Why did the National Industrial Recovery Act fail?
本文探讨《国家工业复兴法》失败的原因，指出其政策工具（如公平竞争法规和总统再就业协议）而非目标本身导致了失败，特别是在企业异质性下全面加薪加剧了问题。
The National Industrial Recovery Act purportedly failed because it raised real wages and lowered employment. Beaudreau on the other hand argued that it should be seen as a policy response to technological change-based excess capacity and insufficient purchasing power. However, if wages lagged behind productivity growth, why did the National Industrial Recovery Act fail to increase employment and output? This article shows that the chosen policy instruments (e.g., Codes of Fair Competition and the President's Reemployment Agreement), and not the objectives, were among the causes of its demise. Across-the-board wage increases in the presence of firm and industry heterogeneity contributed to its demise.