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This paper examines the apparent conflict between the classical assumption of a bargaining the context of a labor surplus developing economy. It concludes that the relatively inelastic supply of labor hours offered by low income small or landless farmers in the static microeconomic leisure/work context is perfectly consistent with the persistence for some time of an institutional real wage offered to the non-agricultural sector of the dual economy. Empirical evidence is brought to bear in support of that position.

Keywords: institutional vs competitive real wage ; labor surplus economy ; neoclassical vs classical labor markets

Subject(s): Labor and Human Capital

Issue Date: 1997

Publication Type: Working or Discussion Paper

PURL Identifier:

Total Pages: 29

Series Statement: Center Discussion Paper No. 772

Record appears in: Yale University > Economic Growth Center > Center Discussion Papers

Autor: Ranis, Gustav


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