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The 'Real' Price of Primary Products

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  • G.F. Ray

    (National Institute of Economic and Social Research)

Abstract

This article traces the course of world commodity prices back to the middle of the 19th century and attempts to assess the changes in their purchasing value by deflating them by the export prices of manufactured goods. The purchasing power of commodity prices was in decline over long periods but they usually regained their earlier real value, or improved on it, in powerful upsurges of which the 1972-74 boom was the most recent; it was also unique in peacetime and, though with fluctuations, the purchasing value of commodities has since remained at a relatively high level.

Suggested Citation

  • G.F. Ray, 1977. "The 'Real' Price of Primary Products," National Institute Economic Review, National Institute of Economic and Social Research, vol. 81(1), pages 72-76, August.
    • Handle: RePEc:sae:niesru:v:81:y:1977:i:1:p:72-76
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    File URL: http://ner.sagepub.com/content/81/1/72.abstract
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    Cited by:

    1. Hadass, Yael S & Williamson, Jeffrey G, 2003. "Terms-of-Trade Shocks and Economic Performance, 1870-1940: Prebisch and Singer Revisited," Economic Development and Cultural Change, University of Chicago Press, vol. 51(3), pages 629-656, April.

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