Abstract
The special contribution of this paper is three-fold. First, it presents an alternative to the conventional measure of the welfare effects of changes in the commodity terms of trade, which we believe is a superior measure. Second, it goes on to cover welfare gains from international transfers and loans. Third, it attempts to measure these welfare gains for Greece over the last two decades, comparing the result with those of the conventional measure, and estimating welfare gains and losses in terms of the Greek national income.
We wish to thank participants to the conference for their helpful comments and specifically Professor D. C. Hague for improving on our original exposition. Acknowledgement is also due to Mrs P. Carabatsou-Pachakis, whose comments on an earlier draft helped us clarify the new concepts.
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© 1984 International Economic Association
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Constantopoulos, M., Drakos, G.E. (1984). Measuring Changes in the Gains from Trade-A Contribution to Applied Welfare Economics. In: Csikós-Nagy, B., Hague, D., Hall, G. (eds) The Economics of Relative Prices. International Economic Association Series. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-06265-2_19
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DOI: https://doi.org/10.1007/978-1-349-06265-2_19
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