Invisible Handshakes in Lancashire: Cotton Spinning in the First Half of the Nineteenth Century
研究了19世纪上半叶兰开夏郡棉纺业中劳动力市场并非拍卖市场，而是通过长期雇佣关系来降低初始成本，这影响了工资调整和劳动力年龄结构。
In Lancashire cotton spinning in the heyday of laissez-faire capitalism the labor market did not operate as an auction market. Evidence on piece-rate flexibility, length of tenure, and seniority is consistent with Okun's contract approach. Both workers and firms incurred initial set-up costs. Workers wanted to protect their initial investments in training, and firms, faced with a labor supply that varied in reliability and regularity, had a desire to cover initial hiring and tryout costs. The need to maintain long-term attachments had implications for wage and employment adjustment and the age structure of the labor force.