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| Author: | Agell, J. |
| Title: | On the benefits from rigid labour markets: norms, market failures, and social insurance |
| Journal: | Economic Journal
1999 : FEB, VOL. 109:453, p. F143-F164 |
| Index terms: | LABOUR MARKETS SOCIAL SECURITY ECONOMICS |
| Language: | eng |
| Abstract: | The common view that far-reaching labour market deregulation is the only remedy for high European unemployment is too simplistic. First, the evidence suggests that deeply rooted social customs are an important cause of wage rigidity, going beyond the legal constraints emphasized in the political debate. Second, in a second- best setting, a compressed wage structure may generate and efficiency gain. |
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