Protection, Employment and Welfare in a ‘Stagflating’ Economy

Jean Waelbroeck

Chapter 30 in Human Resources, Employment and Development, 1983, pp 475-496 from Palgrave Macmillan

Abstract: Abstract This paper examines the impact of protection in an economy in which production is held back by a rigid real wage that exceeds the level at which the labour market clears. The supply of labour exceeds the producers’ demand; workers are ‘rationed on the labour market’, to use the terminology of fixed price equilibrium theory. Prices are flexible, and goods markets clear without a need to constrain supply or demand.

Keywords: Wage Rate; Real Wage; Labour Demand; Unemployment Benefit; Nominal Wage (search for similar items in EconPapers)
Date: 1983
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Persistent link: https://EconPapers.repec.org/RePEc:pal:intecp:978-1-349-22741-9_30

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DOI: 10.1007/978-1-349-22741-9_30

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