An Outline of International Price Theories by Chi-Yuen Wu

By Chi-Yuen Wu

Overlaying the interval 1550 - 1939, this e-book examines the historical past and improvement of theories of foreign pricing and trade.The paintings of the next economists is roofed: Locke, Barbon, Vaderlint, Harris, Hume, Smith, Ricardo, Malthus, Bosanquet, Mill, Torrens, Marshall, Haberler, Austin, Stirling, Chevalier, Carines, Jevons, Leslie, Goschen, Bagehot, Wicksell, Sidgwick, Pigou, Viner, Heckscher, Ohlin, Keynes, Taussig, and Pareto.The quantity contains an in depth Bibliography of every interval mentioned in addition to entire indices of topics and names. [C:\Users\Microsoft\Documents\Calibre Library]

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For instance, he said : [Low rates of exchange would cause] our monies to be transported and maketh scarcitie thereof, which abateth the price of our home commodities, and on the contrary aduanceth the price of the forreine commodities beyond the seas, where our money concurring with the monies of other countries causeth plenty,4 whereby the prices of forrein commodities is aduanced. . If we sell our Commodities dearer, and buy our victuals things good cheape. Whereas things particularly are also deare or good cheape, according to plentie or scarcitie of the things themselves, or the vse of them " (Caker, p.

P. 40, see also pp. , 47 f. It should be noted that the domestic demand for imported goods could not be permanently inelastic. When the balance of payments of the country turns unfavourable and specie flows out, then, other things being equal, the total income of consumers falls. The fall in consumers' income will sooner or later lead to a reduction in the total value of its imports. THE MERCANTILISTIC THEORIES IÇ the same as those of Hales, that attracted the most general attention. That work was the Paradoxes that Malestroitx presented to the French king in 1566.

They all, of course, agreed that foreign trade had to be paid for either in bullion or through the foreign exchanges, and " if the carriage of money from one realme to another is forbidden, it is necessary for the trade of merchants that there should be an exchange ". Exchanges for such a purpose they called real or legitimate exchanges. What they objected to was the so-called dry exchange or " merchandizing exchange *\1 By means of those " unlawful " exchanges, they contended, bankers and rich merchants were able to make the rates of exchange rise or fall for their own private gain at the expense of the State.

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