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Union Behavior, Industry Rents, and Optimal Policies

This paper examines the supposed welfare gains from strategic trade and industrial policies in the U.S. steel industry. Strategic policies to capture labor rents lead to an endogenous response which greatly diminishes their importance. On the other hand, reducing domestic labor market distortions re...

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Bibliographic Details
Main Author: Swagel, Phillip
Format: eBook
Language:English
Published: Washington, D.C. International Monetary Fund 1996
Series:IMF Working Papers
Subjects:
Labor Share
Commercial Policy
Labor Economics: General
Trade Policy
International Economics
International Trade
Labor
Industrial Capacity
Wages, Compensation, And Labor Costs: General
International Trade Organizations
Production And Operations Management
Macroeconomics
Labor Economics
Income Economics
Capacity Utilization
Labour
Empirical Studies Of Trade
Wages
Production
Exports And Imports
Macroeconomics: Production
United States
Online Access:
Collection: International Monetary Fund - Collection details see MPG.ReNa
Description
Summary:This paper examines the supposed welfare gains from strategic trade and industrial policies in the U.S. steel industry. Strategic policies to capture labor rents lead to an endogenous response which greatly diminishes their importance. On the other hand, reducing domestic labor market distortions results in welfare gains nearly as large as those from optimal trade and industrial policies. The paper concludes that the focus on labor rents as the subject of U.S. trade and industrial policy is overstated, at least in manufacturing industries such as integrated steel
Physical Description:31 pages
ISBN:9781451856293

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