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Marshallian stability (DO)<br />Market stability brought about by the adjustment of quantity to differences between demand price and supply price. A new EQUILIBRIUM is not achieved if price or quantity moves in the wrong direction or if there is overadjustment of price or quantity.<br /><em>See also:</em> cobweb
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industrial relations (J5)<br />1 A study of the rules governing the relationships between employers and TRADE (LABOR) UNIONS at national, industry or firm level.<br /> 2 An examination of the procedures for fixing wages, co-operating in production and deciding workplace discipline.<br /> Industrial relations systems are examined with respect to the 'actors' participating in the system, i.e. employers, unions and governments, to the levels at which relations take place, i.e. national, industrial or company, and to the legislative framework within which the actors are allowed to perform. These systems are usually classified according to the degree of their centralization and the extent to which they are co-operative (as when there is woRKER'S PARTICIPATION in management) or adversarial (in the sense that employers and unions oppose each other until a compromise settlement can be reached).<br /><em>See also:</em> industrial democracy; strike <br /><em>Reference</em><br />Clegg, H.A. (1976) The System of Industrial Relations in Great Britain, 3rd edn, Oxford: Basil Blackwell.
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