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Behavior toward uncertain future inflation gives rise
to large diffuse externalities which result in market
failure and require introduction of legal restraints --
mandatory wage—price controls. Models of wage-profit
conflict and consumer vs. consumer rivalry are set out
in which…

Using data on adult male workers we first investigate the
incremental effect of a year of schooling on unemployed hours,
and use this calculation to explain the difference in the pro-
portional effects of schooling on earnings and wages. Schooling