U.S. Industry Adjustment to Economic Deregulation

Clifford Winston

Journal of Economic Perspectives, 1998, vol. 12, issue 3, 89-110

Abstract: This paper develops a framework to analyze the long-run adjustment of U.S. industries to economic deregulation, highlighting the role of intensified competition, innovations in operations, marketing, and technology, and adjustments to external shocks. The author applies this framework to industries that have recently undergone substantial deregulation--airlines, motor carriers, railroads, banks, and natural gas--and concludes that these industries have become far more efficient because of deregulation and provided large benefits to consumers. He concludes that the same adjustment process and positive outcome for consumers will result from the forthcoming deregulation of communications and electricity.

JEL-codes: G21 L11 L51 L90 O32 (search for similar items in EconPapers)
Date: 1998
Note: DOI: 10.1257/jep.12.3.89
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Citations: View citations in EconPapers (97)

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