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Insider Power in Wage Determination / David G. Blanchflower, Andrew J. Oswald, Mario D. Garrett.
- Format:
- Book
- Author/Creator:
- Blanchflower, David G.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w3179.
- NBER working paper series no. w3179
- Language:
- English
- Subjects (All):
- Wages.
- Working class.
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 1989.
- Cambridge, Massachusetts : National Bureau of Economic Research, 1989.
- Summary:
- The paper argues that wage determination is best seen as a kind of rent sharing in which workers' bargaining power is influenced by conditions in the external labour market. It uses British establishment data from 1984 to show that pay depends upon a blend of insider pressure (including the employer's financial performance and oligopolistic position) and outsider pressure (including external wages and unemployment). Lester's feasible 'range' of wages appears typically to be between 8% and 22% of pay. Estimates of the unemployment elasticity of the wage lie in a narrow band around -0.1.
- Notes:
- Print version record
- November 1989.
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