W
wage (J3)
see wages
wage contour (J3)
The connected wage rates offered by firms with INTERNAL LABOUR MARKETS to persons in the EXTERNAL LABOUR MARKET. These are the ‘key rates’ for the few jobs at which a person can enter a firm; they are connected into a contour because competing firms in the external labour market cannot get out of line with other employers’ wage offers.
References
Dunlop, J.J. (1957) ‘The task of contemporary wage theory’, in G.M. Taylor and F.C. Pierson (eds) New Concepts in Wage Determination, pp. 117–39, New York: McGraw-Hill.
wage curve (J3)
The relationship between the level of wages and unemployment. Wages in many countries are lower in the presence of higher unemployment. This negative correlation is noticeable ...
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