International Trade in Intermediate and Final Goods: Some Welfare Implications of Destabilized Prices

Abstract

I. Introduction, 351. — II. The Massell results, 352.— III. Final product spatial price models, 354. — IV. International welfare, 358. — V. The generalized model, 359. — VI. Price instability in both intermediate and final goods trade, 362. — VII. Summary and conclusions, 364.