A note on Mill's theory of international values |
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| Authors: | Ardeshir J Dalal |
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| Institution: | Department of Economics, Northern Illinois University, DeKalb, IL 60115, USA |
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| Abstract: | This note provides an algebraic formulation of the analysis contained in section 7 of John Stuart Mill's chapter on international values. It is shown that Mill's results can be obtained as the solution to a pair of nonlinear programming problems. In addition, an error in Mill's analysis regarding the post-trade terms of exchange is pointed out. |
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