Open AccessS. A. OŜga. The Rate of Exchange and the Terms of Trade. New Brunswick, New Jersey / London: Aldine Transaction, 2008. 116 pages. Paperback. Price not given.
Author(s) -
Usman Qadir
Publication year - 2008
Publication title -
pakistan development review
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.154
H-Index - 26
ISSN - 0030-9729
DOI - 10.30541/v47i2pp.220-221
Subject(s) - value (mathematics) , database transaction , economics , exchange rate , transaction cost , balance (ability) , balance of trade , mathematical economics , international economics , monetary economics , microeconomics , computer science , psychology , programming language , machine learning , neuroscience
S. A. OŜga aims to provide a concise outline of the theorybehind the rate of exchange and the terms of trade, in textbook fashionat an elementary level. The terms of trade are defined as the ratio ofthe money prices of imports and exports, while the balance of trade isthe ratio of the value of exports to imports. The analysis in the book,as pointed out by the author, is limited in several ways. First, it doesnot go beyond defining and exploring relations between limited concepts,and does not touch upon ways of testing or proving any concepts.Secondly, the book deals with only the theory of ratios of exchange asthey pertain to international trade. Yet, the discussion in the book isquite focused, which makes it easy to follow.