This paper studies how gradualism affects the welfare gains from trade, technology, and reforms. When people face adjustment frictions, gradual shocks create less adverse distributional effects in the short run. We show that there are welfare gains from inducing a more gradual transition via...

This paper examines how fisheries policies affect domestic versus foreign fishing efforts. In line with previous work, the paper finds that policies directly affecting fishing costs (e.g. fuel or input subsidies) are more likely to lead to overfishing than those based on income or fixed assets...