On the functional relationship between tariffs and welfare

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1975-01-01

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Abstract

This paper uses a model of trade in two commodities between two countries to establish the following proposition. If the foreign offer curve has no points of inflection and if for each home rate of duty the equilibrium most favorable to the home country is selected (or else there is only one equilibrium), then as the rate of duty increases from zero, home welfare first rises then declines while foreign welfare steadily falls. © 1975.

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10.1016/0022-1996(75)90004-5

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Tower, E (1975). On the functional relationship between tariffs and welfare. Journal of International Economics, 5(2). pp. 189–199. 10.1016/0022-1996(75)90004-5 Retrieved from https://hdl.handle.net/10161/1959.

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Tower

Edward Tower

Professor Emeritus of Economics

Professor Tower specializes in finance, computable general equilibrium modeling, macroeconomics, development economics, microeconomics, and managerial economics. He conducts a majority of his research within the study of trade and development, exploring a variety of variables from tariffs, quotas, and time zone arbitrage, to equities, mutual funds, and index mutual funds. Since he began publishing his work in 1965, he has contributed over 130 articles to leading academic journals and has had several books, chapters, and papers appear in print. Some of his more recent writings include, “School Choice: Money, Race, and Congressional Voting on Vouchers,” completed in collaboration with O. Gokcekus and J. Phillips; “Rational Pessimism: Predicting Equity Returns by Tobin’s q and Price/Earnings Ratio” with M. Harney; and “Predicting Equity Returns for 37 Countries: Tweaking the Gordon Formula” with K. Reinker. Much of his work pertaining to U.S. trade policy has been used to determine congressional voting on protectionist issues based on campaign contributions. His work on financial issues has also played an important role in determining the value of the U.S. stock market. His latest studies involved an investigation of congressional voting on importation of ethical drugs and predicting returns on both foreign and U.S. equity.


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