haku: @author Oswald, A. J. / yhteensä: 17
viite: 8 / 17
| Tekijä: | Blanchflower, D. G. Oswald, A. J. Garrett, M. D. |
| Otsikko: | Insider power in wage determination. |
| Lehti: | Economica
1990 : MAY, VOL. 57:226, p. 143-170 |
| Asiasana: | WAGE DETERMINATION BARGAINING LABOUR MARKETS FINANCIAL PERFORMANCE UNITED KINGDOM |
| Kieli: | eng |
| Tiivistelmä: | One of the oldest questions in economics is whether wage rates are determined as if by a classical competitive market.The paper examines the role of "insider" power in wage determination. The broad conclusion is that the classical model of the labour market does not provide an adequate explanation of wage determination in the United Kingdom. Both internal and external pressures affect wages. It is argued that wage determination is best seen as a kind of rent-sharing in which workers' bargaining power is influenced by conditions in the external labour market. Estimates of the unemployment elasticity of the wage lie in a narrow band around -0.1. |
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