International trade

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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

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Document type:: Monograph

Structure type:: Chapter

Title:: Part I. Theory

Collection:: Economics Books

COMPARATIVE COSTS 33 of demand, — on the relation in each country between the condi- tions of demand both for the domestic product and for the foreign product — those conditions of relative demand have been sup- posed to alter in the one country, but not in the other. In all this, be it noted, it is the changes in prices and in money incomes which serve to bring about the eventual results. Under the modified conditions brought about by an increase in the German demand for wheat, the concrete form in which advantage comes to the United States is that money incomes are higher, prices of imported goods (linen) are lower. And for the Germans the con- crete form in which the disadvantage to them appears is that money incomes are lower, prices of imported goods (wheat) are higher. The quicker the flow of specie begins and the more prompt its influence on prices and incomes, the sooner will the readjust- ment work itself out. The whole chain of operations depends on monetary movements and monetary influences; a fact which can- not be too strongly emphasized when it comes to a testing or verification of the whole series of propositions presented in their simplest theoretic formulation.

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