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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156 POLITICAL ECONOMY it is not inevitable and that the two countries might go on trading indefinitely without com parative costs in the two countries becoming the same. This is a perfectly valid objection, but if what is supposed happens, trade would continue until one industry had dis appeared in one of the countries at least. Let us postulate that trade does reach such a position ; that England sends to France 100,000 pieces of cotton goods, and that the French cotton industry disappears. Let it be that the costs in England are 39s. for cotton goods and 20s. for wheat, their comparative values in France being 40s. and 19s. Then, if trade still increased in volume the value of cotton goods would fall in France, the cost of wheat rising, let us suppose, until comparative values in France were equal to comparative costs in England, or until farming disappeared in England, in which case each country would be left with one exporting industry only, and the quantity of exchanging between the two countries would advance until, under the operation of the law of diminishing utility in both countries, comparative values would become the same. We thus see that a limit at which comparative values are identical is inevitable. To this theory the admission of more countries and more commodities, and

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