Description: In twenty-three original essays this book surveys the course of labor economics over the more than two centuries since the publication of Adam Smith's Wealth of Nations. It fully examines the contending theories, changing environmental contexts, evolving issues, and varied policies affecting labor's participation in the economy. Beginning with George P. Shultz, who provides the foreword, the contributors are among the most distinguished scholars in labor economics and industrial relations. These essays represent some of their finest work and apply the ideas for which they are best known. Highlights include John T. Dunlop on internal labor markets, John Kenneth Galbraith on power relationships in the economy, Robert M. Solow on explanation of unemployment, Jacob Mincer on human capital, Lloyd G. Reynolds on labor in developing countries, Richard A. Lester on wage differentials, Edward F. Denison on productivity, Richard Freeman on union/non-union differentials, F. Ray Marshall on human resource development, and Thomas A. Kochan on policy making. While the intellectual framework of the book looks partly to the past - explaining the labor factor in classical and neoclassical systems - its emphasis is on contemporary problems that will figure prominently in future developments, such as the operation of internal labor markets, dispute resolution, concession bargaining, equal employment opportunity, and individual labor contracting. This book is required reading for students and scholars of labor economics.

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