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Nordic Economic Policy Review

Globalization, labour market institutions and wage structure

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The Nordic Economic Policy Review is published by the Nordic Council of Ministers and addresses policy issues in a way that is useful for in-formed non-specialists as well as for professional economists. All articles are commissioned from leading professional economists and are subject to peer review prior to publication. The review appears twice a year. It is published electronically on the website of the Nordic Council of Ministers: www.norden.org/en. On that website, you can also order paper copies of the Review (enter the name of the Review in the search field, and you will find all the information you need). Managing Editor: Professor Torben M. Andersen, Department of Economics, University of Aarhus, Denmark. Special Editors for this volume: Research Professor Erling Barth, Institute for Social Research, Oslo, Norway and Professor Kalle O. Moene, Department of Economics, University of Oslo, Norway.

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Comment on Barth and Moene: Why do small open economies have such small wage differentials?

It is well known that labour market institutions differ significantly across countries. Yet much work on labour market issues is conducted within settings neglecting or suppressing institutional structures, implying that labour market policies are assumed to work similarly across countries with widely different institutional settings. This is clearly a highly questionable approach. One may even take this one step further and ask whether we are able to assess the effects of various labour market policies if we do not have a full understanding of why the institutional structure has developed and how it may be affected by policies.

English

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