Agriculture's terms of trade: issues and implications
探讨了农业贸易条件的四个关键问题：比较基准、产品质量调整、能源价格影响及与服务业对比，并反思了农业贸易条件长期下降的普遍看法是否正确。
Abstract The article addresses (1) the issue of what agricultural commodity prices should be compared to if we are concerned with the welfare of agriculturalists, (2) the general absence of product quality adjustment when analysis is undertaken comparing agricultural to manufactured goods prices, (3) the extent to which energy prices are or will be the driver of both manufactured and agricultural prices, and (4) the importance of considering agriculture's terms of trade (TOT) against the service sector, since the service sector is typically the largest in the economy. It reflects on the basic question of whether the widespread perception “that agriculture's TOT secularly decline” is correct.