Labour market theory : a constructive reassessment / Ben Fine.

Fine, Ben.

	List of figures and tables	xi
	Acknowledgements	xiii
	List of abbreviations	xiv

	Part I The state of play	1
I	Introduction and overview	3

	Part II Critical assessments	13
2	The macroeconomics of labour markets	21
	1 Introduction	21
	2 Shifting theoretical emphases	23
        3 Rational expectations and New Classical Economics:
          revolution or iterregnum?                                               25
        4 The neoclassical synthesis 25                                             
        5 The reappraisal of Keynes or the reprisal of methodological
		individualism	30
	6	Consolidating micro-foundations, weakening coherence	32
	7	The natural rate of unemployment as epiphenomenon	36
	8	The short journey from NRU to NAIRU	42
	9	Concluding remarks	48

3	Human capital theory: Tabour as asset?	57
	1 Introduction	57
	2 The basic model.- theory and practice	61
	3 Concluding remarks	69

4	Flexibility and institutions in labour markets	72
	1 Introduction	72
	2 Flexibility ' v in theory?	73
	3 Flexible specialisation and post-origins	77
	4 Flec-spec's intellectual origins	81
	5 Institutional approaches to labour markets	86
	6 Individual optimisation and endogenous socioeconomic
		structure	90
	7 The chaotic theoretical cascade of the New Institutionalism	93
	8 New industrial relations for old?	98

		Part III Segmented labour market theory	107
5	From dual to segmented labour markets: the radical tradition	117
	1 The historical origins	117
	2 Internal or divided labour markets9	120
        3 From dual to segmented labour markets: The Cambridge
		school	124
	4 The chronic crisis of the SL.VF paradigm	132
	5 Does the theory fit the facts or is the theory the facts?	137
	6 Segmented labour markets as a historical core	143
	7 Concluding remarks	149

6       Neoclassical colonisation: process, structure and
	methodological individualism	157
	1 Introduction	157
	2 Calegoricism	160
	3 Structural correspondences	165
	4 From process to structure	166
	5 Hybrid theory	169
	6 Concluding remarks	171

7	Towards a Marxist alternative	175
	1 Introduction	175
        2 Capitalist class relations and economic structures and
           processes                                                               176
        3 The value of labour power as a norm of consumption 180                   
        4 Social reproduction and the value of labour power:
	false beginnings	186
	5	Marooning and segmentation	193
	6	Towards an alternative by way, of conclusion	194

		Part IV From theory to policy	201
8	Comparable worth: lessons from the UK experience	211
	I Introduction	211
	2 Analytical considerations	211
	3 The role of collective bargaining	219
	4 Some lessons	224

9	Minimum wages: some analytical considerations	231
	1 Introduction	231
	2 The orthodoxy,	233
	3 Theoretical reasons to be sceptical	238
        4 The shifting balance in favour of minimum it-ages	240
	5 Implications and concluding remarks	244

		Part V The forward march of labour market theory halted?	249
10	The specificity, of labour	251
	I Introduction	251
	2 Fruit, fish and labour	253
	3 The value theory of labour markets	261

	References	266
	Index	297