In the classic employment contract, especially at large companies, wages were not strongly responsive to the labor market. Instead, individual companies had distinctive company wage levels and patterns. An exhaustive study of employers and employees in the United States and Japan examined whether the "old employment contract" has been…

Technology provides a new and effective tool for accelerating economic growth, and developing countries are embracing technology and education as the means toward attaining economic parity with the United States and other developed nations. Evidence suggests that this strategy is paying off. Developing countries are building a technology…