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The Pareto optimum is usually described as a production or an exchange situation, or some combination, where no further improvement can be made to the position of one participant without harming that of another, and movements toward it are termed efficient. Perhaps most economists take the...
The recent increase in unemployment has been accompanied by much discussion of the structure of unemployment. Many have occupied themselves by trying to allocate the increase between the conventional categories of frictional, structural and cyclical and in trying to separate the voluntary and...
A well known feature of insurance systems is that they reduce incentives to avoid loss. This feature is known as moral hazard. Unfortunately the term has normative overtones this is particularly unfortunate in the present application to industrial injury insurance since the conclusions can lead...
In neoclassical economic theory labour is a commodity and the ultimate value of the employer's services is determined by the sales value of the product of these services the cost of supply reflects both the disutility of work for the recruit and his equalisation of net advantages between jobs....
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