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analysis arise assumption average balance of payments Britain British entry changes common agricultural policy Common Market Corden's costs countries criterion customs union demand constraint depreciation devaluation economies of scale economists EFFECTS OF BRITISH efficiency EFTA entering the EEC equal equilibrium estimates given ESTIMATING THE INCOME evidence suggesting expand export industries extent fact favourable figure gains from trade greater competition growth rate implies import substitutes import-competing industries imposed improve the trade income effect increase in domestic increase in exports industrial free trade integration inter-industry specialisation joining the EEC Kaldor managerial effort manufacturing measure minimax nominal tariffs output partial equilibrium payments deterioration plant or firm possible present paper product run profit rate of return real income reallocation of consumption reason reduced scale economies scale effect significant substantial substitution effect switch tariff-free market terms-of-trade theory trade balance trade creation trade diversion trade flows transformation frontier various effects welfare gain X-inefficiency