The political economy of wages and unemployment : a neoclassical exploration In this tightly argued work William Coleman explores the macroeconomic implications of politically based restraints on competition in labour markets 1. The problem labour monopoly might solve 2. The fall and rise of labour monopoly theory 3. How a wage bill hill creates a wage rate floor 4. Why the floor will fluctuate 5. How bargaining may build a ceiling instead of a floor 6. How foresight may (and may not) defeat the floor 7. Why the property owning democracy may nationalize capital rather than regulate labour 8. Unemployment as a benefit of unemployment benefits 9. Why the majority may choose the wage of the minority 10. Rigidity and volatility in the face of the cycle : a neoklassikal analysis 11. Labour monopoly as the source of money wage rigidity : a hypothesis 12. A concluding comment.