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May/June 1999, 
Vol. 81, No. 3
Posted 1999-05-01

Job Characteristics, Wages, and the Employment Contract

by Daniel Parent and W. Bentley MacLeod

This article explores some of the determinants of compensation in the United States. The authors suggest that compensation systems should be viewed as an integral part of the production process. They highlight the diversity in observed systems of pay that is often overlooked when examining wage trends from a macroeconomic perspective.