The traditional exception to the welfare reducing character of protectionism is based on the optimum tariff argument. If in addition the market power can be traced back to control of a necessary, cero substitution natural resource type input, then the corresponding trade tax and the shadow price...

During the last two centuries Chile had three official monetary units of account, where changes from one to the other can be seen as related to price level variations stretching over many years . For description and analysis this prolonged but also highly variable inflation environment will...