theory of contract. Finally, the empirical literature on employment and labor law is reviewed. I conclude that many aspects … of employment law are consistent with the economic theory of contract - namely, that contracts are written and enforced …

unskilled workers in the flexiwage economy and lower the unemployment in the minimum wage economy. This follows because … unemployment may be a source of competitive advantage due to the income effect. If the two countries differ only in terms of factor … endowments (but operate the same minimum wage) free trade moves the two countries towards an equalisation of unemployment …

Studies find that technological change has contributed to the decline in manufacturing and to persistent unemployment …