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THE CASE AGAINST TARIFF COMPENSATION: A COMMENT

THE CASE AGAINST TARIFF COMPENSATION: A COMMENT Australian Journal of Agricultural Economics, Vol. 23, No. 2 (August 1979), pp. 147-151. THE CASE AGAINST TARIFF COMPENSATION: A COMMENT STUART HARRIS* Australian National University In his recent paper, Peter Warr makes a number of points that are useful developments of various arguments in the ‘tariff compensation’ discussion (Warr 1978). His critical comments, however, regarding the political judgments made by those raising the ‘tariff compensation’ issue impel me to attempt to put the question in a more appropriate perspective. My comment deals first with a substantive technical issue and then covers some aspects of broader question of political judg- ments in economics. With many of the technical points that Warr makes I would not wish I consider them helpful and desirable elaborations of the to quarrel as earlier arguments. On one technical point, however, a comment is warranted. Warr criticises the use of the term exchange rate or devalua- tion ‘equivalent’ of the tarif€ as ignoring the difference between the real nature of the tariff and the essentially monetary nature of exchange rates. It is true that the concept of an exchange rate equivalent of the tariff is a simplified one, used partly for analytical convenience, which by defining http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png The Australian Journal of Agricultural Resource Economics Wiley

THE CASE AGAINST TARIFF COMPENSATION: A COMMENT

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References (2)

Publisher
Wiley
Copyright
Copyright © 1979 Wiley Subscription Services, Inc., A Wiley Company
ISSN
1364-985X
eISSN
1467-8489
DOI
10.1111/j.1467-8489.1979.tb00238.x
Publisher site
See Article on Publisher Site

Abstract

Australian Journal of Agricultural Economics, Vol. 23, No. 2 (August 1979), pp. 147-151. THE CASE AGAINST TARIFF COMPENSATION: A COMMENT STUART HARRIS* Australian National University In his recent paper, Peter Warr makes a number of points that are useful developments of various arguments in the ‘tariff compensation’ discussion (Warr 1978). His critical comments, however, regarding the political judgments made by those raising the ‘tariff compensation’ issue impel me to attempt to put the question in a more appropriate perspective. My comment deals first with a substantive technical issue and then covers some aspects of broader question of political judg- ments in economics. With many of the technical points that Warr makes I would not wish I consider them helpful and desirable elaborations of the to quarrel as earlier arguments. On one technical point, however, a comment is warranted. Warr criticises the use of the term exchange rate or devalua- tion ‘equivalent’ of the tarif€ as ignoring the difference between the real nature of the tariff and the essentially monetary nature of exchange rates. It is true that the concept of an exchange rate equivalent of the tariff is a simplified one, used partly for analytical convenience, which by defining

Journal

The Australian Journal of Agricultural Resource EconomicsWiley

Published: Aug 1, 1979

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