The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Declining Industries

  • Lester C. Thurow
Reference work entry
DOI: https://doi.org/10.1057/978-1-349-95189-5_432

Abstract

Logically, there are two meanings to the term declining industries. Industries can decline because their products have been replaced by new and better products, or industries can decline because what used to be most cheaply produced in country A is now most cheaply produced in country B and exported to country A. In the first case, the word processor replaces the typewriter. In the second case, steel production moves from the United States to Brazil and American needs are met with imports from Brazil.

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Copyright information

© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • Lester C. Thurow
    • 1
  1. 1.