While many law professors resisted the impulse to explain the world in terms of implicit contracts and around alleged costs (the even more speculative reliance on alternative uses of factors of production has been, to my knowledge, ignored), more subscribed. (slaw.ca)
Implicit contracts also can be adjusted when conditions change. (uneasymoney.com)
Since the 1970s, a number of more sophisticated explanations of wage stickiness have been advanced, for example search theories coupled with incorrect price - level expectations, long - term labor contracts, implicit contracts, and efficiency wages. (uneasymoney.com)