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Domestic Distortions and the Theory of Tariffs

In: Macroeconomics, Trade, and Social Welfare

Author

Listed:
  • Michihiro Ohyama

    (Keio University)

Abstract

The theory of tariffs, which evolved from the classical controversy over free trade and protectionism, occupies an important position in the study of trade and welfare. Early in the present century Bickerdike (1906, 1907a, b) formalized the proposition that a country is able to increase its real income by imposing a tariff on imports. The theme, labeled by Edgeworth (1908) as “poison,” was later revived by Kaldor (1940) and thus achieved general recognition in the literature. Known today as the optimal tariff argument, it postulates fully competitive conditions, and relies crucially upon the assumption that the tariff-imposing country is potentially capable of affecting the international prices by restricting the volume of trade. In the absence of such national monopoly power, however, the argument ends up in endorsing the doctrine of free trade as the best policy for the country.

Suggested Citation

  • Michihiro Ohyama, 2016. "Domestic Distortions and the Theory of Tariffs," Advances in Japanese Business and Economics, in: Macroeconomics, Trade, and Social Welfare, chapter 0, pages 93-107, Springer.
    • Handle: RePEc:spr:advchp:978-4-431-55807-1_5
    DOI: 10.1007/978-4-431-55807-1_5
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