J. S. Mill suggested that the destruction of old preferences and their replacement by new are among the greatest benefits imparted by free trade. However, Mill's argument relied on a possibly controversial ethical judgment. The present note approaches the question posed by Mill with only the conventional Paretian ethical baggage, and shows that, if all agents are rational in a sense to be made clear and if the well-being of each agent is independent of irrelevant alternatives, then trade is potentially gainful. Copyright 2001 by Blackwell Publishing Ltd.
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