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  3. Journal of Economic Literature
  4. March 2002
  5. Looking Inside the Labor Market: A Review Article

Journal of Economic Literature

ISSN 0022-0515 (Print) | ISSN 2328-8175 (Online)

Looking Inside the Labor Market: A Review Article

  • Peter Howitt
Journal of Economic Literature
vol. 40, no. 1, March 2002
(pp. 125–138)
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Abstract

When unemployed workers are available, why don't firms cut wages until the excess supply is eliminated? In his book, Why Wages Don't Fall During a Recession, Truman F. Bewley concludes, based on interviews with managers and labor leaders, that the most important factor inhibiting wage cuts is the psychological factor of morale. Bewley's field research has made an outstanding contribution to our knowledge of labor markets, by providing a close-up view of exactly what happens from the vantage point of the participants.

Citation

Howitt, Peter. 2002. "Looking Inside the Labor Market: A Review Article." Journal of Economic Literature 40 (1): 125–138. DOI: 10.1257/0022051026994

JEL Classification

  • J31 Wage Level and Structure; Wage Differentials