Trade Gains when the Opportunity to Trade Changes the State of Information

Murray Kemp, Koji Shimomura and Henry Wan

Review of International Economics, 2001, vol. 9, issue 1, 24-28

Abstract: J. S. Mill suggested that the destruction of old preferences and their replacement by new are among the greatest benefits imparted by free trade. However, Mill’s argument relied on a possibly controversial ethical judgment. The present note approaches the question posed by Mill with only the conventional Paretian ethical baggage, and shows that, if all agents are rational in a sense to be made clear and if the wellbeing of each agent is independent of irrelevant alternatives, then trade is potentially gainful.

Date: 2001
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