Abstract

The traditional price theory approach to bilateral monopoly in wage determination is insufficient and need to be completed by incorporation of formerly «neglected » factors. The contribution of labour economics is particularly valuable in this respect. The theory of games also, in its present form, is insufficient as it uses an inappropriate analogy between bilateral mono¬ poly and parlour games. This paper introduces two other factors as elements of bilateral monopoly ; correspeclion and conflict, and applies them to the study of bilateral monopoly situation in organized labour markets.

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