Editing Terms of trade (section)

== History ==

The expression ''terms of trade'' was first coined by the US American economist [[Frank William Taussig]] in his 1927 book ''International Trade''. However, an earlier version of the concept can be traced back to the English economist [[Robert Torrens (economist)|Robert Torrens]] and his book ''The Budget: On Commercial and Colonial Policy'', published in 1844, as well as to [[John Stuart Mill]]'s essay ''Of the Laws of Interchange between Nations; and the Distribution of Gains of Commerce among the Countries of the Commercial World'', published in the same year, though allegedly already written in 1829/30.