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Rational Atrophy: The US Steel Industry / Aaron Tornell.
- Format:
- Book
- Author/Creator:
- Tornell, Aaron.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w6084.
- NBER working paper series no. w6084
- Language:
- English
- Subjects (All):
- Industrial relations--United States.
- Industrial relations.
- Labor unions--United States.
- Labor unions.
- Physical Description:
- 1 online resource: illustrations (black and white);
- Other Title:
- Rational Atrophy
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 1997.
- Cambridge : National Bureau of Economic Research, 1997.
- Summary:
- During the seventies and eighties the US steel industry received trade protection. However, these rents were not used to improve competitiveness. Instead, they were reflected in higher wages and a greater share of profits invested in sectors not related to steel. Moreover, the steel industry failed to adopt technological innovations on a timely basis and was displaced by the minimills. We rationalize these puzzling outcomes using a dynamic game between workers and firms.
- Notes:
- Print version record
- July 1997.
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