Rent Seeking, Protectionism and Innovation in the American Steel Industry

Stefanie Ann Lenway · Randall Mørck · Bernard Yin Yeung

99 citations0/0 files storedThe Economic Journal

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Global trade and economics Historical Economic and Social Studies Merger and Competition Analysis

Abstract

Trade protection in a declining industry can cause damages beyond those revealed in the usual trade diagram analysis. Using data on the US steel firms, we show that trade protection in that industry rewards poor performance, reduces incentives to innovate, and frustrates the normal Schumpeterian process of creative destruction.

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2008The Political Economy of the Rent-Seeking Society 1996Entrepreneurship: Productive, unproductive, and destructive 1991The Allocation of Talent: Implications for Growth 1990Black Hole Tariffs and Endogenous Policy Theory: Political Economy in General Equilibrium.

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