Trade, markets, and welfare
By: Kelvin Lancaster.
Publisher: E. Elgar
Published: 1996
Place of publication: Cheltenham, UK; Brookfield, Vt
Language: eng
Number of pages: 279
Subjects: Industries.; Industrial organization.; Commerce.; Monopolies.; Competition.; Diversification in industry.; Markets.; Welfare economics.
Description: Trade, Markets and Welfare brings together a selection of Kelvin Lancaster's seminal work on trade under monopolistic competition and oligopoly with differentiated products, as well as recent extensions to the analysis of markets in which the characteristics of products can be varied freely.

In these papers Professor Lancaster argues that protection can sometimes improve world welfare, that there can be mutual trade gains between absolutely identical economies, and that entries of an additional firm may sometimes increase industry profits. The selection also includes some of Professor Lancaster's earlier works on trade and papers on several topics related to the theory of economic policy, including second-best theory, wages policy, and a simple dynamic game model of capitalist growth.

Trade, Markets and Welfare complements the first volume of Kelvin Lancaster's selected essays - Modern Consumer Theory - by expanding applications of consumer choice theory into new areas.
Notes: Includes bibliographical references (p. 268-276) and index.