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Optimal trade intervention in the presence of domestic distortions
HARRY G JOHNSON Professor of Economics University of Chicago
On the equivalence of tariffs and quotas
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analysis arguments for protection assumed assumption average balance of payments balance-of-payments bank capital exports capital movements cent changes commodity compensatory corrections competition consumption correlation coefficients current account deficit countries demand depreciation disparities domestic distortions domestic price domestic production duty economic development Economic Growth effect elasticities equal equation equilibrium exchange rates export prices factor prices factors of production Figure financing foreign exchange foreign trade forward exchange free trade German Gottfried Haberler imbalance import surplus income increase indifference curves infant industry infant industry argument inflation interest rates international trade intervention investment Jagdish Bhagwati long-term capital manufactured marginal productivity monetary negotiations official offset opportunity cost output Pareto optimality perfect competition positive problem profits quota reasons reduce region relative restrictions result sector social speculation staple steel prices subsidy supply surplus countries tariff tariff rate taxes terms of trade theoretical theory United wage