Rent Seeking, Protectionism and Innovation in the American Steel Industry
利用美国钢铁企业数据，揭示贸易保护主义如何奖励低效、抑制创新并阻碍创造性破坏，对理解保护主义代价有参考价值。
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.