International trade

Bibliographic data

Monograph

Identifikator:: 1758394757

URN:: urn:nbn:de:zbw-retromon-136209

Document type:: Monograph

Author:: Taussig, Frank William http://d-nb.info/gnd/120199459

Title:: International trade

Place of publication:: New York, NY

Publisher:: Macmillan

Year of publication:: 1927

Scope:: XXI, 425 Seiten; graph. Darst.

Digitisation:: 2021

Collection:: Economics Books

Usage license:: Get license information via the feedback formular.

Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Part I. Theory

Collection:: Economics Books

INTERNATIONAL TRADE matter whether expenditure in one direction is preferred to expendi- ture in another. The American demand schedule has shifted. Regarding the tourists as one among the various groups of Ameri- cans who find foreign products to their liking, the American people as a whole now want more of foreign things than before. A read- justment of the barter terms of trade is necessarily involved ; but it no more involves a real loss, in the hedonistic calculus, than any case of change in demand. It is a matter of what people prefer. Another point may be raised : the relation of such remittances to the distribution of wealth within a country. In the preceding paragraphs it has been tacitly assumed, for simplification of the problem, that the Americans, travellers and stay-at-homes, are a homogeneous set of persons. We have neglected what is sug- gested by the familiar conditions of travel — that, so far from there being homogeneity, the travellers are the rich, while the bulk of the Americans and the main consumers of imports are those of slender means. We have supposed, then, that the American travellers are a sample of the Americans as a whole; or, what amounts to the same thing for the purpose in hand, that the set that travels is the identical set that is buying the imports. Apply- ing this supposition to our illustrative case, the American travellers and the American purchasers of German linens may be regarded as the same group. Then these travellers not only have to meet their expenditures abroad, but have also to face the fact that their German linen bought in the United States is more expensive than before, while their money incomes (derived from domestic sources) are smaller than before. If they nevertheless continue to travel, it must be because the attractions are so great as to outweigh all the drawbacks, increased expense of linen included. The net gain in satisfactions or gratifications remains; otherwise this particular choice would not be made. It is to be granted, of course, that the supposed homogeneity of purchasers is not necessarily, perhaps not generally, in accord with fact. The American tourists may be quite a different set of persons from those who buy the goods imported. But this con- sideration introduces an extraneous set of factors — the distribu- 120

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