"Professor Ohlin also made an important contribution to what now might be called the macro-economic aspects of a country's balance of payments. In 1929 in the Economic Journal he engaged in a famous controversy with Keynes on the problem of transferring payments from one country to another across the foreign exchanges. In this he laid stress upon the income-expenditure effects of the reduced spending power in the paying country and of the increased spending power in the recipient country. In doing so he made use of the usual distinction between a country's imports and exports; but in addition he emphasised the importance of the less usual distinction between a country's domestic non-tradeable goods and services and its tradeable, exportable and importable, goods. I made some use of this latter distinction in my Balance of Payments; but looking back I regret that I did not let it play a much more central role in that book"
Quote Details
Added by wikiquote-import-bot
Unverified quote
0 likes
Economists from EnglandUniversity of Oxford facultyUniversity of Oxford alumniNobel laureates in EconomicsNobel laureates from England
Original Language: English
Available Languages (1)
Sources
Imported from EN Wikiquote
https://en.wikiquote.org/wiki/James_Meade
Revision History
No revisions have been submitted for this quote.
Categories
James Meade
James Edward Meade CB, FBA (23 June 1907 – 22 December 1995) was a British economist and winner of the 1977 Nobel Memorial Prize in Economic Sciences jointly with the Swedish economist Bertil Ohlin for their "pathbreaking contribution to the theory of international trade and international capital movements."
16 quotes on TrueQuotesView all quotes by James Meade →
Related Quotes
"A good book on the subject of the customs union has for long been wanted; and now it is provided by Professor Viner's…"
"We assume...that the banking system must be prepared to expand (or contract) the total supply of money to the extent …"
"[Central banks might have to intervene to counter "perverse" or "grossly excessive" speculation.] By such means, the …"
"The great majority of politicians and other interested persons tend to....concentrate on....measures such as educatio…"
"He was lucky enough to rub shoulders with a fellow student, Mr. W T. Newlyn, now lecturing on money at the University…"
"[The same transactions are not always] entered in the same category for receiving and paying country."
"By a ‘spontaneous disturbance’ we shall mean any change in the underlying conditions, the cause of which we are prepa…"
"We shall talk as if the objective of internal balance were simply that of maintaining a level of total demand for all…"
"Now there are two ways in which the authorities of a particular country may combine the use of financial policy and o…"
"Any one country can be in any of four possible disequilibrium situations. It can be (1) a surplus country with a dome…"