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• W2006723513 abstract "1. Introduction Adam Smith's theory of the gains from international trade has caused a great deal of controversy and confusion among economic theorists and historians of economic thought. On the one hand, Smith is interpreted as arguing that foreign trade that vents products is necessary to maintain or generate a full utilization of a country's resources. On the other hand, Smith, throughout much of the Wealth of Nations, advocates a system of natural or perfect liberty, which insures that markets operate to efficiently allocate productive resources across industries so as to direct that industry that its produce may be of the greatest (Smith 1994, p. 484). But, if markets allocate resources to their most productive uses, how are we to make sense of such stark statements that surpluses in any given sector be sent abroad.... Without such exportation, a part of the productive labour of the country must cease, and the value of its annual produce diminish (Smith 1994, p. 403). Many economists write off the apparent discrepancy between a vent-for-surplus gain from trade and a system of natural liberty, and suggest it is a flaw in Smith's logic. J. S. Mill states, is in truth a surviving relic of Mercantile Theory (Mill 1987, p. 579). Others have attempted to vindicate Smith's theory of the gains from trade, arguing that the for is meant to apply only to underdeveloped economies (Myint 1958, 1977; Staley 1973) or where goods are produced jointly (Kurz 1992). Blecker (1997) develops an approach that reconciles the vent-- for-surplus gain with other aspects of Smith's trade theory for economies that are subject to an unnatural and retrograde order. (Smith 1994, p. 412) These arguments, although significant, fail to explain why Smith appears to have applied the vent-for-surplus gain from trade to all economies involved in trade, including otherwise nondistorted developed nations trading in single-product goods. This paper offers an alternative interpretation of the vent-for-surplus argument that is both consistent with trade between developed economies and with Smith's system of natural liberty. We show how a vent-for-surplus gain from trade can exist in the context of trade between developed nations by emphasizing the link between this gain from trade and Smith's theory of productive and unproductive labor. We argue that a move away from a freely developed pattern of trade will cause market prices to deviate from natural prices, shifting resources from more to less productive uses, causing the value of national output to fall. Smith never argues that capital and productive labor will become unemployed without sufficient vents. This formulation, combined with an understanding of Smith's rhetoric, shows that Smith's theory of the gains from trade is completely compatible with his system of natural liberty and suggests a more coherent theory of the gains from trade than is typically attributed to Smith.' In this interpretation of Smith, the term vent for surplus is a misnomer. 2. Vent for Surplus and the Proposed Defense of Smith Smith's treatment of the gains from trade is, almost without exception, thought to consist of two separate arguments. In Chapter I, Book IV, Smith states: Between whatever places foreign trade is carried on, they all of them derive two distinct benefits from it. It carries out that part of the produce of their land and labour for which there is no demand among them, and brings back in return for it something else for which there is a demand. It gives a value to their superfluities, by exchanging them for something else, which may satisfy part of their wants, and increase their enjoyments. By means of it, the narrowness of the home market does not hinder the division of labor in any particular branch of art or manufacture from being carried to the highest perfection. By opening a more extensive market for whatever part of the produce of their labour may exceed the home consumption, it encourages them to improve its productive powers, and to augment its annual produce to the utmost, and thereby to increase the real revenue and wealth of the society. …" @default.
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• W2006723513 title "Vent for Surplus: A Case of Mistaken Identity" @default.
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• W2006723513 doi "https://doi.org/10.2307/1061729" @default.
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