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Labor Economics, George R. Boyer, Robert Smith
Labor Economics, George R. Boyer, Robert Smith
George R. Boyer
The authors hypothesize that most labor economists "sooner or later had to incorporate at least the appearance of institutional concerns in their papers to avoid indigestion whenever lunching with colleagues outside the field of economics" They add: "If the new interests of modern labor economics are in fact driven by the imperatives of science, then the institutionalist and the neoclassical approaches may well synthesize".
The Development Of The Neoclassical Tradition In Labor Economics, George R. Boyer, Robert S. Smith
The Development Of The Neoclassical Tradition In Labor Economics, George R. Boyer, Robert S. Smith
George R. Boyer
This essay on labor economics examines neoclassical theory's rise to ascendancy following the second World War, with a secondary focus on the relative decline but continued influence of institutionalist economic theory. The authors describe the evolution of institutional and neoclassical theory from the late nineteenth to mid-twentieth centuries, examine some early intellectual debates between the two camps, briefly describe the work of neoclassical labor economics pioneers, and look at major developments over the past 30 years. They argue that neoclassical economists' increasing intellectual breadth and influence in public policy have led them to pay closer attention to issues that have …