The Generalized Theory of Distortions and Welfare.¶
Bhagwati, J. N. (1971). The Generalized Theory of Distortions and Welfare. Trade, Balance of Payments and Growth: Papers in International Economics in Honor of Charles P. Kindleberger.
Cited by¶
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Primes¶
- Gains from Trade
- As Bhagwati (1971) systematized in his analysis of commercial-policy distortions, the abstraction makes a non-obvious claim precise: that absolute ability is not the right yardstick for who should do what.
This sourceApplies second-best theory to trade welfare and systematically characterizes which distortions (tariffs, quotas, subsidies) erode or perversely redistribute the gains and which policies preserve them; supports both the Clarity claim (which regimes preserve gains) and the T2 tension (policy distortions/frictions eroding predicted gains).
- As Bhagwati (1971) systematized in his analysis of commercial-policy distortions, the abstraction makes a non-obvious claim precise: that absolute ability is not the right yardstick for who should do what.
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