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Abstract
Greenaway and Milner [1987] analyse the concept of ‘true protection’ and reach certain results about the relationship between the change in price of exportables, importables and home good. This note shows that their results are not necessarily correct because they have overlooked some features of their model in their analysis.
Notes
Member of the GATT secretariat. The views expressed here are my own and should not be attributed to any other person or organisation.