Weitere Beispiele werden automatisch zu den Stichwörtern zugeordnet - wir garantieren ihre Korrektheit nicht.
Apart from the rudiments of a purchasing power parity theory of exchange rates (1921), he produced an 'overconsumption' theory of the trade cycle (1918).
The purchasing power parity theory states that the exchange rate between one currency and another currency is in equlibirium when their domestic purchasing powers at that rate of exchange are equivalent.