Air Date: Mar 29, 2009

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Whereas most markets have a point of equilibrium without excess surplus or demand, the labour market is expected to have a persistent level of Read More

Whereas most markets have a point of equilibrium without excess surplus or demand, the labour market is expected to have a persistent level of unemployment. Contrasting the labour market to other markets also reveals persistent compensating differentials among similar workers. [citation needed The competitive assumption leads to clear conclusions workers earn their marginal product of labour Read Less