publication . Article . 1983

Fluctuations and rigidities in local labor markets. Part 2: reinterpreting contracts

Gordon L. Clark;
Open Access
  • Published: 01 Jan 1983 Journal: Environment and Planning A: Economy and Space, volume 15, pages 365-377 (issn: 0308-518X, eissn: 1472-3409, Copyright policy)
  • Publisher: SAGE Publications
Abstract
<jats:p> 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 with regard to predicting which adjustment variable has precedence. There are conceptual shortcomings as well, evidenced by ad hoc assumptions of cooperative wealth...
Subjects
free text keywords: Geography, Planning and Development, Environmental Science (miscellaneous), Microeconomics, Contract theory, Implicit contract theory, Labor relations, Economics, Inequality, media_common.quotation_subject, media_common, Labour economics, Conceptualization, Maximization
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