How well is the United States competing? A comment on Papadakis

Louis D. Johnston and Menzie Chinn
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Louis D. Johnston: Gustavus Adolphus College, St. Peter, Minnesota, Postal: Gustavus Adolphus College, St. Peter, Minnesota

Journal of Policy Analysis and Management, 1996, vol. 15, issue 1, 68-81

Abstract: We contend that Papadakis's inferences regarding past and future competitiveness crises cannot be made on the basis of the evidence she has presented.

We support this assertion in three ways. First, we argue that the import penetration ratio is not a reasonable measure of national competitiveness in international markets. Second, we show that conventional macroeconomic models can explain the deterioration in the trade balance during the 1980s. Third, we present data demonstrating that, as of 1990, the United States had very low unit labor costs relative to other developed countries, and had the highest level of aggregate productivity in the world.

Date: 1996
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Persistent link: https://EconPapers.repec.org/RePEc:wly:jpamgt:v:15:y:1996:i:1:p:68-81

DOI: 10.1002/(SICI)1520-6688(199624)15:1<68::AID-PAM4>3.0.CO;2-H

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