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International Trade Without Autarkic Equilibria

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  • Murray C. Kemp

Abstract

It is possible that wealthy trading countries nevertheless have no autarkic equilibria. However, if a country has no autarkic equilibrium, the offer curve of that country may consist of disjoint segments, which implies that a worldwide trading equilibrium does not always exist, that international exchanges do not always take place in equilibrium, and therefore that econometric estimates of the structure of open economies must be viewed with scepticism. In the present paper, I provide conditions that are necessary and sufficient for the existence of a worldwide free‐trade equilibrium and for the existence of gains from free trade for individual countries.

Suggested Citation

  • Murray C. Kemp, 2003. "International Trade Without Autarkic Equilibria," The Japanese Economic Review, Japanese Economic Association, vol. 54(4), pages 353-360, December.
    • Handle: RePEc:bla:jecrev:v:54:y:2003:i:4:p:353-360
    DOI: 10.1111/1468-5876.t01-1-00063
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