“PROTECTION AND REAL WAGES”: THE HISTORY OF AN IDEA

Ronald Jones

The Japanese Economic Review, 2006, vol. 57, issue 4, 457-466

Abstract: Few economics articles have achieved the celebrity that still attaches to the paper, “Protection and Real Wages”, by Wolfgang Stolper and Paul Samuelson in (1941). In this paper I discuss how the Stolper‐Samuelson theorem has been re‐interpreted over subsequent decades, and how attempts to generalize the theorem to higher dimensions have met with qualified results. The theorem leads to a simple proposition in political economy: in competitive models any productive factor can have its real return increased by a non‐transparent policy whereby relative commodity prices are altered if there are enough commodities and joint production, is not too severe.

Date: 2006
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