Tokarick, Stephen; Cassing, James H - International Monetary Fund (IMF) - 2005
for any given rate of factor accumulation. Even while lowering real income, however, policy distortions may raise an … affect the rate of growth for a small, open economy. As shown by Johnson (1970), in the presence of exogenously given factor … accumulation, tariffs either raise or lower an economy's growth rate (measured by the change in the value of output at world prices …