Abstract
1. Is a tariff on imports or a direct subsidy to the import-competing industry a preferable method of protection ? The discussion of this problem here will focus attention on two of the many considerations which affect the choice between tariff and subsidy as a protective device : (1) the relative effects of the two methods on the pattern of consumption, and (2) the effects on the terms of trade. In Part IL it will be assumed that the country cannot affect its terms of trade. The core of the argument begins in Part III when the terms of trade effect is introduced. The argument of this paper can be regarded as an extension of the theory of the optimum tariff.
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