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The Intervention Principle

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  • Earl L. Grinols

Abstract

This paper investigates efficient policy interventions in market economies, establishing a general policy intervention result and explaining why more general results are not possible. The paper shows the applicability of the methodology to a number of new results in the theory of international trade, including policy intervention in the presence of increasing returns to scale. The analytical tools are not based on calculus, but set theory, agent optimization, and market clearing. They apply to discrete comparisons as well as for small changes.

Suggested Citation

  • Earl L. Grinols, 2006. "The Intervention Principle," Review of International Economics, Wiley Blackwell, vol. 14(2), pages 226-247, May.
    • Handle: RePEc:bla:reviec:v:14:y:2006:i:2:p:226-247
    DOI: 10.1111/j.1467-9396.2006.00572.x
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    References listed on IDEAS

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    1. W. Max Corden, 1986. "Policies Towards Market Disturbance," Palgrave Macmillan Books, in: R. H. Snape (ed.), Issues in World Trade Policy, chapter 6, pages 121-139, Palgrave Macmillan.
    2. W. M. Corden, 1992. "International Trade Theory And Policy," Books, Edward Elgar Publishing, number 104.
    3. Dixit, Avinash, 1985. "Tax policy in open economies," Handbook of Public Economics, in: A. J. Auerbach & M. Feldstein (ed.), Handbook of Public Economics, edition 1, volume 1, chapter 6, pages 313-374, Elsevier.
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    Cited by:

    1. Earl L. Grinols & Peri Silva, 2008. "Industrial targeting in free trade areas with policy independence," Canadian Journal of Economics, Canadian Economics Association, vol. 41(3), pages 796-816, August.
    2. Grinols, Earl L. & Lin, Hwan C., 2011. "Patent replacement and welfare gains," Journal of Economic Dynamics and Control, Elsevier, vol. 35(9), pages 1586-1604, September.

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