Implicit contract theory
id:
implicit-contract-theory-268-1532957
title:
Implicit contract theory
text:
In economics, implicit contracts refer to voluntary and self-enforcing long term agreements made between two parties regarding the future exchange of goods or services. Implicit contracts theory was first developed to explain why there are quantity adjustments (layoffs) instead of price adjustments in the labor market during recessions. The origins of implicit-contract theory lie in the belief that observed movements in wages and employment cannot be adequately explained by a competitive spot la
brand slug:
wiki
category slug:
encyclopedia
description:
original url:
https://en.wikipedia.org/wiki/Implicit_contract_theory
date created:
date modified:
2020-11-01T19:19:23Z
main entity:
{"identifier":"Q6007285","url":"https://www.wikidata.org/entity/Q6007285"}
image:
fields total:
13
integrity:
13