By David Greenaway
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Extra info for International Trade Policy: From Tariffs to the New Protectionism
We make a great many assumptions which ensure that static equilibrium is consistent with the conditions for Pareto optimality. This also applies to the foregoing comparison of the welfare implications of unrestricted and restricted trade. 3) In other words the marginal rate of substitution in consumption at home (DRS) was equal to the domestic marginal rate of transformation in production (DRT). Through foreign trade this is equated with the foreign marginal rate of transformation (FR T) which in turn is equal to the foreign marginal rate of substitution (FRS).
In a world where some countries are relatively labour abundant, some relatively land abundant and some relatively capital abundant, Vernon argues that new products are more likely to be developed initially in capital-rich countries. In their early stages of development such new products will be manufactured close to the market. As the product matures, however, and a certain amount of standardisation takes place, an increasing amount of total production may be exported. At this stage of the product's life-cycle, however, relative production costs may become increasingly important.
However, this is not the net change associated with the tariff. Part of this reduction amounts to a redistribution from consumers to other economic agents. For instance, area a represents an increase in producer surplus which results because domestic producers are able to supply more, at a higher price. Area c is a redistribution to the government agency. This is the revenue which the tariff yields. The net changes in welfare are therefore the triangles d and b. The former represents a consumption loss associated with DB consumers leaving the market; the latter represents a production loss (or efficiency loss) which emerges because AC units are now provided by rel"~ively inefficient domestic producers.
International Trade Policy: From Tariffs to the New Protectionism by David Greenaway