Wage rates tripled while general manufacturing wage rates

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Suppose that between 1960 and 1980, U.S. steel industry wage rates tripled while general manufacturing wage rates doubled, and that productivity in the steel industry advanced equally with that in all manufacturing. Also suppose that in Japan during the same period, both wage rates and productivity in the steel industry rose in tandem with that of all manufacturing. What happened to the U.S. comparative advantage in steel during this period? Explain.

Reference no: EM131091662

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