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.
This work was supported by the Maurice Falk Institute for Economic Research in Israel, and by the Ford Foundation grant for International Studies in Agricultural Development at the University of Chicago. I am indebted to Ron Mosenson for valuable comments on an earlier draft.
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References
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© 1969 International Economic Association
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Mundlak, Y. (1969). The Terms of Trade of Agriculture in Context of Economic Growth. In: Papi, U., Nunn, C. (eds) Economic Problems of Agriculture in Industrial Societies. International Economic Association Series. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-08476-0_29
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DOI: https://doi.org/10.1007/978-1-349-08476-0_29
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