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Monopsony in Motion
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.
eBook
LABOR SUPPLY SHOCKS, NATIVE WAGES, AND THE ADJUSTMENT OF LOCAL EMPLOYMENT
By exploiting a commuting policy that led to a sharp and unexpected inflow of Czech workers to areas along the German-Czech border, we examine the impact of an exogenous immigration-induced labor supply shock on local wages and employment of natives. On average, the supply shock leads to a moderate decline in local native wages and a sharp decline in local native employment. These average effects mask considerable heterogeneity across groups: while younger natives experience larger wage effects, employment responses are particularly pronounced for older natives. This pattern is inconsistent with standardmodels of immigration but can be accounted for by a model that allows for a larger labor supply elasticity or a higher degree of wage rigidity for older than for young workers. We further show that the employment response is almost entirely driven by diminished inflows of natives into work rather than outflows into other areas or nonemployment, suggesting that “outsiders” shield “insiders” from the increased competition.
Journal Article
Cultural change as learning
This paper develops a learning model of cultural change to investigate why women's labor force participation (LFP) and attitudes toward women's work both changed dramatically. In the model, women's beliefs about the long-run payoff from working evolve endogenously via an intergenerational learning process. This process generically generates the data's S-shaped LFP curve and introduces a novel role for wage changes via their effect on the speed of intergenerational learning. The calibrated model does a good job of replicating the evolution of female LFP in the United States over the last 120 years and finds that the new role for wages was quantitatively significant.
Journal Article
How the world works : the story of human labor from prehistory to the modern day
\"Few authors are able to write cogently in both the scientific and the economic spheres. Even fewer possess the intellectual scope needed to address science and economics at a macro as well as a micro level. But Paul Cockshott, using the dual lenses of Marxist economics and technological advance, has managed to pull off a stunningly acute critical perspective of human history, from pre-agricultural societies to the present. In this book, Cockshott connects scientific, economic, and societal strands to produce a sweeping and detailed work of historical analysis. This book will astound readers of all backgrounds and ages; it will also will engage scholars of history, science, and economics for years to come\"-- Provided by publisher.
Book
Active labour market policy evaluations
This article presents a meta‐analysis of recent microeconometric evaluations of active labour market policies. We categorise 199 programme impacts from 97 studies conducted between 1995 and 2007. Job search assistance programmes yield relatively favourable programme impacts, whereas public sector employment programmes are less effective. Training programmes are associated with positive medium‐term impacts, although in the short term they often appear ineffective. We also find that the outcome variable used to measure programme impact matters, but neither the publication status of a study nor the use of a randomised design is related to the sign or significance of the programme estimate.
Journal Article
Social justice and the German labour market : a critical inquiry into normative institutional analysis
The neoliberal transformation of welfare state institutions has intensified social inequalities, raising questions of social justice across European varieties of capitalism. In Germany, this transformation occurred with Third Way social democracy and the consequent Hartz reforms. After ten years of reducing unemployment, this 'Hartz Regime' is now cited as a model for reforming other European political economies. Despite this apparent success, it has also received criticism for exacerbating the social injustices of neoliberal capitalism, ultimately leading to the question: how do we know if the German Hartz Regime is socially just? Drawing on the Frankfurt School of critical theory, this study demonstrates not only how to develop a theory of social justice for empirically studying labour market institutions, but also illustrates it through an extensive study of the German case. The result is both unsurprising and reinforces classical social democratic concerns: not only the Hartz Regime, but capitalism itself, is inherently unjust. By accepting this previously recognised conclusion, the book provides a critical framework for the normative evaluation of empirical institutions, effective for studying the varieties of social (in)justice in contemporary capitalism beyond Germany.
Book
Gender, competitiveness, and career choices
Gender differences in competitiveness have been hypothesized as a potential explanation for gender differences in education and labor market outcomes. We examine the predictive power of a standard laboratory experimental measure of competitiveness for the later important choice of academic track of secondary school students in the Netherlands. Although boys and girls display similar levels of academic ability, boys choose substantially more prestigious academic tracks, where more prestigious tracks are more math- and science-intensive. Our experimental measure shows that boys are also substantially more competitive than girls. We find that competitiveness is strongly positively correlated with choosing more prestigious academic tracks even conditional on academic ability. Most important, we find that the gender difference in competitiveness accounts for a substantial portion (about 20%) of the gender difference in track choice.
Journal Article