Natural Resources, the Terms of Trade, and Real Income Growth in Canada: 1870 to 2010
This paper studies the growth of the Canadian resource economy and the contribution of trading gains arising from increasing terms of trade to real income growth from 1870 to 2010. It combines a historical account of the growth of a succession of natural resources--examining both the production and price history of agriculture, forestry, mining, and oil and gas--with an overview of the impact of these developments on Canadian well-being. It uses estimates of the difference between real income and real output growth, based on measurement theory from the System of National Accounts, to measure trading gains that arose from increasing terms of trade over the period.
|Date of creation:||23 Apr 2012|
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