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Measurable Dynamic Gains from Trade

  • Baldwin, Richard

    (Columbia University, NBER and CEPR)

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 Research Institute of Industrial Economics in its series Working Paper Series with number 270.

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Length: 26 pages
Date of creation: Nov 1990
Date of revision:
Handle: RePEc:hhs:iuiwop:0270
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  17. Paul M. Romer, 1987. "Crazy Explanations for the Productivity Slowdown," NBER Chapters, in: NBER Macroeconomics Annual 1987, Volume 2, pages 163-210 National Bureau of Economic Research, Inc.
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