Labor Rents, Ajustment Costs, and the Cost of U.S. Steel Trade Restraints in the 1980s
AbstractRecent studies have compared labor losses in import-competing industries with the costs of protection and found that those losses are not large enough to justify trade restraints. This study develops a new technique for estimating the costs and benefits of protection and provides a complete accounting of labor losses related to imports, including labor rents, unemployment costs and labor force dropouts. We find that a small steel tariff or auction quota could have generated net welfare gains for the U.S. in the 1980s, even though actual protection through Voluntary Restraint Agreements generated net welfare losses.
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Bibliographic InfoPaper provided by EconWPA in its series International Trade with number 9604001.
Length: 32 pages
Date of creation: 15 Apr 1996
Date of revision: 25 Apr 1996
Note: Type of Document - WordPerfect; prepared on IBM PC; to print on HP; pages: 32 ; figures: included
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Steel industry; U.S. trade policy; labor rents; protection;
Find related papers by JEL classification:
- F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations
- J30 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - General
- L61 - Industrial Organization - - Industry Studies: Manufacturing - - - Metals and Metal Products; Cement; Glass; Ceramics
This paper has been announced in the following NEP Reports:
- NEP-ALL-1998-10-02 (All new papers)
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