Swiss Economicblogs.org
In an interview with the NZZ, Gabriel Felbermayr explains where the European Union adds value, and where it doesn’t. The key points: Free trade for goods and services as well as capital and labor mobility are partial substitutes. Partial, because factor mobility fosters trade and technology transfer. Estimates suggest that free trade and capital mobility generate more than 80% of the welfare gains from European integration. Even labor mobility does not require admission into welfare...
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