Frank D. Graham

The Theory of International Values Re-examined

The classical theorists on international values guilty of an overabstraction which led them into error. — Mills exposition turns on an exceptional rather than a normal case, 56. — Bastable errs in the presentation of this exceptional case, 59. — Both lay down corollaries some of which are true only in exceptional circumstances and others not true at all, 59. — The logic of exports and imports, 63. — Trading situations involving several countries and commodities; conclusions alien to currently accepted theory, 70. — Conclusion, in a series of negative and positive propositions, 83.

International Trade Under Depreciated Paper. The United States, 1862–79

I. The greenback currency period affords a favorable opportunity for a statistical investigation of international trade under depreciated paper. — This investigation to be correlated with recently advanced theory, 221. — II. The international account of the United States from 1862 to 1879, 230. — III. Contrast of changes in the value of gold in the United States with contemporaneous changes in foreign countries, 235. — Dependence of these changes on international loans, 241. — IV. Fluctuations in the merchandise balance and the relation of these to loans and the value of gold, 245. — V. Comparative prices of export, import and domestic commodities and their relation to fluctuations in the value of gold, 249. — Contrast with English prices, 258. — VI. Comparison of wages in industries affected by movements in the value of gold with those unaffected by such movements, 265. — VII. Conclusion, 272.

Self-limiting and Self-inflammatory Movements in Exchange Rates; Germany

I. Scope of the paper: certain self-inflammatory movements, indirect and provisional. — Three cases, distinguished according to the terms of sale, considered theoretically. Case I, 224. — Case II, 229. — Case III, 233. — Conditions in Germany during 1920–24 conform to the assumptions in these cases, 233. — II. Examination of German conditions, 236. — Two periods, 238. — Statistical verification for the two periods, 242. — Conclusion, 248.

The Theory of International Values.

The problem of reciprocal demand, 582. — Advantage of variety of exports, 586. — Gains of large and small countries, 589. — Influence of demand for foreign products, 595. — Elasticity of demand, 600; of supply, 607. — The case of India, 610. — Long-run and short-run factors, 612. — Conclusion, 616.