prices of both commodities were the same in both countries there would be no advantage in sending either commodity abroad, because when sent abroad it would realise no more than it would fetch at home. Hence our first proposition is proved that comparative values must differ if there is to be permanent trade between countries. The second proposition to be enunciated and defended is two-sided : that when a position of equilibrium in international trade is reached (a) comparative values will be identical, and (b) in a given period the total value that a country exports will equal the total value that it imports, apart from cost of transport which we shall continue to ignore to expedite our argument. The prior section of this proposition is in reality a corollary from the first proposition laid down, for it is apparent that so long as a difference between compara tive values remains there will be a disposition on the part of business men in both countries to increase or decrease their exports. The existence of a difference between comparative values is sufficient evidence of the profitable ness of their doing so. At first, however, one may feel a difficulty in realizing how

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