VISSERING (G.). La bourse d'Am- Altfreiheit und dersachsen. Vierteljahrschr. f. Soc. u. Wirtschaftsgesch., Vol. XII. DESCRIPTION OF INDUSTRIES AND RESOURCES. BERNARD (F.). Culture et industrie du coton aux États-Unis. Paris: Challamel. 1906. 8vo. 5 fr. HENRY (J. D.). Baku: An Event ful History. London: A. Constable & Co. 8vo. pp. 256. 128. 6d. [A valuable work, historical and JEANIE (J. S.). The Iron Trade of SKI (M.). L'Argentine au XXe 5 fr. MATHEY (A.). actuel des Traité d'exploitation commerciale des bois. Tome I. Paris: Lavens. 1906. 8vo. pp. 497. 15 fr. MOREAU (G.). L'état mines du Transvaal. dustrielle et financière. Béranger. 1906. 8vo. 7.50 fr. MÜLLER (G.). Handwerkzeug und Handwerksmaschine: Ein wirtschaftswissenschaftlicher Vergleich. Leipzig: C. L. Hirschfeld. 8vo. pp. 172. 4.40 m. MÜNSTERBERG (Otto). Der Handel Danzigs. Zur Darstellung der deutschen Seestadt der Ostens. 1906. Berlin L. Simion. 8vo. pp. 58. 2 m. [In Volksw. Zeitfragen.] PAVLOVSKI (A.). 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Zeitschr. f. d. ges. Staatsw., 1906, Heft 1. MITCHELL (W. C.). Methods of SAUCKE (A.). Lohnstatistik. XIV. NOT AZAMBUJA (G. de) and Others. Monographies de familles et de régions. Paris: Bibliothèque de la science sociale. 8vo. 12 fr. [Studies, after the method of Le Play, of social conditions in Macedonia, Japan, Russia, Paris, and elsewhere.] BUREAU (P.). Le paysan des fiords de Norvège. Étude de science sociale. Paris: Bibliothèque de la science sociale. 1906. 8vo. 6 fr. FARJENEL (F.). La morale chinoise. Fondement des sociétés d'Extrême Orient. Paris: Giard et Brière. 1906. 8vo. 5 fr. CLASSIFIED. MERRIAM (G. S.). The Negro and the Nation. A History of American Slavery and Enfranchisement. New York: Henry Holt & Co. 12mo. pp. 436. $1.75. [A brief history of slavery and of the wage problem since emancipation. A useful contribution to the subject.] In Periodicals. WOODRUFF (C. R.). Municipal Progress, 1904-05. Annals Amer. Acad., Jan. THE QUARTERLY JOURNAL OF ECONOMICS AUGUST, 1906 WAGES AND PRICES IN RELATION TO INTERNATIONAL TRADE. THE main thesis of this paper is that, in considering the working of international trade, attention should be paid more to the range of money incomes, and less to the range of prices, and that, in gauging the advantages which a country secures from international trade, we should look primarily to the range and the variations of money in comes. It is usually set forth that the country where prices are highest gains most from international trade, and the country where prices are lowest gains least. The range of prices obviously enough is not per se of consequence. High prices simply mean the use of more counters in exchange. But in buying imported commodities those whose domestic transactions are carried on with many counters have an advantage. Foreign goods are not so high in price, and are procured more easily. Conversely, countries with low prices are ill off as regards imported goods, which are bought on hard terms by people whose scale of money prices is low. This statement of the case would be open to no exception if the words "money incomes" were used throughout when stating the situation of the people of a given country. It is high money incomes that are of consequence in international trade, not high prices. In fact, a country may have, not high prices, but low prices, and still be in an advantageous position as regards international trade. High money incomes do not necessarily or commonly mean high prices. It is by a consideration of the relation between money incomes and prices, of the possibilities of divergence or parallelism between them, that some contribution may perhaps be made toward better understanding the phenomena. Let us consider, for this purpose, a country in which wages and other money incomes are high. The United States serves our purpose. It has a high range of money incomes. It is commonly thought to have also high prices. Let us compare its situation with that of the European countries with which it trades, and ascertain wherein it gains, and how far its gains are connected with the prices. of goods and the money rates of wages and other incomes. For the sake of simplicity, in speaking of the United States and of other similar countries, I shall use indifferently the terms "money wages" and "money incomes," leaving it to be understood that, with due allowance for causes of possible difference, not wages only, but other money incomes as well-rents, profits, interest, the earnings of independent farmers or artisans-tend to be correspondingly high. We may begin by recalling some of the familiar principles of international trade. Under a state of freedom, goods that are imported and exported will sell at approximately |