Samuelson (1962)- The Gains from International Trade Once Again

Samuelson (1962)- The Gains from International Trade Once Again

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The Gains from International Trade Once Again Paul Samuelson (1962) Samuelson, Paul. “The Gains from International Trade Once Again.” The Economic Journal . 72(288): 820-829. Section 8: Conclusions 1. “If the laws of returns were appropriate for perfect competition (no external effects, indivisibilities, monopolies, dynamic uncertainties, learning processes, etc.), free trade and ideal transfers could be used to give maximal world production in the sense of a farthest out world production possibility frontier.” 2. “Free trade and ideal transfers could give a similar maximal world utility frontier for all individuals.” 3. “Free trade will not necessarily maximize the real income or consumption and utility possibilities of any one country —even though by ideal bribes the international winning countries could bribe the losers into a unanimous vote for free trade.” 4. “Free trade will not necessarily maximize the income, consumption and utility possibilities of a subset
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This note was uploaded on 02/03/2012 for the course POLS 5308 taught by Professor Biglaiser during the Spring '11 term at Texas Tech.

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Samuelson (1962)- The Gains from International Trade Once Again

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