Barter Theory and the Monetary Mechanism of Adjustment1
ROBERT A. MUNDELL
The barter theory developed by Ricardo and his school evolved, in the hands of Mill, Marshall, Edgeworth, and modern writers, into a carefully tooled and sophisticated engine of analysis. Elaborations took many directions. Comparative cost doctrine was extended to the many-country many-commodity case by Edgeworth, Bastable, and Graham and was further refined by modern linear programming techniques. The theory of comparative costs was deepened by a model introduced by Heckscher that undertook to explain differences in productivity that the Ricardian school had merely postulated; the factor endowment model too was elaborated and refined in the hands of Ohlin, Iversen, Lerner, ...
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