The shadow wage is the social opportunity cost of labor. After reviewing earlier theoretical and empirical literature, we define four labor market conditions: fairly socially efficient (FSE), quasi-Keynesian unemployment (QKU), urban labor dualism (ULD) and rural labor dualism (RLD). We offer,...

In this paper, we offer and discuss new evidence on the performance of British Telecom (BT) before and after privatisation. We use a unique data-set based on company accounts over 40 years (1960-99) and original additional company data on several variables. We focus particularly on output,...