The Generalized Theory of Transfers and Welfare: Bilateral Transfers in a Multilateral World
Jagdish N. Bhagwati; Richard A. Brecher; Tatsuo Hatta
- The Generalized Theory of Transfers and Welfare: Bilateral Transfers in a Multilateral World
Bhagwati, Jagdish N.
Brecher, Richard A.
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- Book/Journal Title:
- American Economic Review
- We demonstrate that the phenomenon of immiserizing transfers from abroad (and the analytically symmetric phenomenon of enriching transfer payments) in the presence of market stability can arise only if there is a distortion characterizing the economy in question.
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