The measure of the capital intensity of an industry used below is the quotient of the value of gross capital stock and the total annual wages and salaries bill.2 The United Kingdom input-output tables for 1968 are available in a highly disaggregated form and provide the wages and salaries bill for each industry, but the Blue Book estimates of gross capital stock are available only in a much more highly aggregated form. By combining the two sources, comparable figures were obtained for a 17-industry classification. The industries were: Agriculture, Extractive Industries, Food and Drink, Chemicals, Iron and Steel, Engineering, Clothing, Pottery, etc., Timber, Paper, etc., Construction, Gas, Electricity, Water Supply, Transport, Communication, and Distribution and Services. The government sector, insofar as it constitutes public administration financed by tax revenue, is excluded.

[This paper presents an analysis of a 2-person noncooperative bargaining game in which one party is free, subject to certain frictions, to switch between rival partners. This permits us to capture the notion of an asymmetry between "insiders" and "outsiders" in the context of a firm bargaining with its workers, in the presence of unemployment.]

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