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Variable Returns to Scale, Non-uniqueness of Equilibrium and the Gains from International Trade

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  • Kemp, Murray C
  • Schweinberger, Albert G

Abstract

Existing 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 Info

Article provided by Wiley Blackwell in its journal Review of Economic Studies.

Volume (Year): 58 (1991)
Issue (Month): 4 (July)
Pages: 807-16

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Handle: RePEc:bla:restud:v:58:y:1991:i:4:p:807-16

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Cited by:
  1. Graham, Bryan S & Temple, Jonathan, 2001. "Rich Nations, Poor Nations: How Much can Multiple Equilibria Explain?," CEPR Discussion Papers 3046, C.E.P.R. Discussion Papers.
  2. Mercenier, Jean, 1995. "Nonuniqueness of Solutions in Applied General Equilibrium Models with Scale Economies and Imperfect Competition," Economic Theory, Springer, vol. 6(1), pages 161-77, June.
  3. Kylymnyuk Dmytro & Maliar Lilia & Maliar Serguei, 2007. "Rich, Poor and Growth-Miracle Nations: Multiple Equilibria Revisited," The B.E. Journal of Macroeconomics, De Gruyter, vol. 7(1), pages 1-44, August.
  4. Roy J. Ruffin & Wilfred J. Ethier, 2011. "Protectionism and Increasing Returns with Comparative-Cost Disadvantage," PIER Working Paper Archive 11-027, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.
  5. Dmytro Kylymnyuk & Lilia Maliar & Serguei Maliar, 2007. "A model of unbalanced sectorial growth with application to transition economies," Economic Change and Restructuring, Springer, vol. 40(4), pages 309-325, December.

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