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Featherbedding is commonly seen by economists as a solution to "who should bear the burden of technological change?" [9]Labor economists often argue that featherbedding can be construed as the most economically optimal position from both an employer's and employee's perspective, since it can be seen as distributing the costs of technological change. [10]
The union wage premium refers to the degree to which wages for union members exceed those for otherwise similar non-unionized workers. Union wage premiums are one of the most researched and analyzed issues in labor economics. [1] The modern scholarly consensus is that unions tend to be associated with higher wages, greater levels of benefits ...
A glass ceiling is a metaphor usually applied to people of marginalized genders, used to represent an invisible barrier that prevents an oppressed demographic from rising beyond a certain level in a hierarchy. [1]
Collective bargaining is a process of negotiation between employers and a group of employees aimed at agreements to regulate working salaries, working conditions, benefits, and other aspects of workers' compensation and rights for workers. The interests of the employees are commonly presented by representatives of a trade union to which the ...
Closed shop. A pre-entry closed shop (or simply closed shop) is a form of union security agreement under which the employer agrees to hire union members only, and employees must remain members of the union at all times to remain employed. This is different from a post-entry closed shop (US: union shop), which is an agreement requiring all ...
Econophysics. Econophysics is a non-orthodox (in economics) interdisciplinary research field, applying theories and methods originally developed by physicists in order to solve problems in economics, usually those including uncertainty or stochastic processes and nonlinear dynamics. Some of its application to the study of financial markets has ...
Historically low layoffs are propping up the labor market and the overall economy even as hiring has tapered off. Economists estimate that the hurricanes could cut as many as 40,000 jobs from ...
Computable general equilibrium (CGE) models are a class of economic models that use actual economic data to estimate how an economy might react to changes in policy, technology or other external factors. CGE models are also referred to as AGE (applied general equilibrium) models. A CGE model consists of equations describing model variables and ...