Trade Policy and Economic Welfare
The second edition of this classic text on international economics has been substantially revised and updated to take account of the considerable activity in this field over the last two decades. Three new chapters discuss trade policy and the environment, strategic trade policy, and tradepolicy and the exchange rate. Corden also analyzes in detail the many arguments for protection.
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The Theory of Domestic Divergences
3 The Four Assumptions of the Theory
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advanced sector agriculture analysis argument for protection assumed assumption balance of payments benefits by-product distortion capital-goods cent Chapter collection costs consumers cost curve cost of production demand curve Developing Countries distortion costs domestic divergences domestic price domestic production dumping Economic effective protection effective rates employment equilibrium exchange rate excise tax export subsidy external economies factor fall Figure finance firms first-best policy foreign capital free trade gain given hence import price imposed income distribution effects increase indifference curve infant industry argument inputs International Trade labour less less-developed countries made-to-measure manufacturing marginal cost marginal divergence marginal product maximum revenue monopoly profits optimal optimum tax output Pareto-efficiency pecuniary external possible production subsidy raising revenue ratio real income real wage redistribution reduce relevant rent-seeking restrictions result rise savings social cost social welfare function subsistence sector supply curve tax rate terms of trade Trade and Welfare trade taxes X-efficiency zero