Dual Labor Markets

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The labor market consists of two tiers. Workers in the upper tier enjoyhigh wages, good benefits, and employment security, and they are often unionized.Workers in the lower tier experience low wages, high turnover, job insecurity, andlittle chance of promotion. Until now, dual labor market theory has focused mainlyon microeconomic factors such as discrimination, poverty, and public welfare. DualLabor Markets considers the macroeconomic implications of the dual market. The bookuses theoretical models derived from the author's research over the past six yearsto analyze such policy issues as the level and persistence of unemployment, thelevel of real wages, the accumulation of human capital, and the political viabilityof labor market reform in the United States and Europe.