Labour Rents, Adjustment Costs and the Cost of US Steel Trade Restraints in the 1980s
Robert Scott and
International Review of Applied Economics, 1997, vol. 11, issue 3, 399-419
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.
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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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Persistent link: https://EconPapers.repec.org/RePEc:taf:irapec:v:11:y:1997:i:3:p:399-419
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