Скачать или смотреть Imperfect Competition On The Cathedral Floor feat. Judy Stephenson and Patrick Wallis

The fourth webinar of our "Facing Inequality" series is "Imperfect Competition on the Cathedral Floor: Labourers in London 1672-1748". It features Judy Stephenson and Patrick Wallis. In their paper, they present a new data set for the late seventeenth and early eighteenth century to explore the operation of the market for unskilled construction workers, the reference occupation for long run urban wage series, at one major building site in London. They find patterns of work distribution and pay which indicate characteristics of imperfect competition, most notably high worker and job flows alongside remarkable nominal wage rigidity, and evidence of an internal labour market alongside a much shorter and more fragile working year than has been previously found. The results suggest that wages, or labour’s share of income, may resist response to changes in productivity and labour supply and demand even in the long run, and highlight that labour markets created inequalities of experience, income and returns to work before modern institutions and firms. Professor Bryan Stuart will be a discussant.

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