The Relative Welfare Cost of Industrial and Agricultural Policy Distortions: A Philippine Illustration
An applied general equilibrium model of the Philippine economy is described and calibrated for evaluating the relative welfare cost of industrial/trade and agricultural policies. Industrial policies have larger economic waste relative to agricultural policies. Agricultural policy reforms without accompanying liberalization of foreign trade regimes result in relatively small improvement in economic welfare and, in the case of export and production taxes, may even be welfare worsening. Copyright 1990 by Royal Economic Society.
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Volume (Year): 42 (1990)
Issue (Month): 2 (April)
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