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Trade, Markets and Welfare

By (author) Kelvin J. Lancaster
Format: Hardback
Publisher: Edward Elgar Publishing Ltd, Cheltenham, United Kingdom
Published: 1st Jan 1996
Dimensions: w 234mm h 156mm d 20mm
Weight: 619g
ISBN-10: 1852789751
ISBN-13: 9781852789756
Barcode No: 9781852789756
Trade, Markets and Welfare brings together a selection of Kelvin Lancaster's seminal work on trade under monopolistic competition and oligopoly with differentiated products, as well as recent extensions to the analysis of markets in which the characteristics of products can be varied freely. Professor Lancaster argues that protection can sometimes improve world welfare, that there can be mutual trade gains between absolutely identical economies, and that entries of an additional firm may sometimes increase industry profits. The selection also includes some of Professor Lancaster's earlier works on trade and papers on several topics related to the theory of economic policy, including second best theory, wages policy, and a simple dynamic game model of capitalist growth. Trade, Markets and Welfare complements the first volume of Kelvin J. Lancaster's selected essays - Modern Consumer Theory - by expanding applications of consumer choice theory into new areas.

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