Economics, Econometrics and Finance
4 years ago

Trade Liberalization Leads to Significant Welfare Gains and Income Equality

1 view
RePEc: Research Papers in Economics
Economic Development under Alternative Trade Regimes
Rui Castro

Paper Summary

The article explores how different trade policies impact economic development. By using a model of the world economy, the researchers found that restricting trade only slightly affects income inequality and welfare. However, fully opening up trade significantly reduces income inequality and leads to a large welfare gain.

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