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Trade
in an Ecological-economic Integrated Model |
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Working Paper |
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This paper
incorporates the concept of ecological pyramid into the John¡¦s specific
factor model of trade to examine comparative advantages, gains from trade,
terms of trade, and income distributional effects of trade in the presence of
non-market ecosystem services. Our results show that the market price undervalues
the opportunity cost of land-intensive goods. The terms of trade, pattern of
trade, and gains from trade derived from the relative market price thus is
inaccurate and distorted. It further leads to distortions in the composition
of industry and in returns to capital and labor. Moreover, in contrary to the
conclusion of non-negative gains from trade derived from most of the
conventional trade model, the welfare effects of trade are asymmetric between
trading countries. Opening to trade raises the welfare of the exporter of
non-land-intensive goods but lowers that of the exporter of land-intensive
goods. |
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