Conservative social welfare function
Conservative social welfare function: one of the factors governing the actions of governments in their consideration of trade-liberalizing policies. It was first identified by Max Corden in Trade Policy and Economic Welfare. He says that, put in its simplest way, it means that governments feel that in an income distribution target any significant absolute reductions in real incomes should be avoided. In other words, he says, increases in incomes are given relatively low weights and decreases very high weights. The conservative social welfare function would therefore partly explain why governments sometimes are cautious about reducing tariffs or removing other trade measures which may affect adversely the operations of industries.
Source: http://ctrc.sice.oas.org/trc/WTO/Documents/Dictionary%20of%20trade%20%20policy%20terms.pdf
Web site to visit: http://ctrc.sice.oas.org
Author of the text: W. Goode
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