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...has a comparative advantage in x¿ is being used. 4. Mill (1895, p. 149) states this law as follows: The produce of a country exchanges for the produce of other countries, at such values as arc required in order that the whole of her exports may exactly pay for the whole of her imports.'...

...of supply and demand. the Equation of International Demand ... may be concisely stated as follows. The produce of a country exchanges for the produce...may exactly pay for the whole of her imports This law of International Values is but an extension of the more general law of Value, which we called the...

...traded and their prices required introducing Mill's "Law of International Values." Mill postulated that "the produce of a country exchanges for the produce...exports may exactly pay for the whole of her imports" (Mill 1965, 605). Whewell's version of Mill's law was labeled "the equation of uniformity of international...

...value of exports and the value of imports. As Mill (1848, Chap. XVIII, Sect. 4, pp. 592-593) writes, in order that the whole of her exports may exactly pay for the whole of her imports. This law of International Values is but an extension of the more general law of Value, which we called the...

...supplied and vice versa. Then, prices that fulfilled this condition would be equilibrium prices, whereby the “produce of a country exchanges for the produce...exports may exactly pay for the whole of her imports.” 5 ° Mill on Wages In chapter 6 we saw that Senior used the wages fund doctrine to argue that the wages...

...supplied and vice versa. Then, prices that fulfilled this condition would be equilibrium prices, whereby the “produce of a country exchanges for the produce...exports may exactly pay for the whole of her imports.” 5 ° Mill on Wages In chapter 6 we saw that Senior used the wages fund doctrine to argue that the wages...

...money of commerce, is equal to the value of the exports from that country. In the language of Mr. Mill, "the produce of a country exchanges for the produce...exports may exactly pay for the whole of her imports." 6 Now, as a matter of fact, it very rarely happens that the whole exports of a country, even if we...

...his so-called " Law of Equation of International Demands ", which may be given in his own words :— The produce of a country exchanges for the produce...exports may exactly pay for the whole of her imports. 2 If A, in our illustration, exports 6,oooN to exchange for io,oooAf, the barter terms of trade will...

...appropriately named, time Equation of International Demand. It may be concisely stated a¿ follows. The produce of a country exchanges for the produce...that the whole of her exports may exactly pay for time wimole of imer imports. This law of Iimternational Values is but an extension of the mOre general...