Welfare Costs of U.S. Quotas in Textiles, Steel and Autos
This paper quantifies the welfare effects and resource shifts that would occur if U.S. quantitative restrictions in textiles, steel, and autos were removed. Estimates are derived from a static ten-sector general equilibrium model of the U.S. economy. The welfare loss from the quantitative restrictions is estimated at approximately U.S. $20 billion (1984 dollars). Due to the high rent transfer component of quantitative restrictions (about 75 percent), the average across-the-board tariff equivalent of quantitative restrictions (in terms of welfare costs) is estimated at about 20 percent, a rate which predates the early days of multilateral tariff reduction. Copyright 1990 by MIT Press.
Volume (Year): 72 (1990)
Issue (Month): 3 (August)
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524, Queen's University, Department of Economics.
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