Measuring the Gains from Trade-A Case Study of Pakistan's Trade with India

M. Afzal and Stephen Guisinger
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M. Afzal: Pakistan Institute of Development Economics.
Stephen Guisinger: Pakistan Institute of Development Economics.

The Pakistan Development Review, 1974, vol. 13, issue 1, 13-25

Abstract: The recent literature on the theory of tariffs and trade restrictions has emphasized the optimality of free trade policies for both developed and developing countries. There are exceptional cases in which trade restrictions can be justified-when, for example, a country has monopoly power in trade or when certain "second-best" conditions are meU In general, however, it is believed that a country which imposes restrictions on its trade suffers a decline in real income. A number of studies for both developed and developing countries have estimated the economic benefits that would accrue to these countries from the elimination of. all trade restrictions.

Date: 1974
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