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Are we underestimating the gains from globalization for the United States?

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  • Christian Broda
  • David E. Weinstein

Abstract

Over the last three decades, trade has more than tripled the variety of international goods available to U.S. consumers. Although an increased choice of goods clearly enhances consumer well-being, standard national measures of welfare and prices do not assign a value to variety growth. This analysis-the first effort to measure such gains-finds that the value to consumers of global variety growth in the 1972-2001 period was roughly $260 billion.

Suggested Citation

  • Christian Broda & David E. Weinstein, 2005. "Are we underestimating the gains from globalization for the United States?," Current Issues in Economics and Finance, Federal Reserve Bank of New York, vol. 11(Apr).
    • Handle: RePEc:fip:fednci:y:2005:i:apr:n:v.11no.4
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    References listed on IDEAS

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    1. Robert C. Feenstra, 1992. "How Costly Is Protectionism?," Journal of Economic Perspectives, American Economic Association, vol. 6(3), pages 159-178, Summer.
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    Cited by:

    1. Dragan Miljkovic, 2009. "US and Canadian livestock prices: market integration and trade dependence," Applied Economics, Taylor & Francis Journals, vol. 41(2), pages 183-193.
    2. Cécile Denis & Kieran Mc Morrow & Werner Röger, 2006. "Globalisation : trends, issues and macro implications for the EU," European Economy - Economic Papers 2008 - 2015 254, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.

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