This paper attempts to provide a balanced view of the neoclassical economists' perspective on trade liberalization, with an emphasis on the agricultural sector. I review the basic arguments in favor of competitive markets in general and free trade in particular. These arguments are based on...

This paper considers the effect of market structure on the durability of goods. A previous model is analyzed to provide conditions under which a monopolist provides less durable goods and a lower present value of services than the social optimum.