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Globalisation, Employment and Income: Analysing the Adjustment Process

In: Trade, Investment, Migration and Labour Market Adjustment

Author

Listed:
  • Carl Davidson

    (Michigan State University)

  • Steven J. Matusz

    (Michigan State University)

Abstract

Textbook models of international trade always posit well-functioning, frictionless factor markets. Policy-induced changes in relative output prices lead to the instantaneous reallocation of resources. While trade may result in some winners and losers (à la Stolper-Samuelson), factors are never unemployed and (ignoring terms-of-trade effects) the efficiency gains from trade liberalisation always result in aggregate net benefits.

Suggested Citation

  • Carl Davidson & Steven J. Matusz, 2002. "Globalisation, Employment and Income: Analysing the Adjustment Process," International Economic Association Series, in: David Greenaway & Richard Upward & Katharine Wakelin (ed.), Trade, Investment, Migration and Labour Market Adjustment, chapter 5, pages 66-92, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-4039-2018-8_5
    DOI: 10.1057/9781403920188_5
    as

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    Cited by:

    1. Porto, Guido, 2012. "The cost of adjustment to green growth policies : lessons from trade adjustment costs," Policy Research Working Paper Series 6237, The World Bank.

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