Economics 313 - Labor Economics Definitions - Labor Market Institutions

Bargaining Power - the ability of a party to induce its bargaining opponent to settle closer to its own preferred outcome

Contract Curve - the line including all the points in an Edgeworth box where neither party can gain except at the expense of the other

Credentialism - when organizations set qualifications for jobs that don't relate closely to productivity in those jobs, compelling applicants to acquire qualifications that will not actually help them do the jobs once they are hired

Edgeworth Box - a graphical technique to examine the implications of trades between two parties

Human Resource Policies - government programs designed to increase economic output and efficiency and to alleviate the effects of the unequal distribution of human capital through the development and improved deployment of skills

Inflation - increases over time in the overall level of prices

Phillips Curve - a graphical representation of the relationship between inflation and unemployment