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Technological Change and Welfare in an Open Economy with Distortions

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  • Richard K. Perrin
  • Lilyan E. Fulginiti

Abstract

Traditional measures of technological change, such as the rate of technical change, are based on producer-oriented prices. Here, we employ a general equilibrium analysis of an open economy to examine how the consumer welfare gain from a technological change, measured as Hicksian equivalent variation, is related to the rate of technical change, the biases of the technological change, and tax distortions in the economy. An analytical solution shows these relationships in a readily computable framework, and demonstrates that the rate of technical change will equal the rate of welfare change in only very unrealistic cases. Copyright 2001, Oxford University Press.

Suggested Citation

  • Richard K. Perrin & Lilyan E. Fulginiti, 2001. "Technological Change and Welfare in an Open Economy with Distortions," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 83(2), pages 455-464.
    • Handle: RePEc:oup:ajagec:v:83:y:2001:i:2:p:455-464
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    File URL: http://hdl.handle.net/10.1111/0002-9092.00169
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    Cited by:

    1. Lilyan Fulginiti & Richard Perrin, 2005. "Productivity and Welfare," Journal of Productivity Analysis, Springer, vol. 24(2), pages 133-155, October.
    2. Bullock, David S. & Dadakas, Dimitrios & Katranidis, Stelios D., 2009. "Measuring the Effects of Technology Change in Multiple Markets : Application to the Greek Cotton Yarn Industry," MPRA Paper 67204, University Library of Munich, Germany, revised 2012.

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