Notes
Introduction | The cost of labor includes not only wages and benefits but also the costs imposed by union work rules and job classifications, and by the inefficiencies of hiring and firing rules. See: Peter Drucker, "Workers' Hands Bound by Tradition," Wall Street Journal, Aug. 2, 1988; id. "The Danger of Excessive Labor Income," Wall St. J., Jan. 6, 1981; Arthur Neef and Christopher Kask, "Manufacturing Productivity and Labor Costs in 14 Economies," Monthly Labor Review, 114: 12 ( Dec. 1991), 24-37; Richard Epstein, Forbidden Grounds: The Case Against Employment Discrimination Legislation ( Cambridge: Harvard Univ. Press, 1992); Clyde V. Prestowitz Jr., Trading Places ( New York: Basic Books, 1988); Steve H. Hanke and Stephen J. K. Walters, Social Regulation, a Report Card ( Washington, DC: National Chamber Foundation, 1990); "Preserving Jobs and Productivity," Business Week, 78 ( Sept. 1990) 27-28. | |
| See, for example, Beryl Sprinkel, "An Anti-Recession Agenda," Wall St. J., Jan. 25, 1991, sec. A; David Wessel, "As Banks Get Tough with Borrowers, Fears of a Recession Rise," Wall St. J., Mar. 22, 1990, sec. A; Alan Murray, "Fed's Stinginess Aggravates the Threat of a Long Recession, Economists Say," Wall St. J., Sept. 25, 1990, sec. A; Paul Craig Roberts, "How To Wreck An Economy," National Review, 44 ( 1992) Mar. 30, 32-33. | |
| See Andrew S. Carron, The Plight of the Thrift Institutions ( Washington, DC: Brookings Institution, 1982); James R. Barth, The Great Savings and Loan Debacle ( Washington, DC: AEI Press, 1991); Edward J. Kane, The S & L Insurance Mess: How Did It Happen? ( Washington, DC: Urban Institute Press, 1989). |
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