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search cost (DO, JO)<br />The costs to a buyer or seller of acquiring information about prices and quantities available in a market. Some markets, particularly the LABOUR MARKET, have suffered for a long time from imperfections such as ASYMMETRIC INFORMATION. Both employers and workers have to incur many costs (e.g. of advertising, travel, time taken from other activities) to come into contact with each other. Search costs are a form of investment by a worker, with higher wages being the return to such expenditure. If buyers and sellers are rational profit maximizers in their search activities, they will continue seeking for what they desire until the marginal cost of search equals the marginal benefit derived from it. STIGLER was a pioneer in his application of search theory to labour markets.<br /><em>Reference</em><br />Lippman, S. and McCall, J.J. (1976) 'The economics of job search: a survey', Economic Inquiry 14: 115-89, 347-68.<br /> Pissarides, C.A. (1976) Labour Market Adjustment, Cambridge: Cambridge University Press.<br /> Stigler, G.J. (1962) 'Information in the labor market', Journal of Political Economy 70 (October Supplement): 94 -105.
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external shock (E6)<br />A large unanticipated change in world economic conditions which impacts upon a particular national economy. Shocks can take many forms, including a shift in the TERMS OF TRADE, a slowdown in the growth of world export demand and an increase in the interest rates set by world financial markets. However, the major shocks of the 1970s, particularly the increase in the price of oil, had an uneven impact on the prosperity of particular nations with producing countries welcoming the shocks and consumers having to make major adjustments.<br /><em>See also:</em> structural adjustment policy; supply-side shocks
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