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gains from trade
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gains from trade
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{{Economics sidebar}}In economics, gains from trade are the net benefits to economic agents from being allowed an increase in voluntary trading with each other. In technical terms, they are the increase of consumer surplusAlan V. Deardorff, Deardorff's Glossary of International Economics, 2010. Consumer surplus. plus producer surplusDeardorff's Glossary of International Economics, 2010. Producer surplus. from lower tariffsDeardorff's Glossary of International Economics, 2010. Tariff. or otherwise liberalizing trade.⢠Deardorff's Glossary of International Economics, 2010. Trade liberalization. ⢠Deardorff's Glossary of International Economics, 2010. Gains from trade. ⢠Paul A. Samuelson and William D. Nordhaus, 2004. Economics, Glossary of Terms (end), "Gains from trade", McGraw-Hill.- the content below is remote from Wikipedia
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Dynamics
Gains from trade are commonly described as resulting from:- specialization in production from division of labor, economies of scale, scope, and agglomeration ⢠Paul R. Krugman, 1979. "Increasing Returns, Monopolistic Competition, and International Trade," . Journal of International Economics, 9(4), pp. 469â79. {{doi|10.1016/0022-1996(79)90017-5}} ⢠_____, 1980. "Scale Economies, Product Differentiation, and the Pattern of Trade," American Economic Review, 70(5), pp. 950â59. {{JSTOR|1805774}} ⢠_____, 1991. "Increasing Returns and Economic Geography," Journal of Political Economy, 99(3), pp. 483â99. {{doi|10.1086/261763}} ⢠_____, 1981. "Intraindustry Specialization and the Gains from Trade," Journal of Political Economy, 89(5), pp. 959â73. {{doi|10.1086/261015}} ⢠William C. Strange, 2008, "urban agglomeration," The New Palgrave Dictionary of Economics, 2nd Edition. Abstract. and relative availability of factor resources in types of output by farms, businesses, locationAnthony Venables, 2008. "new economic geography," The New Palgrave Dictionary of Economics, 2nd Edition. Abstract. and economies
- a resulting increase in total output possibilities
- trade through markets from sale of one type of output for other, more highly valued goods.Paul A. Samuelson and William D. Nordhaus, 2004. Economics, McGraw-Hill, ch. 2, "Trade, Specialization, and Division of Labor" section.
See also
Notes
{{reflist}}References
- Jagdish N. Bhagwati, Arvind Panagariya, and T. N. Srinivasan, 1998, 2nd ed. Lectures on International Trade, ch. 18 & 19, pp. 265-79.
- Giovanni Facchini and Gerald Willmann, 2001. "Pareto Gains from Trade," Economia Politica, pp. 207-216. weblink" title="web.archive.org/web/20110902110246weblink">1999 preprint version.
- Murray C. Kemp, 1995. The Gains from Trade and the Gains From Aid: Essays in International Trade Theory.
- Paul R. Krugman, 1987. "Is Free Trade Passé?" Journal of Economic Perspectives, 1(2), pp. 131-144. {{doi|10.1257/jep.1.2.131}}
- Joy Mazumdar, 1996. "Do Static Gains from Trade Lead to Medium-Run Growth?" Journal of Political Economy, 104(6), 1996, pp. 1328-1337. {{JSTOR|2138942}}
- Dr, Mrs. Mangla P. Jahgle, Dr. Mrs. Madhura Joshi, Mrs. Sumati V. Shinde, "International Economics",ed 2008, ch 5, pp 122â125
- M.L Jhingan,"International Economics",ed 2008,ch 16,pp 155
- K.K. Dewett, "Modern Economic Theory",2008,ch 55,pp 671â672
External links
- Gains from Trade, from "International Trade," Arnold Kling
- weblink" title="web.archive.org/web/20110720040300weblink">Summary: Main Points on Economic Efficiency and the Gains from Trade, including graphs for consumer surplus and producer surplus
- weblink, Gains from internal trade
- weblink Oscar Volij
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