Is free trade always good for workers? Gene Tunny explores the Stolper-Samuelson theorem, which shows how trade can lower wages for some workers, even though the overall economy is better off. He discusses key economic insights from Wolfgang Stolper and Paul Samuelson, real-world historical examples, and the implications for today’s global trade debates.
Is free trade always good for workers? Gene Tunny explores the Stolper-Samuelson theorem, which shows how trade can lower wages for some while benefiting others. He discusses key economic insights from Wolfgang Stolper and Paul Samuelson, real-world historical examples, and the implications for today’s global trade debates.
If you have any questions, comments, or suggestions for Gene, please email him at contact@economicsexplored.com.
The previous episode with Ian Fletcher:
Stolper and Samuelson’s 1941 paper “Protection and Real Wages”:
https://academic.oup.com/restud/article-abstract/9/1/58/1588589
William Bernstein’s book “A Splendid Exchange: How Trade Shaped the World”:
https://www.amazon.com.au/Splendid-Exchange-Trade-Shaped-World/dp/0802144160
Roger Backhouse’s book “Founder of Modern Economics: Paul A. Samuelson: Volume 1: Becoming Samuelson, 1915-1948”:
https://www.amazon.com.au/Founder-Modern-Economics-Samuelson-1915-1948/dp/0190664096
Edward Leamer’s paper on the Hecksher-Ohlin model in theory and practice:
https://ies.princeton.edu/pdf/S77.pdf
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Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.