Citation Blanchflower D (1991) Fear, Unemployment and Pay Flexibility. Economic Journal, 101 (406), pp. 483-496. http://www.jstor.org/stable/2233554
Abstract First paragraph: The labour market plays a central role in macroeconomic analysis, and the theory of wage determination plays a central role in models of the labour market. Despite this, the behaviour of pay is not something economists can claim to understand fully.