000			01350nam a22001457a 4500
999			_c518105 _d518105
008			210818b ||||| |||| 00| 0 eng d
100			_aHausman, Joshua K. _928538
245			_aPlanning on the Potomac: A review essay on Jason e. Taylor’s deconstructing the monolith: The microeconomics of the national industrial recovery act
260			_aJournal of Economic Literature
300			_a59(1), Mar, 2021: p.244-264
520			_aTaylor (2019) details heterogeneity in the effects of the National Industrial Recovery Act (NIRA) across industries and across time. Through first the President's Reemployment Act (PRA) and then industry-specific "codes of fair competition," the NIRA raised wages and restricted working hours. In some—but far from all—cases industries also used a NIRA code to collude, raising prices and restricting output. The effect of the NIRA peaked in fall 1933 and winter 1934; thereafter, compliance declined. I review the intellectual history of the NIRA, the implementation of the PRA and the NIRA codes, and Taylor's econometric evidence on their effects. I end with a discussion of the implications of Taylor's book for understanding the effect of the NIRA on US recovery from the Great Depression.- Reproduced
773			_a Journal of Economic Literature
906			_aINDUSTRIAL DEVELOPMENT
942			_cAR