The Institutionalist Movement in American Economics, 1918-1947 (Historical Perspectives on Modern Economics) by Rutherford

Author:Rutherford
Language: eng
Format: mobi
ISBN: 9780511988547
Publisher: Cambridge University Press
Published: 2011-02-01T05:00:00+00:00

Flexibility was the outstanding characteristic of the system of “industrial jurisprudence” worked out in the Rochester clothing market …. Nevertheless, flexibility of “substantive rights” or remedies would not accomplish the underlying purpose of stabilizing labor relations in the market if the common rules established by mutual agreement or by decision of the arbitrator were not rooted in the customs and usages of the parties themselves …. Both employers and workers acted according to these customs and usages. When they clashed, as they often did, it was the arbitrator’s task, if mutual adjustment failed, to explore the technological, political, business, and other factors in the dispute. Bearing in mind the desirability, from the standpoint of efficiency, of keeping the bargaining process going, he might approve the customs of the employer or of the workers, or might find a middle ground which would prove acceptable to both sides. (Commons and Morehouse 1927, p. 428)

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