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Labor-Market Regimes in U.S. Economic History

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  • Joshua L. Rosenbloom
  • William A. Sundstrom

Abstract

In much economic analysis it is a convenient fiction to suppose that changes over time in wages and employment are determined by shifts in supply or demand within a more or less competitive market framework Indeed, this framework has been effectively deployed to understand many episodes in American economic history. We argue here, however, that by minimizing the role of labor-market institutions such an approach is incomplete. Drawing on the history of American labor markets over two centuries, we argue that institutions--by which we mean both formal and informal rules that constrain the choices of economic agents--have played a significant role in the determination of wages, employment and other market outcomes over time. The historical evolution of American labor markets can best be characterized as a sequence of relatively stable arrangements punctuated by shifts in institutional regimes. Our narrative emphasizes the importance of understanding the historically contingent role of institutional regimes in conditioning the operation of supply and demand in empirical and policy analysis of the labor market.

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Bibliographic Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 15055.

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Date of creation: Jun 2009
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Publication status: published as “Labor - Market Reg imes in U.S. Economic History,” with William A. Sundstrom, in Paul W. Rhode, Joshua L. Rosenbloom and David F. Weiman, eds. Economic Evolution and Revolutions in Historical Time ( Stanford, CA: Stanford University Press, 2011)
Handle: RePEc:nbr:nberwo:15055

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Cited by:
  1. Petar Stankov, 2010. "Deregulation, Economic Growth and Growth Acceleration," CERGE-EI Working Papers wp424, The Center for Economic Research and Graduate Education - Economic Institute, Prague.
  2. Richard Sutch, 2010. "The Unexpected Long-Run Impact of the Minimum Wage: An Educational Cascade," NBER Working Papers 16355, National Bureau of Economic Research, Inc.
  3. Ian W. McLean, 2010. "Responding to Shocks: Australia's Institutions and Policies," School of Economics Working Papers, University of Adelaide, School of Economics 2010-30, University of Adelaide, School of Economics.
  4. Timothy J. Hatton & Mark Thomas, 2012. "Labour Markets in Recession and Recovery: The UK and the USA in the 1920s and 1930s," CEH Discussion Papers 001, Centre for Economic History, Research School of Economics, Australian National University.

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