IDEAS home Printed from https://ideas.repec.org/a/fip/fednci/y2005iaprnv.11no.4.html
   My bibliography  Save this article

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

Author

Listed:
  • 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
    as

    Download full text from publisher

    File URL: https://www.newyorkfed.org/medialibrary/media/research/current_issues/ci11-4.html
    Download Restriction: no
    File URL: https://www.newyorkfed.org/medialibrary/media/research/current_issues/ci11-4.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Robert C. Feenstra, 1992. "How Costly Is Protectionism?," Journal of Economic Perspectives, American Economic Association, vol. 6(3), pages 159-178, Summer.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    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.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Christian Broda & David E. Weinstein, 2006. "Globalization and the Gains From Variety," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 121(2), pages 541-585.
    2. Yana van der Meulen Rodgers, 1996. "A Role-Playing Exercise for Development and International Economics Courses," The Journal of Economic Education, Taylor & Francis Journals, vol. 27(3), pages 217-223, July.
    3. Michael Funke & Ralf Ruhwedel, 2008. "Trade, product variety and welfare: a quantitative assessment for mainland China," China Economic Journal, Taylor & Francis Journals, vol. 1(2), pages 203-212.
    4. Joshua J. Lewer & Hendrik Van den Berg, 2003. "How Large Is International Trade’s Effect on Economic Growth?," Journal of Economic Surveys, Wiley Blackwell, vol. 17(3), pages 363-396, July.
    5. Spencer, Barbara J., 1997. "Quota licenses for imported capital equipment: Could bureaucrats ever do better than the market?," Journal of International Economics, Elsevier, vol. 43(1-2), pages 1-27, August.
    6. João A. C. Santos & Kostas Tsatsaronis, 2003. "The cost of barriers to entry: evidence from the market for corporate euro bond underwriting," BIS Working Papers 134, Bank for International Settlements.
    7. Kym Anderson, 2003. "Measuring Effects of Trade Policy Distortions: How Far Have We Come?," The World Economy, Wiley Blackwell, vol. 26(4), pages 413-440, April.
    8. Howard J. Wall, 1999. "Using the gravity model to estimate the costs of protection," Review, Federal Reserve Bank of St. Louis, issue Jan, pages 33-40.
    9. Lukas Mohler, 2011. "Variety Gains from Trade in Switzerland," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), vol. 147(I), pages 45-70, March.
    10. Hiau Looi Kee & Alessandro Nicita & Marcelo Olarreaga, 2008. "Import Demand Elasticities and Trade Distortions," The Review of Economics and Statistics, MIT Press, vol. 90(4), pages 666-682, November.
    11. Jan Van Hove, 2010. "Variety and quality in intra‐European manufacturing trade: the impact of innovation and technological spillovers," Journal of Economic Policy Reform, Taylor and Francis Journals, vol. 13(1), pages 43-59.
    12. Irac, D., 2008. "Access to new imported varieties and total factor productivity: Firm level evidence from France," Working papers 204, Banque de France.
    13. Ian Parry, 2001. "The Costs of Restrictive Trade Policies in the Presence of Factor Tax Distortions," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 8(2), pages 147-170, March.
    14. repec:zbw:bofitp:2003_017 is not listed on IDEAS
    15. Anderson, Kym, 2004. "Setting the Trade Policy Agenda: What Roles for Economists?," Working Papers 14574, International Agricultural Trade Research Consortium.
    16. Ivanic, Maros & Martin, William J., 2010. "Promoting global agricultural growth and poverty reduction," 114th Seminar, April 15-16, 2010, Berlin, Germany 61098, European Association of Agricultural Economists.
    17. Mordechal Kreinin & Elias Dinopoulos, 1995. "Protection of industry," Open Economies Review, Springer, vol. 6(2), pages 179-196, April.
    18. Philip I. Levy, 2003. "Non-Tariff Barriers as a Test of Political Economy Theories," Working Papers 852, Economic Growth Center, Yale University.
    19. Arvind Panagariya, 2003. "Alternative Approaches to Measuring the Cost of Protection," International Trade 0308002, University Library of Munich, Germany.
    20. Lee, Jiwon & Wittgenstein, Teresa, 2017. "Weak vs. Strong Ties: Explaining Early Settlement in WTO Disputes," ILE Working Paper Series 7, University of Hamburg, Institute of Law and Economics.
    21. Lukas Mohler & Michael Seitz, 2012. "The gains from variety in the European Union," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 148(3), pages 475-500, September.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:fip:fednci:y:2005:i:apr:n:v.11no.4. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Gabriella Bucciarelli (email available below). General contact details of provider: https://edirc.repec.org/data/frbnyus.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.