Employment,labor supply and real wages in market disequilibrium

The purpose of this paper is to provide estimates of a disequilibrium labor market model which has been fitted to the US private non-farm sector and to the manufacturing sector. After examining the rationale of the ‘minimum’-type disequilibrium model, we reject it in favor of a formulation suggested by Chow. The latter provides not only a wage adjustment mechanism, but also a quantity adjustment mechanism and treats wages and quantities symmetrically. The empirical findings for both sectors support the disequilibrium formulation employed and reject the equilibrium hypothesis for the labor market.     

Economics and the Arts: A Review of Seven Years*

Contributions to the literature on the economics of the arts are reviewed covering the period 1975 to date. It is argued that although the work surveyed is uneven in quality and incomplete in its coverage, it has made sufficient impact to establish the economics of the arts as a significant area in the development of economic theory and analysis. The paper assesses the importance and relevance of work carried out in four broad areas of study: the role of government in arts markets; the operations of funding agencies; the production of arts goods and services; and consumer behaviour and demand for private consumption in the arts.     

Strategic awareness within top management teams

‘Strategic awareness’ is viewed in two ways: the extent to which an executive's perception of the organization's strategy aligns (a) with the organization's ‘realized’ strategy and (b) with the chief executive's perception. Strategic awareness is positively related to hierarchical level, but differs across the three industries studied. Awareness is greater in organizations that have recently changed their strategies than in those that have not.