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Income Distribution in the Dynamic Two-Factor Trade Model

  • Fischer, Ronald D

The issue of the effects of trade on personal income distribution has remained largely unexamined. This paper describes an overlapping generations 2 x 2 model with a bequest motive and heterogeneous agents in order to examine the problem. In this dynamic setting, trade leads to both short-run and long-run reductions (increases) in inequality in labor (capital)-abundant countries if the investment good is capital-intensive. If the consumption good is capital-intensive, the short-run effects continue to hold but the long-run effects are ambiguous. Copyright 1992 by The London School of Economics and Political Science.

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Article provided by London School of Economics and Political Science in its journal Economica.

Volume (Year): 59 (1992)
Issue (Month): 234 (May)
Pages: 221-33

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Handle: RePEc:bla:econom:v:59:y:1992:i:234:p:221-33
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  1. Stiglitz, Joseph E, 1970. "Factor Price Equalization in a Dynamic Economy," Journal of Political Economy, University of Chicago Press, vol. 78(3), pages 456-88, May-June.
  2. Shorrocks, Anthony F, 1983. "Ranking Income Distributions," Economica, London School of Economics and Political Science, vol. 50(197), pages 3-17, February.
  3. Atkinson, Anthony B., 1970. "On the measurement of inequality," Journal of Economic Theory, Elsevier, vol. 2(3), pages 244-263, September.
  4. Sen, Amartya, 1973. "On Economic Inequality," OUP Catalogue, Oxford University Press, number 9780198281931.
  5. Ronald W. Jones, 1965. "The Structure of Simple General Equilibrium Models," Journal of Political Economy, University of Chicago Press, vol. 73, pages 557.
  6. Galor, Oded & Zeira, Joseph, 1993. "Income Distribution and Macroeconomics," Review of Economic Studies, Wiley Blackwell, vol. 60(1), pages 35-52, January.
  7. Deardorff, Alan V., 1974. "Trade reversals and growth stability," Journal of International Economics, Elsevier, vol. 4(1), pages 83-90, April.
  8. Rothschild, Michael & Stiglitz, Joseph E., 1973. "Some further results on the measurement of inequality," Journal of Economic Theory, Elsevier, vol. 6(2), pages 188-204, April.
  9. Judd, Kenneth L., 1985. "The law of large numbers with a continuum of IID random variables," Journal of Economic Theory, Elsevier, vol. 35(1), pages 19-25, February.
  10. Feldman, Mark & Gilles, Christian, 1985. "An expository note on individual risk without aggregate uncertainty," Journal of Economic Theory, Elsevier, vol. 35(1), pages 26-32, February.
  11. Dasgupta, Partha & Sen, Amartya & Starrett, David, 1973. "Notes on the measurement of inequality," Journal of Economic Theory, Elsevier, vol. 6(2), pages 180-187, April.
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