Social scientists have presented evidence that suggests discrimination is ubiquitous—across several heterogeneous labor markets, as well as product markets as diverse as home insurance and new car sales, women, nonwhites, and the elderly have been found to be the target of discriminatory...

Several studies indicate that firms are reluctant to cut nominal wages during periods of relatively high nominal per capita GDP growth. It has been argued, however, that in an environment with a low nominal per capita GDP growth, i.e., when nominal wage cuts become customary, firms would no...