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Alternative Theories of Wage Determination and Unemployment in LDC's: The Labor Turnover Model


  • Joseph E. Stiglitz


I. Introduction, 194. — II. The model, 196. — III. The market equilibrium, 205. — IV. Optimal allocation of labor and determination of urban wage level, 207. — V. Wage subsidies, 214. — VI. Wages and shadow price of labor in the public sector, 218. — VII. Urban income taxes, 220. — VIII. Concluding comments and summary, 222. — Appendix: "nominal" and "expected" urban wages and the unemployment rate, 223.

Suggested Citation

  • Joseph E. Stiglitz, 1974. "Alternative Theories of Wage Determination and Unemployment in LDC's: The Labor Turnover Model," The Quarterly Journal of Economics, Oxford University Press, vol. 88(2), pages 194-227.
  • Handle: RePEc:oup:qjecon:v:88:y:1974:i:2:p:194-227.

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    References listed on IDEAS

    1. R. Bellman & I. Glicksberg & O. Gross, 1955. "On the Optimal Inventory Equation," Management Science, INFORMS, pages 83-104.
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