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Labor Market Analysis and Concerted Behavior

Abstract

In the first part of this paper, the importance of concerted behavior by workers emerges from examination of some prominent theories which set out to explain wage rigidity in the face of declining demand or excess supply without abandoning key elements of competitive theory. In the second part, the importance of certain Keyenesian and satisficing behavioral postulates in motivating concerted worker behavior is. suggested by the shortcomings of some contemporary economic models of the trade union which assume expected utility maximization and accurate knowledge of market conditions under ordinary circumstances.

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