Minimum Wages In Monopsonistic Labor Markets

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Monopsony in Motion

Author : Alan Manning
Publisher : Princeton University Press
ISBN 13 : 1400850673
Total Pages : 414 pages
Book Rating : 4.4/5 (8 download)

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Book Synopsis Monopsony in Motion by : Alan Manning

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.

The Minimum Wage and Labor Market Outcomes

Author : Christopher J. Flinn
Publisher : MIT Press
ISBN 13 : 0262288761
Total Pages : 321 pages
Book Rating : 4.2/5 (622 download)

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Book Synopsis The Minimum Wage and Labor Market Outcomes by : Christopher J. Flinn

Download or read book The Minimum Wage and Labor Market Outcomes written by Christopher J. Flinn and published by MIT Press. This book was released on 2011-02-04 with total page 321 pages. Available in PDF, EPUB and Kindle. Book excerpt: The introduction of a search and bargaining model to assess the welfare effects of minimum wage changes and to determine an “optimal” minimum wage. In The Minimum Wage and Labor Market Outcomes, Christopher Flinn argues that in assessing the effects of the minimum wage (in the United States and elsewhere), a behavioral framework is invaluable for guiding empirical work and the interpretation of results. Flinn develops a job search and wage bargaining model that is capable of generating labor market outcomes consistent with observed wage and unemployment duration distributions, and also can account for observed changes in employment rates and wages after a minimum wage change. Flinn uses previous studies from the minimum wage literature to demonstrate how his model can be used to rationalize and synthesize the diverse results found in widely varying institutional contexts. He also shows how observed wage distributions from before and after a minimum wage change can be used to determine if the change was welfare-improving. More ambitiously, and perhaps controversially, Flinn proposes the construction and formal estimation of the model using commonly available data; model estimates then enable the researcher to determine directly the welfare effects of observed minimum wage changes. This model can be used to conduct counterfactual policy experiments—even to determine “optimal” minimum wages under a variety of welfare metrics. The development of the model and the econometric theory underlying its estimation are carefully presented so as to enable readers unfamiliar with the econometrics of point process models and dynamic optimization in continuous time to follow the arguments. Although most of the book focuses on the case where only the unemployed search for jobs in a homogeneous labor market environment, later chapters introduce on-the-job search into the model, and explore its implications for minimum wage policy. The book also contains a chapter describing how individual heterogeneity can be introduced into the search, matching, and bargaining framework.

What Does the Minimum Wage Do?

Author : Dale Belman
Publisher : W.E. Upjohn Institute
ISBN 13 : 0880994568
Total Pages : 489 pages
Book Rating : 4.8/5 (89 download)

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Book Synopsis What Does the Minimum Wage Do? by : Dale Belman

Download or read book What Does the Minimum Wage Do? written by Dale Belman and published by W.E. Upjohn Institute. This book was released on 2014-07-07 with total page 489 pages. Available in PDF, EPUB and Kindle. Book excerpt: Belman and Wolfson perform a meta-analysis on scores of published studies on the effects of the minimum wage to determine its impacts on employment, wages, poverty, and more.

High Wage Workers and High Wage Firms

Author : John M. Abowd
Publisher : Université de Montréal, Centre de recherche et développement en économique
ISBN 13 :
Total Pages : 94 pages
Book Rating : 4.:/5 (318 download)

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Book Synopsis High Wage Workers and High Wage Firms by : John M. Abowd

Download or read book High Wage Workers and High Wage Firms written by John M. Abowd and published by Université de Montréal, Centre de recherche et développement en économique. This book was released on 1994 with total page 94 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study a longitudinal sample of over one million French workers and over 500,000 employing firms. Real total annual compensation per worker is decomposed into components related to observable characteristics, worker heterogeneity, firm heterogeneity and residual variation. Except for the residual, all components may be correlated in an arbitrary fashion. At the level of the individual, we find that person-effects, especially those not related to observables like education, are the most important source of wage variation in France. Firm-effects, while important, are not as important as person-effects. At the level of firms, we find that enterprises that hire high-wage workers are more productive but not more profitable. They are also more capital and high-skilled employee intensive. Enterprises that pay higher wages, controlling for person-effects, are more productive and more profitable. They are also more capital intensive but are not more high-skilled labor intensive. We also find that person-effects explain 92% of inter-industry wage differentials.

Myth and Measurement

Author : David Card
Publisher : Princeton University Press
ISBN 13 : 1400880874
Total Pages : 455 pages
Book Rating : 4.4/5 (8 download)

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Book Synopsis Myth and Measurement by : David Card

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.

The Cambridge Handbook of U.S. Labor Law for the Twenty-First Century

Author : Richard Bales
Publisher : Cambridge University Press
ISBN 13 : 1108428835
Total Pages : 435 pages
Book Rating : 4.1/5 (84 download)

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Book Synopsis The Cambridge Handbook of U.S. Labor Law for the Twenty-First Century by : Richard Bales

Download or read book The Cambridge Handbook of U.S. Labor Law for the Twenty-First Century written by Richard Bales and published by Cambridge University Press. This book was released on 2019-12-05 with total page 435 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the last fifty years in the United States, unions have been in deep decline, while income and wealth inequality have grown. In this timely work, editors Richard Bales and Charlotte Garden - with a roster of thirty-five leading labor scholars - analyze these trends and show how they are linked. Designed to appeal to those being introduced to the field as well as experts seeking new insights, this book demonstrates how federal labor law is failing today's workers and disempowering unions; how union jobs pay better than nonunion jobs and help to increase the wages of even nonunion workers; and how, when union jobs vanish, the wage premium also vanishes. At the same time, the book offers a range of solutions, from the radical, such as a complete overhaul of federal labor law, to the incremental, including reforms that could be undertaken by federal agencies on their own.

Private Government

Author : Elizabeth Anderson
Publisher : Princeton University Press
ISBN 13 : 0691192243
Total Pages : 222 pages
Book Rating : 4.6/5 (911 download)

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Book Synopsis Private Government by : Elizabeth Anderson

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.

The Real Thin Theory

Author : Alan Manning
Publisher :
ISBN 13 : 9780753016022
Total Pages : 44 pages
Book Rating : 4.0/5 (16 download)

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Book Synopsis The Real Thin Theory by : Alan Manning

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:

The Economics of Imperfect Competition

Author : Joan Robinson
Publisher : Springer
ISBN 13 : 1349153206
Total Pages : 359 pages
Book Rating : 4.3/5 (491 download)

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Book Synopsis The Economics of Imperfect Competition by : Joan Robinson

Download or read book The Economics of Imperfect Competition written by Joan Robinson and published by Springer. This book was released on 1969-07-01 with total page 359 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Mismatch Unemployment

Author : Aysegul Sahin
Publisher :
ISBN 13 : 9781457838200
Total Pages : 79 pages
Book Rating : 4.8/5 (382 download)

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Book Synopsis Mismatch Unemployment by : Aysegul Sahin

Download or read book Mismatch Unemployment written by Aysegul Sahin and published by . This book was released on 2012 with total page 79 pages. Available in PDF, EPUB and Kindle. Book excerpt: We develop a framework where mismatch between vacancies and job seekers across sectors translates into higher unemployment by lowering the aggregate job-finding rate. We use this framework to measure the contribution of mismatch to the recent rise in U.S. unemployment by exploiting two sources of cross-sectional data on vacancies, JOLTS and HWOL, a new database covering the universe of online U.S. job advertisements. Mismatch across industries and occupations explains at most 1/3 of the total observed increase in the unemployment rate, whereas geographical mismatch plays no apparent role. The share of the rise in unemployment explained by occupational mismatch is increasing in the education level.

The Fissured Workplace

Author : David Weil
Publisher : Harvard University Press
ISBN 13 : 067472612X
Total Pages : 421 pages
Book Rating : 4.6/5 (747 download)

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Book Synopsis The Fissured Workplace by : David Weil

Download or read book The Fissured Workplace written by David Weil and published by Harvard University Press. This book was released on 2014-02-17 with total page 421 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the twentieth century, large companies employing many workers formed the bedrock of the U.S. economy. Today, on the list of big business's priorities, sustaining the employer-worker relationship ranks far below building a devoted customer base and delivering value to investors. As David Weil's groundbreaking analysis shows, large corporations have shed their role as direct employers of the people responsible for their products, in favor of outsourcing work to small companies that compete fiercely with one another. The result has been declining wages, eroding benefits, inadequate health and safety protections, and ever-widening income inequality. From the perspectives of CEOs and investors, fissuring--splitting off functions that were once managed internally--has been phenomenally successful. Despite giving up direct control to subcontractors and franchises, these large companies have figured out how to maintain the quality of brand-name products and services, without the cost of maintaining an expensive workforce. But from the perspective of workers, this strategy has meant stagnation in wages and benefits and a lower standard of living. Weil proposes ways to modernize regulatory policies so that employers can meet their obligations to workers while allowing companies to keep the beneficial aspects of this business strategy.

Contributions to Modern Economics

Author : Joan Robinson
Publisher : Academic Press
ISBN 13 : 1483263231
Total Pages : 297 pages
Book Rating : 4.4/5 (832 download)

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Book Synopsis Contributions to Modern Economics by : Joan Robinson

Download or read book Contributions to Modern Economics written by Joan Robinson and published by Academic Press. This book was released on 2014-05-10 with total page 297 pages. Available in PDF, EPUB and Kindle. Book excerpt: Contributions to Modern Economics includes contributions to two great intellectual upheavals in economic theory: the Keynesian Revolution and the revival of the classical theory of profits led by Piero Sraffa. The formation of prices in capitalist and socialist economies and of international trade is also discussed. The evolution of these ideas is linked to the personal and historical events that influenced them. Comprised of 24 chapters, this book begins by describing the second crisis of economic theory, which is related to the first crisis — the great slump of the 1930s. The reader is then introduced to the theory of money and the analysis of output; obstacles to full employment; and the concept of hoarding. Subsequent chapters explore capital, profits, and prices, with emphasis on the theory of capital, imperfect competition, and the theory of value. International trade, capitalism, and beggar-my-neighbor remedies for unemployment are also examined. This monograph should be of interest to economists.

The British National Minimum Wage

Author : David Metcalf
Publisher :
ISBN 13 :
Total Pages : 40 pages
Book Rating : 4.E/5 ( download)

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Book Synopsis The British National Minimum Wage by : David Metcalf

Download or read book The British National Minimum Wage written by David Metcalf and published by . This book was released on 1999 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The American Political Economy

Author : Jacob S. Hacker
Publisher : Cambridge University Press
ISBN 13 : 1316516369
Total Pages : 487 pages
Book Rating : 4.3/5 (165 download)

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Book Synopsis The American Political Economy by : Jacob S. Hacker

Download or read book The American Political Economy written by Jacob S. Hacker and published by Cambridge University Press. This book was released on 2021-11-11 with total page 487 pages. Available in PDF, EPUB and Kindle. Book excerpt: Drawing together leading scholars, the book provides a revealing new map of the US political economy in cross-national perspective.

The Minimum Wage

Author : Noah Berlatsky
Publisher : Greenhaven Publishing
ISBN 13 : 9780737757415
Total Pages : 0 pages
Book Rating : 4.7/5 (574 download)

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Book Synopsis The Minimum Wage by : Noah Berlatsky

Download or read book The Minimum Wage written by Noah Berlatsky and published by Greenhaven Publishing. This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Each title in the highly acclaimed Opposing Viewpoints series explores a specific issue by placing expert opinions in a unique pro/con format; the viewpoints are selected from a wide range of highly respected and often hard-to-find publications.; Articles collected in this edition of the popular Opposing Viewpoints series discuss the minimum wage. The title includes a balanced selection of articles that address the impact of the minimum wage on workers, businesses, and the overall economy. Include; "Each volume in the Opposing Viewpoints Series could serve as a model not only providing access to a wide diversity of opinions, but also stimulating readers to do further research for group discussion and individual interest. Both shrill and moderate, th"

Employer Concentration in Local Labor Markets

Author : Robert L. Bunting
Publisher : Hassell Street Press
ISBN 13 : 9781013341779
Total Pages : 614 pages
Book Rating : 4.3/5 (417 download)

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Book Synopsis Employer Concentration in Local Labor Markets by : Robert L. Bunting

Download or read book Employer Concentration in Local Labor Markets written by Robert L. Bunting and published by Hassell Street Press. This book was released on 1958 with total page 614 pages. Available in PDF, EPUB and Kindle. Book excerpt: This work has been selected by scholars as being culturally important and is part of the knowledge base of civilization as we know it. This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. To ensure a quality reading experience, this work has been proofread and republished using a format that seamlessly blends the original graphical elements with text in an easy-to-read typeface. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.

The State of Working America 2006/2007

Author : Lawrence R. Mishel
Publisher : Comstock Publishing Associates
ISBN 13 : 9780801445293
Total Pages : 448 pages
Book Rating : 4.4/5 (452 download)

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Book Synopsis The State of Working America 2006/2007 by : Lawrence R. Mishel

Download or read book The State of Working America 2006/2007 written by Lawrence R. Mishel and published by Comstock Publishing Associates. This book was released on 2007 with total page 448 pages. Available in PDF, EPUB and Kindle. Book excerpt: Praise for previous editions of The State of Working America: "The State of Working America remains unrivaled as the most-trusted source for a comprehensive understanding of how working Americans and their families are faring in today's economy."--Robert B. Reich"It is the inequality of wealth, argue the authors, rather than new technology (as some would have it), that is responsible for the failure of America's workplace to keep pace with the country's economic growth. The State of Working America is a well-written, soundly argued, and important reference book."--Library Journal "If you want to know what happened to the economic well-being of the average American in the past decade or so, this is the book for you. It should be required reading for Americans of all political persuasions."--Richard Freeman, Harvard University "A truly comprehensive and useful book that provides a reality check on loose statements about U.S. labor markets. It should be cheered by all Americans who earn their living from work."--William Wolman, former chief economist, CNBC's Business Week "The State of Working America provides very valuable factual and analytic material on the economic conditions of American workers. It is the very best source of information on this important subject."--Ray Marshall, University of Texas, former U.S. Secretary of Labor"An indispensable work . . . on family income, wages, taxes, employment, and the distribution of wealth."--Simon Head, The New York Review of Books "No matter what political camp you're in, this is the single most valuable book I know of about the state of America, period. It is the most referenced, most influential resource book of its kind."--Jeff Madrick, author, The End of Affluence "This book is the single best yardstick for measuring whether or not our economic policies are doing enough to ensure that our economy can, once again, grow for everybody."--Richard A. Gephardt "The best place to review the latest developments in changes in the distribution of income and wealth."--Lester ThurowThe State of Working America, prepared biennially since 1988 by the Economic Policy Institute, includes a wide variety of data on family incomes, wages, taxes, unemployment, wealth, and poverty-data that enable the authors to closely examine the effect of the economy on the living standards of the American people.