Abstract
This article reports on one part of a larger study of the academic labour market being undertaken in the Higher Education Research Unit at the London School of Economics. A more comprehensive treatment of its contents is given in a mimeographed paper available on request to the author. He is grateful to Gavin Osmond for data collection and compuational assistance; to Mark Blaug, Harry Johnson and Ray Richardson for helpful discussions; and to the National Board for Prices and Incomes for sponsorship of the whole project.
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