Adam Smith on Foreign Trade: A Note on the 'Vent-for-Surplus' Argument
This note is exclusively concerned with the joint products foundation of Adam Smith's "vent-for-surplus" argument. With relatively fixed proportions in which the joint products are produced, it cannot be presumed that these proportions match those in which the products are domestically required for use. Foreign trade is, thus, directly beneficial to a nation since it allows its producers to dispose of some of the superfluous amounts of the products in exchange for goods produced abroad that are demanded domestically. Copyright 1992 by The London School of Economics and Political Science.
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Volume (Year): 59 (1992)
Issue (Month): 236 (November)
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