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February 1989, Vol. 112, No. 2
Labor market changes and adjustments: how do the U.S. and Japan compare?
R. W. Bednarzik and C. R. Shiells
International Economists, Bureau of International Affairs, U.S. Department of Labor
Both countries are flexible in how they react to structural changes in the labor market, with each using different methods and programs to adjust to such changes rather quickly. This article analyzes labor market flexibility and adjustment capabilities of Japan and the United States. It examines the job shift to services and trends in wages, productivity, and exchange rates to judge the international competitive position of each country.
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