This paper measures excess labor supply in equilibrium. We examine hiring shocks--which employ 24% of the labor force in external month-long jobs--in Indian local labor markets. In peak months, wages increase instantaneously and local aggregate employment declines. In lean months, consistent...

Labour focuses on the issues and problems concerning the efficient full employment of labour in a free market economy. The discussion is largely about the conditions (including comparative wages) underlying industrial efficiency and maximum production from various labour resources at least cost....