Pay determination and industrial prosperity
Addressing the question of why wage levels in Britain continued to rise in the 1980s despite high unemployment, this study examines the way in which wage levels are determined. Carruth and Oswald differentiate between "internal" and "external" pressures on wages, highlight the importance of internal factors such as a firm's profitability, and draw on such sources as collective bargaining documents, industrial relations surveys, cross-section regression estimates, time-series regression estimates, and experiments documented in psychological and economic literature.
What people are saying - Write a review
We haven't found any reviews in the usual places.
Theories of Inflexibility
8 other sections not shown
assumed assumption authors average Blanchflower British capital/labour cent ceteris paribus Chapter coefficient competitive contract curve correlation cross-section dependent variable Durbin-Watson statistic earnings econometric Economics economists effect efficiency wage elasticity empirical equilibrium equity theory estimated evidence example expected utility f-statistic financial performance firm firm's Forecast Heteroscedasticity house price import/output price important income indifference curves indirect tax rate labour contract Labour Economics labour market lagged profitability Layard and Nickell load long-term unemployed long-term unemployment managers manual workers Maximize ment Model Evaluation Statistics Muellbauer negotiations North Sea oil number of jobs pay freeze PBAR price index product market product price profit per employee profit variable Proportion of long-term quarterly ratio real product wage real profits real wage real-wage regression Richard Layard sample sector significant Slichter survey Table time-series tion trade union unemployment rate utility function wage determination wage equation wage inflation wage rigidity wage-rate