Monopsony In Motion

Download or read book Monopsony in Motion written by Alan Manning and published by Princeton University Press. This book was released on 2013-12-03 with total page 414 pages. Available in PDF, EPUB and Kindle. Book excerpt: What happens if an employer cuts wages by one cent? Much of labor economics is built on the assumption that all the workers will quit immediately. Here, Alan Manning mounts a systematic challenge to the standard model of perfect competition. Monopsony in Motion stands apart by analyzing labor markets from the real-world perspective that employers have significant market (or monopsony) power over their workers. Arguing that this power derives from frictions in the labor market that make it time-consuming and costly for workers to change jobs, Manning re-examines much of labor economics based on this alternative and equally plausible assumption. The book addresses the theoretical implications of monopsony and presents a wealth of empirical evidence. Our understanding of the distribution of wages, unemployment, and human capital can all be improved by recognizing that employers have some monopsony power over their workers. Also considered are policy issues including the minimum wage, equal pay legislation, and caps on working hours. In a monopsonistic labor market, concludes Manning, the "free" market can no longer be sustained as an ideal and labor economists need to be more open-minded in their evaluation of labor market policies. Monopsony in Motion will represent for some a new fundamental text in the advanced study of labor economics, and for others, an invaluable alternative perspective that henceforth must be taken into account in any serious consideration of the subject.

Download or read book Reverse Subsidies in Global Monopsony Capitalism written by Dev Nathan and published by Cambridge University Press. This book was released on 2022-05-26 with total page 316 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a firm analytical base to discussions about injustice and the unequal distribution of gains from global production in the form of global monopsony capitalism. It utilizes the concept of reverse subsidies as the purchase of gendered labour and environmental services below their costs of production in garment value chains in India and other garment producing countries, such as Bangladesh and Cambodia. Environmental services, such as freshwater for garment manufacture and land for cotton production, are degraded by overuse and untreated waste disposal. The resulting higher profits from the low prices of garments are captured by global brands, using their monopsony position, with few buyers and myriad sellers, in the market. This book links the concept of reverse subsidies with those of injustice, inequality and sustainability in global production.

Download or read book Private Government written by Elizabeth Anderson and published by Princeton University Press. This book was released on 2019-04-30 with total page 222 pages. Available in PDF, EPUB and Kindle. Book excerpt: Why our workplaces are authoritarian private governments—and why we can’t see it One in four American workers says their workplace is a “dictatorship.” Yet that number almost certainly would be higher if we recognized employers for what they are—private governments with sweeping authoritarian power over our lives. Many employers minutely regulate workers’ speech, clothing, and manners on the job, and employers often extend their authority to the off-duty lives of workers, who can be fired for their political speech, recreational activities, diet, and almost anything else employers care to govern. In this compelling book, Elizabeth Anderson examines why, despite all this, we continue to talk as if free markets make workers free, and she proposes a better way to think about the workplace, opening up space for discovering how workers can enjoy real freedom.

Download or read book Economyths written by David Orrell and published by Icon Books Ltd. This book was released on 2010-05-06 with total page 307 pages. Available in PDF, EPUB and Kindle. Book excerpt: From the inability of wealth to make us happier, to our catastrophic blindness to the credit crunch, "Economyths" reveals ten ways in which economics has failed us all. Forecasters predicted a prosperous year in 2008 for financial markets - in one influential survey the average prediction was for an eleven per cent gain. But by the end of the year, the Standard and Poor's 500 index - a key economic barometer - was down 38 per cent, and major economies were plunging into recession. Even the Queen asked - Why did no one see it coming? An even bigger casualty was the credibility of economics, which for decades has claimed that the economy is a rational, stable, efficient machine, governed by well-understood laws. Mathematician David Orrell traces the history of this idea from its roots in ancient Greece to the financial centres of London and New York, shows how it is mistaken, and proposes new alternatives. "Economyths" explains how the economy is the result of complex and unpredictable processes; how risk models go astray; why the economy is not rational or fair; why no woman (until 2009) had ever won the Nobel Prize for economics; why financial crashes are less Black Swans than part of the landscape; and, finally, how new ideas in mathematics, psychology, and environmentalism are helping to reinvent economics.

Download or read book The Real Thin Theory written by Alan Manning and published by . This book was released on 2003 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Myth and Measurement written by David Card and published by Princeton University Press. This book was released on 2015-12-22 with total page 455 pages. Available in PDF, EPUB and Kindle. Book excerpt: From David Card, winner of the Nobel Prize in Economics, and Alan Krueger, a provocative challenge to conventional wisdom about the minimum wage David Card and Alan B. Krueger have already made national news with their pathbreaking research on the minimum wage. Here they present a powerful new challenge to the conventional view that higher minimum wages reduce jobs for low-wage workers. In a work that has important implications for public policy as well as for the direction of economic research, the authors put standard economic theory to the test, using data from a series of recent episodes, including the 1992 increase in New Jersey's minimum wage, the 1988 rise in California's minimum wage, and the 1990–91 increases in the federal minimum wage. In each case they present a battery of evidence showing that increases in the minimum wage lead to increases in pay, but no loss in jobs. A distinctive feature of Card and Krueger's research is the use of empirical methods borrowed from the natural sciences, including comparisons between the "treatment" and "control" groups formed when the minimum wage rises for some workers but not for others. In addition, the authors critically reexamine the previous literature on the minimum wage and find that it, too, lacks support for the claim that a higher minimum wage cuts jobs. Finally, the effects of the minimum wage on family earnings, poverty outcomes, and the stock market valuation of low-wage employers are documented. Overall, this book calls into question the standard model of the labor market that has dominated economists' thinking on the minimum wage. In addition, it will shift the terms of the debate on the minimum wage in Washington and in state legislatures throughout the country. With a new preface discussing new data, Myth and Measurement continues to shift the terms of the debate on the minimum wage.

Download or read book Empirical Labor Economics written by Theresa J. Devine and published by Oxford University Press. This book was released on 1991-02-28 with total page 356 pages. Available in PDF, EPUB and Kindle. Book excerpt: Presenting a complete survey of labor economics from the search point of view, this is the first book to coordinate a vast and scattered literature, making an increasingly important and sophisticated area in modern applied economics readily accessible. Completely comprehensive, Empirical Labor Economics covers not only sequential and random search, but all stochastic models of the labor market, and treats underlying economic theory and econometric methods as needed. It examines structural search models, studies directed at particular policy questions--such as the effect of unemployment benefits on unemployment durations--and simple descriptive studies, considering data from all over the world. With valuable summaries and trenchant assessments of the strengths and weaknesses of the search approach, Empirical Labor Economics is essential for those embarking on labor market research.