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Limits to the Potential Gains from Economic Integration and Other Supply Side Policies

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  • Hammond, Peter J
  • Sempere, Jaime

Abstract

Classical welfare economics demonstrates potential Pareto improvements from 'supply side' policy changes that increase the efficiency of aggregate production. Special cases reviewed here concern market integration through customs unions and the gains from international trade. These classical results require incentive incompatible lump-sum transfers. Generally, other policies must compensate deserving losers. Following A. Dixit and V. Norman, the authors consider a freeze of consumer posttax prices, wages, and dividends, with tax rates and producer prices left to clear markets. Actual Pareto improvements are then generated by uniform poll subsidies. With appropriately distributed external tariff revenue, neither international transfers nor free disposal are required. Copyright 1995 by Royal Economic Society.

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Bibliographic Info

Article provided by Royal Economic Society in its journal The Economic Journal.

Volume (Year): 105 (1995)
Issue (Month): 432 (September)
Pages: 1180-1204

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Handle: RePEc:ecj:econjl:v:105:y:1995:i:432:p:1180-1204

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Cited by:
  1. Reinhorn, Leslie J., 2013. "Production efficiency and excess supply," Mathematical Social Sciences, Elsevier, vol. 65(2), pages 92-100.
  2. Harrison, Glenn W. & Rutherford, Thomas F. & Tarr, David G., 1997. "Trade policy options for Chile : a quantitative evaluation," Policy Research Working Paper Series 1783, The World Bank.
  3. Kemp, Murray & Wan, Henry, Jr., 2003. "Lumpsum versus Non-lumpsum Redistribution: A Second Glance," Working Papers 03-02, Cornell University, Center for Analytic Economics.
  4. Earl Grinols & Peri Silva, 2011. "Rules of origin and gains from trade," Economic Theory, Springer, vol. 47(1), pages 159-173, May.
  5. Gligorov, Vladimir, 2009. "Mobility and Transition in Integrating Europe," MPRA Paper 19198, University Library of Munich, Germany.
  6. Glenn W Harrison & Thomas F Rutherford & David G Tarr, 1997. "Opciones de Política Comercial para Chile: Una Evaluación Cuantitativa," Latin American Journal of Economics-formerly Cuadernos de Economía, Instituto de Economía. Pontificia Universidad Católica de Chile., vol. 34(102), pages 101-137.
  7. Peter J. Hammond & Jaime Sempere, . "Gains from Trade versus Gains from Migration: What Makes Them So Different?," Working Papers 98012, Stanford University, Department of Economics.
  8. Facchini, Giovanni & Willmann, Gerald, 1999. "The gains from duty free zones," Journal of International Economics, Elsevier, vol. 49(2), pages 403-412, December.
  9. Peter Hammond & Jaume Sempere, 2009. "Migration with local public goods and the gains from changing places," Economic Theory, Springer, vol. 41(3), pages 359-377, December.
  10. Willmann, Gerald, 2004. "Pareto gains from trade: a dynamic counterexample," Economics Letters, Elsevier, vol. 83(2), pages 199-204, May.

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