A Classical Approach to Occupational Wage Rates

A Classical Approach to Occupational Wage Rates

A Classical Approach to Occupational Wage Rates

A Classical Approach to Occupational Wage Rates

Synopsis

This theory of occupational wage rates is a classical alternative to human capital theory. It introduces the novel explanatory variable the "net employment reserve"--a means of measuring the bargaining power of employees in an occupation. Authors construct an econometric model which includes net reserves. Results suggest standard empirical tests of human capital theory are misspecified. Other topics: origin of the firm, screening hypothesis, wage efficiency, internal labor markets, and labor-market segmentation. For researchers and graduate students in labor econmics, classical price theory, and general political economy.
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