Are we underestimating the gains from globalization for the United States?

Christian Broda and David Weinstein

Current Issues in Economics and Finance, 2005, vol. 11, issue Apr

Abstract: Over the last three decades, trade has more than tripled the variety of international goods available to U.S. consumers. Although an increased choice of goods clearly enhances consumer well-being, standard national measures of welfare and prices do not assign a value to variety growth. This analysis-the first effort to measure such gains-finds that the value to consumers of global variety growth in the 1972-2001 period was roughly $260 billion.

Keywords: Consumers; Quality of life; International trade; Globalization (search for similar items in EconPapers)
Date: 2005
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