Social Institutions, Imperfect Information, and the Distribution of Income

Abstract

I. Introduction, 261. — II. Conceptual framework, 262. — III. Market signaling, 264. — IV. Credentials models, 267. — V. Internal labor markets, 273. — VI. Social classes and the poverty cycle, 275. — VII. Job switching and the “lemons” principle, 279. — VIII. Conclusions, 282.