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Are we underestimating the gains from globalization for the United States?

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  • Christian Broda
  • David Weinstein

Abstract

Over the last three decades, trade has more than tripled the variety of international goods available to U.S. consumers. Although an increased choice of goods clearly enhances consumer well-being, standard national measures of welfare and prices do not assign a value to variety growth. This analysis-the first effort to measure such gains-finds that the value to consumers of global variety growth in the 1972-2001 period was roughly $260 billion.

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Bibliographic Info

Article provided by Federal Reserve Bank of New York in its journal Current Issues in Economics and Finance.

Volume (Year): 11 (2005)
Issue (Month): Apr ()
Pages:

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Handle: RePEc:fip:fednci:y:2005:i:apr:n:v.11no.4

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Related research

Keywords: Globalization ; International trade ; Consumers ; Quality of life;

References

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  1. Robert C. Feenstra, 1992. "How Costly Is Protectionism?," Journal of Economic Perspectives, American Economic Association, vol. 6(3), pages 159-178, Summer.
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Cited by:
  1. Miljkovic, Dragan, 2006. "U.S. and Canadian Livestock Prices: Market Integration and Trade Dependence," 2006 Conference, April 17-18, 2006, St. Louis, Missouri 18996, NCR-134 Conference on Applied Commodity Price Analysis, Forecasting, and Market Risk Management.
  2. C�cile Denis & Kieran Mc Morrow & Werner R�ger, 2006. "Globalisation : trends, issues and macro implications for the EU," European Economy - Economic Papers 254, Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission.

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