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Deconstructing the MonolithThe Microeconomics of the National Industrial Recovery Act$
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Jason E. Taylor

Print publication date: 2019

Print ISBN-13: 9780226603308

Published to Chicago Scholarship Online: September 2019

DOI: 10.7208/chicago/9780226603445.001.0001

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(p.173) 9 Conclusion
Deconstructing the Monolith

Jason E. Taylor

University of Chicago Press

This book argues that the general view of the NIRA as a monolithic two-year negative supply shock has been exaggerated. Yes, the program broadly raised wage rates and cut hours worked across the nonfarm economy. Furthermore, the NIRA promoted collusive outcomes whereby output was reduced and prices were raised. And it is true that the law was in effect for just under two years. Despite the veracity of these broad statements, however, the effects of the NIRA varied dramatically by both industry and time period. This concluding chapter summarizes the main argument of the book—the presence of a vast heterogeneity of effects and outcomes within the NIRA.

Keywords:   National Industrial Recovery Act, government cartel, supply shock

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