This hard-hitting research report presents a rigorous critique of
the most widely used trade models based on computable general
equilibrium (or CGE) models. The authors present concise analytical
arguments explaining the fundamental weaknesses of typical CGE
models. They show that these models tend to make unrealistic
assumptions about the macro-economy and do not allow an accurate
estimation of the welfare gains that trade liberalisation is
supposed to induce. The report appeals for honest simulation
strategies showing a variety of possible outcomes, which would
enable policy-makers to assess the different scenarios for
themselves.
General
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