Trade Adjustment Assistance: The Costs Of Adjustment And Policy Proposals
This study concentrates on the adjustment costs of laying off workers from firm which are forced to reduce production and employment. Both the private income losses to the displaced workers and the cost to the economy of labour displacement are examined. The costs of adjustment for displaced workers are measured by the difference between the present value of two income streams. The first measures what the workers would expect to receive if their existing jobs were to continue, whereas the second measures what they would expect to receive if a layoff takes place.
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