Labour Market of Japan
Comparing the developed countries Japan has many diverse accents in economical aspects. Japanese labor market is the main theme of the article. Japanese workers seem to have much longer employment tenure - allegedly, 'lifetime' employment. The unemployment rate in 1994 was 3%, the highest it has been since 1950, and is generally very low by OECD standards. Wages of primary labour, though they are determined by union bargaining, are flexible. Characteristically, Japanese institutional factors such as enterprise unions, annual synchronized wage bargaining (the Shunto), and bonus payments are believed to sustain this flexibility of wages. Some economists, such as Komiya and Yasui ( 1984) and Taylor (1989), then argue that flexibility of wages is in fact the key factor in explaining the 'good' macroeconomic performance of the Japanese economy. The Japanese labour market is shown to be two-tiered, in that the much celebrated system of long-term employment applies only to a portion of workers-the core workers--with the remaining portion of the labour force frequently moving between jobs and out of the labour force rather than into the unemployment pool during cyclical fluctuations. The burden of recessions, therefore, falls mainly on secondary labour. As a consequence, cyclical fluctuations do not threaten the core workers, and, in exchange for their job security, these core workers contribute to productivity of the firms. In Japan the unemployment rate is not a good measure of resource utilization, and also that flexibility of wages is not a key factor in explaining relatively small cyclical fluctuations of the Japanese economy. It also maintains that the sharp rise in labour's income share in the early 1970s was mainly the result of slower economic growth. The simple macroeconomic model of the Japanese labour market within the Keynesian framework explains how the firm's output depends on primary and secondary labour inputs. Unlike most efficiency wage models, the productivity of primary labour depends on perceived fairness, which in turn is linked to the share of wages within the firm. The firm maximizes its profits under these constraints as well as under the quantity constraint on sales. Considering the firm's maximization, we can derive demand functions of primary and secondary labour. The household, on the other hand, supplies the two kinds of labour, and consumes. The supply of primary labour is quantity-constrained by demand, which is determined by the firm. The supply of the secondary labour, however, is determined by the household in its utility maximization. The market of the secondary labour is competitive. The general equilibrium model of the Japanese labour market generates the following outcomes. Changes in output keep the employment of the primary labour intact, and are absorbed by changes in the secondary labour. At the same time, changes in output bring about proportionate changes in real wages of primary labour, which in turn affect the household's income. And changes in the household's income affect its supply of secondary labour. Since both supply and demand shift in response to changes in output, the real wages of secondary labour change substantially. As a result, the relative wage of secondary labour becomes pro-cyclical; the wage differential between primary and secondary labour diminishes in booms and widens in recessions. The equilibrium in this model depends ultimately on the level of exogenous demand. In general, there is underemployment, though no unemployment, in the sense that the household's utility increases when exogenous demand increases. Flexibility of real wages has nothing to do with the determination of output, nor thus with the level of welfare in the short run. Flexible real wages, however, make it possible for the firm to retain its primary labour force, particularly in such adversity as would otherwise make this impossible. This is expected to have contributed to the long-run productivity growth in the Japanese firm.
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