Suggests how the classic model of overlapping contracts can be incorporated into the contract wage model of aggregate supply. Illustrates dynamics of macroeconomic adjustment following a shock to aggregate demand. Concludes that overlapping contracts do not prolong the adjustment process; rather, the longest remaining contract determines the time…

This curriculum/lesson plan outline for the labor section of an economics program consists of three units. The objective stated for this labor section is to understand the role of labor and wages in the economy. Unit 1 on labor as one of the four factors of production covers the role of labor, wages and their determination, the effects of outside…

Praises and summarizes James Bernard Murphy's "The Moral Economy of Labor: Aristotelian Themes in Economic Theory." Linking economic theories from Adam Smith to Karl Marx, Murphy criticizes traditional economic and social thinking regarding the division of labor. He proposes an integration of conceptualization and execution to humanize…