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Labor Rents, Ajustment Costs, and the Cost of U.S. Steel Trade Restraints in the 1980s

Listed author(s):
  • Robert E. Scott

    (University of Maryland)

  • Robert A. Blecker

    (The American University)

Recent 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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Paper provided by EconWPA in its series International Trade with number 9604001.

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Length: 32 pages
Date of creation: 15 Apr 1996
Date of revision: 25 Apr 1996
Handle: RePEc:wpa:wuwpit:9604001
Note: Type of Document - WordPerfect; prepared on IBM PC; to print on HP; pages: 32 ; figures: included
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