I. Confusion in translating the concept "saving" into concrete statistical measurement, 106. — II. Saving vs. investment, 108. — III. Measuring the rate of saving, 111. — IV. Relation between saving and investment, 113. — Statistical verification, 116. — Advantages of selecting the typical accounting period as the time interval, 116. — V. No confusion with hoarding, 119.— The "producer-consumer investment ratio, " 119.

This paper develops a search-theoretic explanation of interindustry wage differentials. Given coordination problems in the labor market, the probability of filling a vacancy is an increasing function of the wage offered; in equilibrium, firms that find vacancies more costly will offer higher wages. The model thus explains the persistence of interindustry wage differentials and their correlation with industry-average capital-labor ratio and profitability. Additionally, the model predicts that high-wage firms will receive more applications per job opening and that wages in the labor market will behave as strategic complements.