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This paper discusses the influence of economic growth on the equilibrium unemployment rate (NAIRU). It examines how income distribution and the NAIRU are influenced by capital formation, technical progress, and labor force expansion, and how these factors’ impact depends on the elasticity of substitution between capital and labor. The paper distinguishes between the short-run NAIRU when capital stock is exogenous, and the long-run NAIRU when it is endogenous. It also considers how the analysis must be modified to take into account Keynesian ideas concerning the role of aggregate demand. It concludes that unless the capital stock grows in line with labor supply in efficiency units, the short-run NAIRU will increase, reducing the scope for demand stimulation.

Labor --- Macroeconomics: Production --- Employment --- Unemployment --- Wages --- Intergenerational Income Distribution --- Aggregate Human Capital --- Aggregate Labor Productivity --- Aggregate Factor Income Distribution --- Wages, Compensation, and Labor Costs: General --- Unemployment: Models, Duration, Incidence, and Job Search --- Labor Demand --- Labour --- income economics --- Real wages --- Labor demand --- Economic theory --- Labor market --- United Kingdom

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Industrial economics --- Economic geography --- Great Britain --- Industrial productivity --- Industries --- Economic conditions --- Geografie --- Economische geografie --- Economische Geografie. --- Industriële economie --- Groot-Brittannië --- Industrial productivity - Great Britain --- Industries - Great Britain --- Great Britain - Economic conditions - 1964-1979 --- Great Britain - Economic conditions - 1979-1997

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The main focus of the “wage bargaining” literature has been on the factors promoting real wage flexibility at the macro level. This paper, in contrast, examines the microeconomic issues of wage bargaining. More specifically, this paper appraises the following questions: (a) what are the conditions under which a firm prefers decentralized to centralized bargaining?, (b) what are the characteristic features of firms which prefer decentralized to centralized bargaining?, and (c) has the proportion of firms which prefer decentralized bargaining increased over time? These questions are examined in an efficiency wage model with insider-outsider features. This paper provides useful theoretical insights for understanding the issues involved in shifting from centralized to decentralized wage bargaining.

Labor --- Macroeconomics --- Wages, Compensation, and Labor Costs: General --- Wages, Compensation, and Labor Costs: Public Policy --- Labor Economics: General --- Labour --- income economics --- Wages --- Wage bargaining --- Real wages --- Wage adjustments --- Labor economics --- Sweden

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Economic order --- Great Britain

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What sort of contract is marriage? What does it offer the parties? What are the difficulties of enforcement, and the result of failed effective enforcement? This book takes an economic approach to marriage and divorce, considering the key role of 'incentives' in family law: it highlights the possible adverse consequences emanating from faulty legal design, while demonstrating that good family law should provide incentives for consistent and honest behavior. Economists, specialists in the economic analysis of law, and academic lawyers discuss recent advances in specialist work on marriage, cohabitation, and divorce. Chapters are grouped around four topics: the contractual perspectives on marriage commitment; the regulatory framework surrounding divorce; bargaining and commitment issues relating to marriage and near-marriage arrangements; and finally empirical work, which focuses on the impact of more liberal divorce laws. This important new study will be of considerable interest to lawyers, policy-makers and economists concerned with family law.

Domestic relations --- Domestic relations. --- Economic aspects. --- -Domestic relations --- Families --- Family law --- Marriage --- Persons (Law) --- Sex and law --- Law and legislation --- Economic aspects --- Law --- General and Others