The idea that wages rise relative to alternatives as job seniority accumulates is the foundation of the theory of specific human capital, as well as other widely accepted theories of compensation. The fact that persons with longer job tenures typically earn higher wages tends to support these...

The idea that wages rise relative to alternatives as job seniority accumulates is the foundation of the theory of specific human capital, as well as other widely accepted theories of compensation. The fact that persons with longer job tenures typically earn higher wages tends to support these...

This paper revives the seminal work of Jack Kenneth (J.K.) Eastham, an economist from the Dundee School of Economics, who in the 1930s wrote on the theoretical aspects of storable commodity markets. First, we present Eastham's contribution and show that despite using a graphical analysis,...