1974 Articles

Alternative Theories of Wage Determination and Unemployment in LDC's: The Labor Turnover Model

Stiglitz, Joseph E.

I. Introduction, 194.--II. The model, 196.--III. The market equilibrium, 205.--IV. Optimal allocation of labor and determination of urban wage level, 207.--V. Wage subsidies, 214.--VI. Wages and shadow price of labor in the public sector, 218.--VII. Urban income taxes, 220.--VIII. Concluding comments and summary, 222.--Appendix: "nominal" and "expected" urban wages and the unemployment rate, 223.