Law Commons^™

The Unemployment Rate: Time To Give It A Rest?, Stewart J. Schwab, John J. Seater

Cornell Law Faculty Publications

The most overworked figure in our society may be the unemployment rate. Newscasters, politicians, and economists use it in discussing everything from the overall health of the economy to the merits of alternative welfare programs. Despite its widespread use, however, the unemployment rate frequently is criticized for not indicating the true state of the economy’s health or of society’s welfare.

If the unemployment rate falls to 4 percent, for example, some economists will argue that it’s too low and that, even though the rate is greater than zero, the economy is overemployed. Others will argue that unemployment has not fallen …

Subsidies And Countervailing Duties--Analysis And A Proposal, John J. Barceló Iii

Cornell Law Faculty Publications

The author recommends a new scheme for regulating the use of government subsidies and countervailing duties in international trade, an area presently regulated by the General Agreement on Tariffs and Trade. He contends that these rules should be based to a large extent on principles of free trade and economic efficiency. In addition to setting out proposed regulations, the author analyzes the strength and weaknesses of free trade theory and of the present GATT rules regarding subsidies and countervailing duties.