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An Orthodox Appraisal of the EmploymentTariff
a General Background
a Basic Macroeconomic
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adopt alternative area EDCF assumed assumptions balance of payments chapter commodity F comparative advantage competitive conclusion consumers consumption point contract curve Cooper/Massell cooperation customs union formation domestic distortions domestic price ratio domestic production effect employment-tariff equal equilibrium equivalent exports factors of production Figure Firstly free international trade free trade areas full employment gains GATT generalisation given Godley Godley's Hence imposing increase indifference curves industrial production infant industry argument initial input international economic integration Johnson level of welfare marginal nations negotiating offer curves optimum tariff outcome output possible post-tariff production and consumption production possibility frontier production subsidies proposition protectionism q3qA rationale relevant result sector superior supply curve tariff bargaining tariff imposition tariff rate tariff revenue tariffs and quotas tax-cum-subsidy terms of commodity terms of trade trade creation trade diversion trade theory unilateral tariff reduction Wonnacott and Wonnacott world price