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Measureable Dynamic Gains from Trade

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  • Richard Baldwin

Abstract

Productive factors such as human and physical capital are accumulated and trade can affect the steady-state levels of such factors. Consequently, trade liberalization will have dynamic effects on output and welfare as the economy moves to its new steady state, in addition to its usual static effects. The output impact of this dynamic effect is measurable and appears to be quite large. The welfare impact of this dynamic effect is also measurable. The size of this dynamic gain from trade depends on the importance of external scale economies.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 3147.

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Date of creation: Oct 1989
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Publication status: published as Journal of Political Economy, Vol. 100, issue 1, pp. 162-174, 1992.
Handle: RePEc:nbr:nberwo:3147

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  18. repec:fth:coluec:431 is not listed on IDEAS
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