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Symposium on the Welfare Economics of International Trade and Investment: Introduction

Symposium on the Welfare Economics of International Trade and Investment: Introduction The Japanese Economic Review Vol. 48, No. 2, June 1997 SYMPOSIUM ON THE WELFARE ECONOMICS OF INTERNATIONAL TRADE AND INVESTMENT: INTRODUCTION By MURRAY C. KEMP and KOJI SHIMOMURA University of New South Wales and Kobe University In recent years many of the questions which exercised the English mercantilists and Adam Smith have been dusted off and subjected to analysis more careful and more general in scope than anything attempted hitherto. There has been some controversy but also much solid achievement. The achievements relate both to questions of existence and to questions of implementation. Focusing first on questions of existence, we now know that the familiar gains-from- trade proposition, established long ago by Torrens and Ricardo, has counterparts under very general assumptions of the Arrow-Debreu or McKenzie type, provided that the opening of trade is accompanied by the adoption of a suitable scheme of lump-sum compensation. Indeed it is now known that trade is potentially gainful even in a context of missing markets and even in a context of overlapping generations, with its double infinity of goods and households. Moreover from each of the recently discovered gains-from-trade propositions there can be deduced a version of the Kemp- Wan theorem http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png The Japanese Economic Review Springer Journals

Symposium on the Welfare Economics of International Trade and Investment: Introduction

Kemp, Murray C.; Shimomura, Koji
The Japanese Economic Review , Volume 48 (2): 2 – Jun 1, 1997
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Publisher
Springer Journals
Copyright
1997 Japanese Economic Association
ISSN
1352-4739
eISSN
1468-5876
DOI
10.1111/1468-5876.00042
Publisher site
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Abstract

The Japanese Economic Review Vol. 48, No. 2, June 1997 SYMPOSIUM ON THE WELFARE ECONOMICS OF INTERNATIONAL TRADE AND INVESTMENT: INTRODUCTION By MURRAY C. KEMP and KOJI SHIMOMURA University of New South Wales and Kobe University In recent years many of the questions which exercised the English mercantilists and Adam Smith have been dusted off and subjected to analysis more careful and more general in scope than anything attempted hitherto. There has been some controversy but also much solid achievement. The achievements relate both to questions of existence and to questions of implementation. Focusing first on questions of existence, we now know that the familiar gains-from- trade proposition, established long ago by Torrens and Ricardo, has counterparts under very general assumptions of the Arrow-Debreu or McKenzie type, provided that the opening of trade is accompanied by the adoption of a suitable scheme of lump-sum compensation. Indeed it is now known that trade is potentially gainful even in a context of missing markets and even in a context of overlapping generations, with its double infinity of goods and households. Moreover from each of the recently discovered gains-from-trade propositions there can be deduced a version of the Kemp- Wan theorem

Journal

The Japanese Economic Review – Springer Journals

Published: Jun 1, 1997

Keywords: economics, general; microeconomics; macroeconomics/monetary economics//financial economics; econometrics; development economics; economic history

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