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“Protection and Real Wages”: The History of an Idea

In: International Trade Theory and Competitive Models Features, Values, and Criticisms

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  • Ronald W. Jones

Abstract

Few economics articles have achieved the celebrity that still attaches to the paper, “Protection and Real Wages,” by Wolfgang Stolper and Paul Samuelson in (1941). In this chapter, I discuss how the Stolper–Samuelson theorem has been re-interpreted over subsequent decades, and how attempts to generalize the theorem to higher dimensions have met with qualified results. The theorem leads to a simple proposition in political economy: In competitive models any productive factor can have its real return increased by a nontransparent policy whereby relative commodity prices are altered if there are enough commodities and joint production is not too severe.

Suggested Citation

  • Ronald W. Jones, 2018. "“Protection and Real Wages”: The History of an Idea," World Scientific Book Chapters, in: International Trade Theory and Competitive Models Features, Values, and Criticisms, chapter 6, pages 93-108, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789813200678_0006
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    Cited by:

    1. Mitra, Tapan, 2007. "On Commodity Prices and Factor Rewards: A Close Look at Sign Patterns," Working Papers 07-07, Cornell University, Center for Analytic Economics.
    2. Mukherjee, Soumyatanu, 2016. "Technology, trade and ‘urban poor’ in a general equilibrium model with segmented domestic factor markets," International Review of Economics & Finance, Elsevier, vol. 45(C), pages 400-416.
    3. Ronald W. Jones, 2018. "On Blending Competitive Trade Models," World Scientific Book Chapters, in: International Trade Theory and Competitive Models Features, Values, and Criticisms, chapter 19, pages 319-361, World Scientific Publishing Co. Pte. Ltd..
    4. Mukherjee, Soumyatanu & Zafar, Sameen, 2014. "Technological progress with segmented factor markets and welfare implications for the urban poor," MPRA Paper 55297, University Library of Munich, Germany.
    5. Gokhan Akay & Can Dogan, 2013. "The effect of labor supply changes on output: empirical evidence from US industries," Journal of Productivity Analysis, Springer, vol. 39(2), pages 123-130, April.

    More about this item

    Keywords

    International Trade Theory; Models; Competitive Markets;
    All these keywords.

    JEL classification:

    • R10 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - General

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