Frank D. Graham (1890–1949) presented an innovative multi-country, multi-commodity trade model that attached great importance to link commodities and quantity adjustments, not perfect specializations and price adjustments as emphasized by John Stuart Mill and Alfred Marshall. However, due to some shortcomings, this model was not sufficiently understood and has been forgotten. This study reconstructs Graham’s theory of international values by rectifying the shortcomings. Through this reconstruction, the following is clarified. First, in multi-country, multi-commodity trade models, the existence of link commodities is general and perfect specializations seldom appear; therefore, quantity adjustments are normally performed in the face of demand shifts. Second, notwithstanding unchanging sectoral productivity at a national level, national wage rates can vary greatly according to the patterns of the international division of labor. Third, while the domestic relative wage rate increases with an increase in a home country’s productivity of link commodities, it does not increase with an increase in the productivity of commodities produced only in the home country.

中文翻译：

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重新审视格雷厄姆的国际价值理论：与商品挂钩的李嘉图贸易模型

Frank D. Graham (1890-1949) 提出了一种创新的多国、多商品贸易模式，它非常重视将商品和数量调整联系起来，而不是像 John Stuart Mill 和 Alfred Marshall 所强调的那样完美的专业化和价格调整。然而，由于一些缺点，这个模型没有被充分理解，已经被遗忘了。本研究通过弥补不足，重构了格雷厄姆的国际价值理论。通过本次重构，明确了以下内容。第一，在多国、多商品贸易模式中，环节商品的存在是普遍的，很少出现完美的专业化；因此，数量调整通常是在面对需求变化时进行的。其次，尽管国家层面的部门生产力没有变化，国家工资率可能因国际分工模式而有很大差异。第三，虽然国内相对工资率随着本国链接商品生产率的提高而增加，但并不随着仅在本国生产的商品生产率的提高而增加。