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Trade Policy and Protectionism: A Conversation with Jagdish Bhagwati

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  • Jagdish Bhagwati

    (Columbia University)

Abstract

This paper examines empirically two facets of labor force participation dynamics that imply quite different interpretations of labor market fluctuations. The first, which underlies equilibrium business cycle models, is that workers time their participation to coincide with periods of high real wages. The second, which implies the existence of involuntary unemployment during cyclical downturns, is that workers' current labor force status is heavily influenced by their work experience in the recent past. The authors' results suggest that these persistence effects are a key feature of labor force behavior, particularly for teenagers, adult women, and older men. In contrast, very little evidence could be found to support the intertemporal substitution hypothesis.

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  • Jagdish Bhagwati, 1989. "Trade Policy and Protectionism: A Conversation with Jagdish Bhagwati," Eastern Economic Journal, Eastern Economic Association, vol. 15(3), pages 173-176, Jul-Sep.
    • Handle: RePEc:eej:eeconj:v:15:y:1989:i:3:p:173-176
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    File URL: http://web.holycross.edu/RePEc/eej/Archive/Volume15/V15N3P173_176.pdf
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    References listed on IDEAS

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    1. J.M. Finger & H. Keith Hall & Douglas R. Nelson, 2002. "The Political Economy of Administered Protection," Chapters, in: Institutions and Trade Policy, chapter 8, pages 81-95, Edward Elgar Publishing.
    2. Finger, J Michael & Nogues, Julio, 1987. "International Control of Subsidies and Countervailing Duties," The World Bank Economic Review, World Bank, vol. 1(4), pages 707-725, September.
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