A01=Alan Manning
Author_Alan Manning
Bilateral monopoly
Category=KCF
Compensating differential
Cost curve
Cultural lag
Demand curve
Demand For Labor
Downside risk
Dynamic programming
Economic interventionism
Economic surplus
Economics
Efficiency wage
Elasticity of substitution
Employment
Envelope theorem
eq_bestseller
eq_business-finance-law
eq_isMigrated=1
eq_isMigrated=2
eq_nobargain
eq_non-fiction
Excess supply
Exhaustion
Externality
Frictional unemployment
Gender pay gap
Human capital
Indifference curve
Inequality of bargaining power
Involuntary unemployment
Job security
Labor demand
Labour power
Labour supply
Layoff
Marginal cost
Marginal product
Marginal rate of substitution
Market failure
Market power
Maximum wage
Minimum wage
Monopsony
Natural rate of unemployment
Negative binomial distribution
Neoclassical economics
Oligopoly
Oligopsony
Opportunity cost
Ordinary least squares
Partial equilibrium
Perfect competition
Price elasticity of supply
Production function
Productivity
Profit (economics)
Profit maximization
Rate of exploitation
Reservation wage
Risk aversion
Salary
Search theory
Shortage
Spillover effect
Stylized fact
Supply (economics)
Supply shock
Tax
Trade union
Unemployment
Unemployment in the United States
Union wage premium
Utility
Wage
Wage compression
Working poor
Product details
- ISBN 9780691123288
- Weight: 624g
- Dimensions: 146 x 229mm
- Publication Date: 30 Jan 2005
- Publisher: Princeton University Press
- Publication City/Country: US
- Product Form: Paperback
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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.
Alan 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.
