Labour Rents, Adjustment Costs and the Cost of US Steel Trade Restraints in the 1980s

Robert Scott and Robert Blecker

International Review of Applied Economics, 1997, vol. 11, issue 3, 399-419

Abstract: Recent studies have compared labour gains from protection in import-competing industries with the costs of protection and found that those gains are not large enough to justify trade restraints. This study utilizes a new empirical technique for estimating the costs and benefits of protection in a partial equilibrium framework, and provides a complete and consistent accounting of labour benefits including both labour rents and adjustment costs saved. We find that a small steel tariff could have generated net welfare gains for the US in the 1980s, even though actual protection through Voluntary Restraint Agreements generated net welfare losses.

Date: 1997
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Working Paper: Labor Rents, Ajustment Costs, and the Cost of U.S. Steel Trade Restraints in the 1980s (1996)
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DOI: 10.1080/02692179700000026

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