Gains from Trade versus Gains from Migration: What Makes Them So Different?

Peter J. Hammond · Jaume Sempere

17 citations0/0 files storedJournal of Public Economic Theory

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Global trade and economics Migration and Labor Dynamics Economic theories and models

Abstract

Would unrestricted “economic” migration enhance the potential gains from free trade? With free migration, consumers' feasible sets become non-convex. Under standard assumptions, however, Walrasian equilibrium exists for a continuum of individuals with dispersed ability to afford each of a finite set of possible migration plans. Then familiar conditions ensuring potential Pareto gains from trade also ensure that free migration generates similar supplementary gains, relative to an arbitrary status quo. As with the gains from customs unions, however, wealth may have to be redistributed across international borders.

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1956A Pure Theory of Local Expenditures 1954Existence of an Equilibrium for a Competitive Economy 1991Convergence Across States and Regions 2008Existence of an equilibrium for a competitive economy 1959Theory of Value 1992Regional Evolutions 1964Markets with a Continuum of Traders 1975Core and Equilibria of a Large Economy.

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