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The Gains from Trade

In: The Theory of International Trade

Author

Listed:
  • Branko Horvat

    (The Institute for Advanced Studies)

Abstract

The gain from trade may be unambiguously defined in two different ways. Technological version requires more of one good and no less of the other for every set of autarkic outputs. In utilitarian version, one consumer must be better off and none of the others worse off. The latter definition is not operational and so we shall concentrate our attention on the former. Generally, it is also not operational. The problem arises when increased quantity of one good is accompanied by reduced quantity of another. Here our labour prices help to solve the problem.

Suggested Citation

  • Branko Horvat, 1999. "The Gains from Trade," Palgrave Macmillan Books, in: The Theory of International Trade, chapter 16, pages 104-115, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-333-98338-6_16
    DOI: 10.1057/9780333983386_16
    as

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