Local labor markets are characterized by rigidities in their patterns of adjustment to short-run fluctuations. With or without unions, fluctuations in employment, hours worked, and money wages are unlike the patterns predicted by conventional discrete-exchange labor-market theories. Moreover there are distinct geographical and industrial patterns in the observed rigidities. Neoclassical implicit contract theory has been vindicated. Or has it? Obvious empirical difficulties remain, especially ...Expand abstract
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- The full-text of this article is not available in ORA. Citation: Clark, G. L. (1983). 'Fluctuations and rigidities in local labor markets, part 2: reinterpreting contract theory', Environment and Planning A, 15(3), 365-377. [Available at http://www.envplan.com/A.html].
Fluctuations and rigidities in local labor markets, part II: reinterpreting contract theory
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