Variable Returns to Scale, Non-uniqueness of Equilibrium and the Gains from International Trade
AbstractExisting conditions for gainful trade under conditions of variable returns to scale are merely sufficient. Basing themselves on the possible nonuniqueness of the production equilibrium under variable returns, the authors develop a globally valid necessary and sufficient condition for gainful trade. In particular, it is shown that trade may be gainful without changes in product prices, even if trade results in a loss of productivity. Copyright 1991 by The Review of Economic Studies Limited.
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Bibliographic InfoArticle provided by Wiley Blackwell in its journal Review of Economic Studies.
Volume (Year): 58 (1991)
Issue (Month): 4 (July)
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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0034-6527
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