Robinson, Sherman; Thierfelder, Karen - International Food Policy Research Institute (IFPRI) - 1999
Changes in real wages are often used to measure welfare changes. There is a problem, however, in interpreting measures … the real wage in a model which isolates the price, wage, revenue, and welfare effects. We start from a simple general … of using real factor returns as a welfare indicator. There is a transfer effect on factor returns arising from any shift …