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2007) ‘Trade Gains and Public Goods’, Review of International Economics, 15, 948–54. Steedman, I. (2001) Consumption Takes Time (London: Routledge). Suga, N. and M. Tawada (2007) ‘International Trade with a Public Intermediate Good and the Gain from Trade’, Review of International Economics, 15, 284–93. Walras, L. (1874) Eléments d’Economie Politique Pure (Lausanne: L. Corbaz). Translated from the edition of 1926 by W. Jaffé as Elements of Pure Economics (London: Richard D. Irwin). Wicksell, K.

For simplicity, we assume that the home country produces good x only at the highest quality level under given technology. By assumption, the home and foreign consumers must satisfy the budget constraint, – Y ϩ pX ϭ pX X (3) – Y ϩ pX* ϭ pY * Y* (4) 40 Part I: Positive and Normative Analysis – – where X and Y * denote the full-employment outputs of the home and foreign products respectively, assumed to be fixed as of given factor endowments and technologies. The home and foreign consumers face the same international price, p under free trade without any trade impediments.

See endnote 3 for the adjective ‘ruthless’, which if used to refer to opposing outcomes, should be ‘useless’ in academic discourses. The term ‘ruthless’ used here sounds somewhat elusive. Within the confines of the slave economy an optimal allocation of slave labor would require a related income distribution between the slave laborer and the slave owner. Should the slave owner ignore this and exploit his slave excessively, treating her/him with undernourishment, the slave would starve to death.

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