Suchergebnisse

SENATORS AND CONGRESSMEN WHO THINK PROTECTIONISM SAVES JOBS FOR AMERICANS WOULD DO WELL TO RECONSIDER. THE AUTHOR'S THESIS IS BASED ON A STATE-BY-STATE STUDY WHICH IS REPRINTED HERE. THE AUTHOR INTERPRETS IT AS SHOWING THAT PROTECTIONISM IN THE STEEL INDUSTRY HAS LED TO LOST JOBS SIMILAR STUDIES OF OTHER MANUFACTURING INDUSTRIES WOULD SHOW SIMILAR FINDINGS, THE AUTHOR CONTENDS. THE 1984 "VOLUNTARY" RESTRAINT ON OUR STEEL TRADING PARTNERS BROUGHT ABOUT A GAIN OF 16,900 JOBS IN THE STEEL INDUSTRY. HOWEVER, AS THE COST OF STEEL ROSE, 52,400 JOBS WEST LOST IN THE STEEL-USING INDUSTRIES, IN WHICH MORE THAN TWENTY TIMES MORE PEOPLE WORK THAN WORK IN THE STEEL INDUSTRY ITSELF. USING STATISTICS FOR THE STATE OF ALABAMA AS AN EXAMPLE, ADDING TOGETHER ALL THE GAINS IN STEEL AND SUPPLIERS, THERE IS A NET GAIN OF 380 ALABAMA JOBS. HOWEVER, WHEN THE NUMBER OF JOBS LOST IN THE STEEL-USING SECTOR IS FACTORED IN, THERE IS A NET GAIN OF 120 JOBS.

THIS PAPER EXTENDS THE WORK ON STRUCTURE-INDICED EQUILIBRIA BY EXPLICITLY CONSIDERING VOTERS' EXPECTATIONS. THE STANDARD ASSUMPTION OF MYOPIC EXPECTATIONS IS CONTRASTED WITH THE ALTERNATIVE ASSUMPTION OF PERFECT-FORESIGHT EXPECTATIONS.