1945

Business services in international trade

One of the tasks that macroeconomists set for themselves is to explain — even forecast — the total flow of international trade of a country, that is, the total of goods and services that are transferred between the domestic economy and the rest of the world. The central interest is in the total purchases by foreign residents of local production and by local residents of foreign production. The reason is that together these transactions bear on total expenditure in the domestic economy and thus on total production and employment therein. With certain major exceptions — such as shipping, travel and construction — most services have been considered “non-tradables” and the trade as considered in national income and balance-of-payments analyses was focused almost exclusively on merchandise trade. In recent years, however, more services have become increasingly “tradable”, have entered into international trade in greater volumes and warrant an increasing focus of attention by macroeconomists.

Related Subject(s): Economic and Social Development
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