Developments in Labour Market Theory and Their Implications for Macroeconomic Policy

Alan Manning

Scottish Journal of Political Economy, 1995, vol. 42, issue 3, 250-66

Abstract: This paper reviews a number of labor market theories that have been developed over the past twenty-five years with the aim of explaining the behavior of unemployment in that period. It reviews union models, efficiency wage models, and insider-outsider models. It argues that none of these theories have been successful in providing a persuasive explanation of the rise in unemployment across the OECD and that the main contribution of labor market theory has been to show that intuitions that seemed to be important insights into the workings of the labor market turn out to have much more modest contributions when formalized. Copyright 1995 by Scottish Economic Society.

Date: 1995
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Persistent link: https://EconPapers.repec.org/RePEc:bla:scotjp:v:42:y:1995:i:3:p:250-66

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Scottish Journal of Political Economy is currently edited by Tim Barmby, Andrew Hughes-Hallett and Campbell Leith

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