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A review on the political economy of trade policy from a social welfare perspective : Current issues

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A Review on the Political Economy of Trade Policy from a Social Welfare Perspective
simply offset each other to some extent, are purely wasteful from the standpoint of society as a whole; they are spent not in increasing wealth, but in attempts to transfer or resist transfer of wealth. I can suggest no way of measuring these expenditure, but the potential returns are large, and it would be quite surprising if the investment was not sizable (Tullock1), p. 228).
In this quote, Tullock brings up two important issues in trade policy : 1) How do individuals or groups behave to achieve higher profits or utilities in trade policy : 2) What are the characteristics of non-productive activities, such as lobbying, from the viewpoint of social welfare?
Perhaps no other area of economics displays such a gap between what p o l i c y makers practice and what economists preach, as does
1) Tullock, G., “The Welfare costs of Tariffs, Monopolies, and Theft,” Western Economic Journal, 1967, pp. 224-232.
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KIET Industrial Economic Review
international trade (Rodrik2), p.1458).
Rodrik argues that economists need to answer the following question : why do discrepancies between theory and practice occur Stolper and Samuelson (1941) laid the foundation for answering this question by showing that protectionist policy results in both winners and losers. According to their analysis, factor ownership determines the allocation of gains and losses. It is clear, then, why people lobby for tariffs as T


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Title A review on the political economy of trade policy from a social welfare perspective
Similar Titles
Sub Title

Current issues

Material Type Reports
Author(English)

Min, Hyeok-ki

Publisher

[Seoul]:Korea Institute for Industrial Economics & Trade (KIET)

Date 2009
Journal Title; Vol./Issue KIET Industrial Economic Review:vol. 14(no. 2)
Pages 19
Frequency Bimonthly
Subject Country South Korea(Asia and Pacific)
Language English
File Type Documents
Original Format pdf
Subject Economy < Trade
Holding KDI School of Public Policy and Management

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