The most significant regulation involved the emergence of state industrial planning with labor market controls.
So, this article shows more generally that the introduction of new labor market approaches plays an important role in the emergence of endogenous fluctuations.
Furthermore, capitalism to be capitalism must have a labor market where labor is bought and sold as a commodity.
Were these responsible for peculiar labor market phenomena like layoffs and the reluctance of employers to reduce wages?
Pension expenses, when incurred over a worker's lifetime in the labor market, can substantially erode the retirement assets.
The confidence (and arrogance) of practitioners and reformers to change labor market policies without evidence and subsequent evaluation is remarkable.
This results in a setting in which we have heterogeneity on both sides of the labor market.
This section develops a general equilibrium model to study these implications within an otherwise standard macroeconomic framework for labor market policy analysis.
