U.S. Industry Adjustment to Economic Deregulation
构建了一个分析框架，研究美国产业在放松管制后的长期调整，强调竞争加剧、运营创新和外部冲击的作用，并以航空、铁路、银行等产业为例，说明放松管制提高了效率并惠及消费者。
This paper develops a framework to analyze the long-run adjustment of U.S. industries to economic deregulation, highlighting the role of intensified competition, innovations in operations, marketing, and technology, and adjustments to external shocks. The author applies this framework to industries that have recently undergone substantial deregulation--airlines, motor carriers, railroads, banks, and natural gas--and concludes that these industries have become far more efficient because of deregulation and provided large benefits to consumers. He concludes that the same adjustment process and positive outcome for consumers will result from the forthcoming deregulation of communications and electricity.