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November 1999 - Social capital raises productivity and falls with labor mobility. Because labor mobility generates a negative externality, integration of labor markets results in too much mobility, too low a level of social capital, and an ambiguous effect on welfare. Trade liberalization is superior to labor market integration because it reduces mobility and the negative externality associated with it. Labor market integration is typically assumed to improve welfare in the absence of distortions, because it allows labor to move to where returns are highest. Schiff examines this result in a simple general equilibrium model in the presence of a common property resource: social capital. Drawing on evidence that social capital raises productivity and falls with labor mobility, Schiff's main findings are that: Labor market integration imposes a negative externality and need not raise welfare; The welfare impact is more beneficial (or less harmful) the greater the difference in endowments is between the integrating regions; Whether positive or negative, the welfare impact is larger the more similar the levels of social capital of the integrating regions are and the lower the migration costs are; Trade liberalization generates an additional benefit-over and above the standard gains from trade - by reducing labor mobility and the negative externality associated with it. Trade liberalization is superior to labor market integration; The creation of new private or public institutions in response to labor market integration may reduce welfare. Schiff shows that the welfare implications depend on two parameters of the model, the curvature of the utility function and the cost of private migration. This paper - a product of Trade, Development Research Group - is part of a larger effort in the group to understand the link between market performance and welfare. The author may be contacted at mschiff@worldbank.org.

Bonds --- Capital --- Cred Economic Performance --- Debt Markets --- Economic Theory and Research --- Emerging Markets --- Equilibrium --- Finance and Financial Sector Development --- Financial Literacy --- Free Trade --- Goods --- Health, Nutrition and Population --- Human Capital --- Labor Markets --- Labor Policies --- Liquidity --- Macroeconomics and Economic Growth --- Markets and Market Access --- Negative Externalities --- Population Policies --- Private Sector Development --- Production Function --- Production Functions --- Public Good --- Social Capital --- Social Development --- Social Protections and Labor --- Trade Barriers --- Transactions Costs --- Transport --- Transport Economics, Policy and Planning --- Unemployment --- Utility --- Utility Function --- Voters --- Welfare

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Algemeen welzijn --- Bien commun --- Bonum commune --- Common good --- Dieu (Judaïsme) --- Ethics [Jewish ] --- Ethiek [Joodse ] --- Ethique juive --- Filosofie [Joodse ] --- Filosofie [Middeleeuwse ] --- Gemenebest --- God (Jodendom) --- God (Judaism) --- Good [Common ] --- Jewish philosophy --- Joodse filosofie --- Medieval philosophy --- Middeleeuwse filosofie --- Philosophie juive --- Philosophie médiévale --- Philosophy [Jewish ] --- Philosophy [Medieval ] --- Intellect --- Jewish ethics --- Perfection --- Philosophy, Medieval --- Political science --- Scholasticism --- Flawlessness --- Perfection (Philosophy) --- Perfectionism (Philosophy) --- Virtuosity --- Wholeness --- Mysticism --- Philosophy --- Excellence --- Imperfection --- Jews --- Philosophy, Jewish --- Philosophy, Israeli --- Ethics, Jewish --- Religious ethics --- Good, Common --- Public good --- Consensus (Social sciences) --- Justice --- Public interest --- Human intelligence --- Intelligence --- Mind --- Ability --- Psychology --- Thought and thinking --- Judaism --- Political philosophy --- Religious aspects&delete& --- Ethics --- Maimonides, Moses, --- Maïmonide, Moïse, --- Májmúni, Móse, --- Maimonides, --- Maimonid, --- Rambam, --- Mûsâ Maimûnî, --- Maimûnî, Mûsâ, --- Ibn Maymūn, Mūsá, --- Mosche ben Maimun, --- Maimonide, Mosè, --- Moses ben Maimon, --- Mosheh ben Maimon, --- Maymūn, Mūsá ibn, --- Maimon, Moses ben, --- Maimon, Mosheh ben, --- Mūsá ibn Maimūn, --- Maimun, Mosche ben, --- Moshe ben Maimon, --- Maimon, Moshe ben, --- Mosheh bar Maimon, --- Maimon, Mosheh bar, --- Mose ben Maimon, --- Maimon, Mose ben, --- Qurṭubī, Mūsá ibn Maymūn, --- Andalusī, Mūsá ibn Maymūn, --- Ram, --- Ram Bam, --- Mozes ben Maimon, --- Maimonides, Mozes, --- Maimoides, --- Mosheh, --- Maimoni, Mosheh, --- א. חיים --- בן מיימון, משה, --- בן מימון, משה --- בן מימון, משה, --- בן־מיימון, משה --- הרמב״ם --- הרמב״ם, --- יונה מגירונדי --- כ״ץ, אלי --- מושה בן מיימון, --- מיימון --- מיימון, משה --- מיימון, משה בר, --- מיימון, משה, --- מיימון, צשה בן --- מיימוני --- מיימוני, משה --- מימון, גד --- מימון, משה --- מימון, משה בן, --- מימון, משה, --- מימונידס, משה --- ממימון, משה --- משה בו מימון --- משה בון מימון, --- משה במן מימון --- משה בן מיימון --- משה בן מיימון, רמב״ם, 1135־1204 --- משה בן מיימון, רמב״ם, --- משה בן מיימון, --- משה בן מימון --- משה בן מימון־־משנה תורה־־הלכות תשובה־־פירושים --- משה בן מימון, --- משה בן מימון--משנה תורה--הלכות דעות--פירושים --- משה בן מימון.משנה תורה --- משה בן מימון.משנה תורה־־באורים --- משה בן מימין, --- משה בן מימן --- משה בן מימן, --- משה בר מיימון --- משה בר מיימון, --- משה בר מימון --- משה בר מימון, --- משה בר מײמון רמב״ם, --- משה ברבי מיימון --- משה נן מיימוני, --- משה נן מימון --- משה קן מימון, --- משה, המיימוני --- פרנקל, שבתי, --- רבמ״ם --- רבנו משה בן מיימון, --- רמב"ם --- רמב״ם, --- ר״מ --- ابن ميمون، موسى --- ابن ميمون، موسى، --- Maimonides, Moses --- Religious aspects