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Journal of Economic Perspectives: Vol. 12 No. 3 (Summer 1998)

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U.S. Industry Adjustment to Economic Deregulation

Article Citation

Winston, Clifford. 1998. "U.S. Industry Adjustment to Economic Deregulation." Journal of Economic Perspectives, 12(3): 89-110.

DOI: 10.1257/jep.12.3.89

Abstract

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.

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Authors

Winston, Clifford (Brookings Institution)

JEL Classifications

L51: Economics of Regulation
G21: Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
L11: Production, Pricing, and Market Structure; Size Distribution of Firms
L90: Industry Studies: Transportation and Utilities: General
O32: Management of Technological Innovation and R&D

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