Should-Read: Robert C. Feenstra and David E. Weinstein: Globalization, Markups, and US Welfare: “We work with symmetric translog preferences… http://www.journals.uchicago.edu/doi/abs/10.1086/692695 …find that between 1992 and 2005, US import shares rose and US firms exited, leading to an implied fall in markups, while variety went up because of imports. US welfare rose by nearly 1 percent … Continue reading Should-Read: Robert C. Feenstra and David E. Weinstein: Globalization, Markups, and US Welfare