The political economy of wages and unemployment : a neoclassical exploration / William Oliver Coleman
Material type: TextPublication details: Cheltenham : Edward Elgar, 2010Description: viii, 242 p. 24 cmISBN:- 9781848446571
- 331.137 COL
Item type | Current library | Call number | Status | Date due | Barcode | Item holds | |
---|---|---|---|---|---|---|---|
Book | Calcutta | 331.137 COL (Browse shelf(Opens below)) | Available | IIMC-131874 |
In this tightly argued work William Coleman explores the macroeconomic implications of politically based restraints on competition in labour markets. Through a suite of compact models the author investigates the consequences of the labour force securing the best terms of sale for its labour by means of the electoral mechanism. He concludes that such 'electorally optimal' labour regulation can explain not only wage rigidity and unemployment, but also wage volatility; episodes of excess demand for labour; the co-existence of an inefficient state sector with an efficient private sector; and the preference for a minimum wage over a universal wage regulation. Finally, the approach can rationalise nominal wage rigidity, and not solely real wage rigidity.
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