The Gains from Trade

Branko Horvat
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Branko Horvat: The Institute for Advanced Studies

Chapter 16 in The Theory of International Trade, 1999, pp 104-115 from Palgrave Macmillan

Abstract: Abstract The gain from trade may be unambiguously defined in two different ways. Technological version requires more of one good and no less of the other for every set of autarkic outputs. In utilitarian version, one consumer must be better off and none of the others worse off. The latter definition is not operational and so we shall concentrate our attention on the former. Generally, it is also not operational. The problem arises when increased quantity of one good is accompanied by reduced quantity of another. Here our labour prices help to solve the problem.

Keywords: Wage Rate; Free Trade; Real Wage; Relative Prex; Import Price (search for similar items in EconPapers)
Date: 1999
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DOI: 10.1057/9780333983386_16

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