Nassau William Senior. September 26, 1790 - June 4, 1864. Scientific Economics. The first holder of the Drummond Chair at Oxford Chief Works An Outline of the Science of Political Economy "Report on the State of Agriculture", 1821, Quarterly Review
September 26, 1790 - June 4, 1864
At (PX/PY)1, country A wishes
to export X1 units, but country B
is only interested in importing X2
units. That is, there is an excess
supply of good X.