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Published in:
1969 | OriginalPaper | Chapter
The Terms of Trade of Agriculture in Context of Economic Growth
Author : Yair Mundlak
Published in: Economic Problems of Agriculture in Industrial Societies
Publisher: Palgrave Macmillan UK
Included in: Professional Book Archive
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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.