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The Terms of Trade of Agriculture in Context of Economic Growth

In: Economic Problems of Agriculture in Industrial Societies

Author

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  • Yair Mundlak

    (The Hebrew University of Jerusalem)

Abstract

In a competitive economy, where the value marginal productivities of the factors of production are equal in all sectors, the terms of trade of one sector are meaningfully measured by the rent realized by factors specific to this sector. If there are no specific factors, there is no problem of terms of trade.

Suggested Citation

  • Yair Mundlak, 1969. "The Terms of Trade of Agriculture in Context of Economic Growth," International Economic Association Series, in: Ugo Papi & Charles Nunn (ed.), Economic Problems of Agriculture in Industrial Societies, chapter 0, pages 634-663, Palgrave Macmillan.
  • Handle: RePEc:pal:intecp:978-1-349-08476-0_29
    DOI: 10.1007/978-1-349-08476-0_29
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    Cited by:

    1. Andrews, Margaret S., 1985. "Agricultural terms of trade and distributional perversities in a neo-Ricardian model," Journal of Development Economics, Elsevier, vol. 17(1), pages 117-129.

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