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If ?1 in Britain buys what $1.50 buys in the United States, the equilibrium exchange rate would be ?1 = $1.50”.
The theory was propounded by the Swedish economist Gustav Cassel (1866–1944) in 1916 when a system of free exchange rates prevailed. If the prices of tradable goods are lower in one country than in another, allowing for transport costs and tariffs, people buy these cheaper goods and sell them in the dearer country. In the cheaper country the prices of goods or the value of the exchange rate will rise. But not all goods and services are tradable (e.g., government services), and transport costs, tariffs, capital movements, and government policies interfere with the long-term tendency to equality of the purchasing power of different currencies...
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