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- DescriptionWhat happens if an employer cuts wages by one cent? Much of labor ecomics 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. Mopsony in Motion stands apart by analyzing labor markets from the real-world perspective that employers have significant market (or mopsony) 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 ecomics based on this alternative and equally plausible assumption. The book addresses the theoretical implications of mopsony 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 mopsony power over their workers. Also considered are policy issues including the minimum wage, equal pay legislation, and caps on working hours. In a mopsonistic labor market, concludes Manning, the free market can longer be sustained as an ideal and labor ecomists need to be more open-minded in their evaluation of labor market policies. Mopsony in Motion will represent for some a new fundamental text in the advanced study of labor ecomics, and for others, an invaluable alternative perspective that henceforth must be taken into account in any serious consideration of the subject.
- Author BiographyAlan Manning is Professor of Economics and Director of the Labour Markets Programme in the Centre for Economic Performance at the London School of Economics. He has published numerous papers on labor economics.
- Author(s)Alan Manning
- PublisherPrinceton University Press
- Date of Publication10/01/2005
- SubjectEconomics: Professional & General
- Place of PublicationNew Jersey
- Country of PublicationUnited States
- ImprintPrinceton University Press
- Content Note28 line illus. 50 tables.
- Weight628 g
- Width152 mm
- Height229 mm
- Spine23 mm
- Format DetailsTrade paperback (US)
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