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Trade and Welfare in General Equilibrium

In: Macroeconomics, Trade, and Social Welfare

Author

Listed:
  • Michihiro Ohyama

    (Keio University)

Abstract

In his 1939 article, Samuelson initiated the modern discussion of the gains from trade. Concerning himself with a small price-taking country and basing his cases on the compensation principle and the axiom of revealed preference, he established that the introduction of external trade could make all citizens better off. His approach received a considerable amount of notice, but no further result came of it for some time. It was not until two decades later that Kemp (1962), along with Samuelson (1962), revived the subject by showing, under a more general condition, that the consumption possibility frontier of the post-trade situation lies uniformly outside that of the pre-trade situation. Their findings, however, seem to call for further generalization.

Suggested Citation

  • Michihiro Ohyama, 2016. "Trade and Welfare in General Equilibrium," Advances in Japanese Business and Economics, in: Macroeconomics, Trade, and Social Welfare, chapter 0, pages 55-91, Springer.
    • Handle: RePEc:spr:advchp:978-4-431-55807-1_4
    DOI: 10.1007/978-4-431-55807-1_4
    as

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