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The Gain from International Trade in Pool Goods and Private Goods

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  • Geoffrey Fishburn
  • Murray C. Kemp

Abstract

It is well known that perfectly competitive free trade is potentially beneficial for all countries if all goods are both rivalrous and excludable in consumption (“private goods”) and recently (2011) the proposition has been modified to accommodate non-rivalrous and non-excludable goods (“public goods”), as well as non-rivalrous and excludable goods (“club goods”). In the present paper the proposition is modified again, to accommodate rivalrous and non-excludable goods (“pool goods”). The primary focus is on ocean fisheries, access to which is shared (not necessarily equally) by all countries. However the central proposition to be established is valid for all international pool goods.

Suggested Citation

  • Geoffrey Fishburn & Murray C. Kemp, 2014. "The Gain from International Trade in Pool Goods and Private Goods," Review of International Economics, Wiley Blackwell, vol. 22(1), pages 167-169, February.
    • Handle: RePEc:bla:reviec:v:22:y:2014:i:1:p:167-169
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    File URL: http://hdl.handle.net/10.1111/roie.12103
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    References listed on IDEAS

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    1. Kemp, Murray C & Wan, Henry Y, Jr, 1972. "The Gains from Free Trade," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 13(3), pages 509-522, October.
    2. H. Scott Gordon, 1954. "The Economic Theory of a Common-Property Resource: The Fishery," Palgrave Macmillan Books, in: Chennat Gopalakrishnan (ed.), Classic Papers in Natural Resource Economics, chapter 9, pages 178-203, Palgrave Macmillan.
    3. Anthony Scott, 1955. "The Fishery: The Objectives of Sole Ownership," Journal of Political Economy, University of Chicago Press, vol. 63(2), pages 116-116.
    4. Sandler, Todd & Tschirhart, John, 1997. "Club Theory: Thirty Years Later," Public Choice, Springer, vol. 93(3-4), pages 335-355, December.
    5. H. Scott Gordon, 1954. "The Economic Theory of a Common-Property Resource: The Fishery," Journal of Political Economy, University of Chicago Press, vol. 62(2), pages 124-124.
    6. Chiarella, Carl, et al, 1984. "On the Economics of International Fisheries," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 25(1), pages 85-92, February.
    7. Wan, Henry Jr., 1972. "A note on trading gains and externalities," Journal of International Economics, Elsevier, vol. 2(2), pages 173-180, May.
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