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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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Part I. Theory

Collection:: Economics Books

54 INTERNATIONAL TRADE PN Pog purely domestic, in the sense that they rest on the standards of living in the groups, which are the outcome of historical and social forces in the given country. But the causal sequence — still speaking of the domestic situa- tion by itself — may not be so simple. It may be that the rates of pay in the several groups are settled by the mere conditions of demand; or, if not absolutely settled, affected or modified by those conditions for periods so long that they cannot be ignored even in inquiries that disregard short time phenomena. As is well known to the reader conversant with the history of doctrine on this topic, Cairnes treated the relations between non- competing groups as dependent solely on demand. The principle of the play of reciprocal demand, to which Mill had turned for the explanation of the barter terms in international trade, was applied by Cairnes to the explanation of exchange between groups within a country. That group whose services (goods) were much wanted by other groups, and which itself wanted little of the services of other groups, was able to secure the greatest advantage from the exchange; it had the highest scale of earnings. Cairnes did not proceed to the apparently obvious corollary that numbers played a part in those relations. Any group whose numbers are small, confronted by another whose numbers are larger and ex- changing products with that other, is likely to secure advantageous terms in the play of reciprocal demand. And the question of numbers raises that of the increase of numbers — the marriage- rate and birth-rate, and the standard of living. But this series of questions, to repeat, was never raised by Cairnes; the problem was treated by him as one solely of demand. And it may well be that we are not in a position to say much of the other side of the prob- lem — the conditions of supply. The standard of living, as between different groups, can hardly be said to be well defined, still less to be well settled. Of necessity it acts very slowly in its effect on numbers. During the course of the period which must elapse before it can operate with effect — one or two generations — the impact of demand may shift. The relative rates of pay may shift accordingly, rising here, falling there; and the effects of a

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