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We show that labor market frictions are first-order for understanding credit markets. Wage growth and labor share forecast aggregate credit spreads and debt growth as well as or better than alternative predictors. They also predict credit risk and debt growth in a cross section of international firms. Finally, high labor share firms choose lower financial leverage. A model with labor market frictions and risky long-term debt can explain these findings, and produce large credit spreads despite realistically low default probabilities. This is because precommitted payments to labor make other committed payments (i.e., interest) riskier. (JEL D33, E23, E24, E25, E44, F23, G32)

Privatization is a widespread phenomenon in contemporary liberal democracies. One facet of privatization is the state delegation of welfare and primary-good-supporting services to private associations. Governments give subsidies to so-called 'public charities' to deliver public services such as basic education, healthcare, and childcare. They hire and create incentives for nonprofits and NGOs to perform public functions and to implement social policies. This process is called 'privatization,' given the assumption, more normative than factual, that the state has a primary duty to provide their citizens with sufficient public options to access the above services. Privatization thus refers to the provision of these public goods through private nonprofits. Adapted from the source document.

Standard economic theory teaches that trade benefits all countries involved, at least in the long run. While there are other reasons for trade liberalization, this insight, going back to Ricardo's 1817 Principles of Political Economy , continues to underlie international economics. Trade also raises fairness questions. First, suppose A trades with B while parts of A's population are oppressed. Do the oppressed in A have a complaint in fairness against B? Should B cease to trade? Second, suppose because of oppression or lower social standards, A's products are cheaper than B's. Can industries in B legitimately insist that their government take measures to help them compete? The Pauper-Labor Argument makes that case, and many economists enjoy dismissing it in undergraduate classes. Third, suppose A subsidizes its industries. If this lowers world market prices, does B have a fairness complaint against A? Ought countries to consider how trade policies affect others? This article is the first of two, which together develop a view that is meant to serve as a reference point for moral assessments of international trade policies. I develop this view by way of offering affirmative answers to these three questions. Since this discussion is organized around these three questions, the two studies can be read independently of each other.

Technological and structural changes in the Australian economy have led to a decline in unskilled and semi-skilled employment and this has had a marked effect on labor market opportunities for immigrants. Educational qualifications and English language skills have become increasingly important factors influencing labor market success. With absorptive capacity for the overall immigration program defined more in economic terms, changes have been made to the selection criteria for immigrants. Greater priority is currently given to those with skills and English language proficiency. No such emphasis has been given to the selection criteria for settlers admitted under Australia's humanitarian program. This paper reviews the labor market experience of humanitarian program arrivals and considers the policy implications of high levels of unemployment among this group. It is suggested that humanitarian obligations do not end with entry to Australia, and it is in the interests of the receiving society and humanitarian program arrivals for greater public investment in skills development to help improve labor market outcomes among this group.

This article aims to examine and analyze the rights and obligations of workers /laborers during the Covid-19 outbreak from the perspective of labor law in Indonesia. The complexity of the issue regarding the rights and obligations of workers has increased again when the Government and the House of Representatives of the Republic of Indonesia passed the Law on Job Creation or Undang-Undang tentang Cipta Kerja Nomor 11 tahun 2020 (UUCK No.11/2020). The research method used is a normative juridical approach. Normative juridical research is usually known as the study of documents, using qualitative methods in analyzing data and using secondary data as sources.The results of this study found that the labor and industrial relations sector, especially related to the rights and obligations of workers and employers, was initially strongly influenced by the development of globalization and information communication technology. Then, with the enactment of UUCK No.11/2020 as the latest labor law in Indonesia, and the outbreak of Covid-19, problems related to industrial relations have become increasingly complex. When viewed from the latest labor law in Indonesia, employers tend to have a stronger position when compared to the position of workers both in terms of interpretation and implementation. This is a challenge in national legislation so that legal efforts are needed to guarantee and provide legal certainty to business actors by applying sanctions in the form of criminal sanctions as ius poenale and ius puniendi.