Chang, Winston W.; Chen, Tai‐Liang; Saito, Tetsuya - 2021
blocs. We hold that to maintain logical consistency in a world of symmetric trading blocs, an individual bloc should act on … world as a whole as assumed by Krugman, and show that Krugman's seemingly innocuous choice of the world price of a given … schedule is monotonically decreasing in our relative bloc size, and that the world welfare increases with our new relative bloc …