The Political Economy of Labour Market Institutions
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Product details:
- Publisher OUP Oxford
- Date of Publication 28 September 2000
- ISBN 9780198293323
- Binding Hardback
- No. of pages288 pages
- Size 224x146x20 mm
- Weight 447 g
- Language English
- Illustrations line figures 0
Categories
Short description:
This book looks at why labour market institutions such as those evident in continental Europe - more specifically, employment protection, unemployment benefits, and relative wage rigidities - exist, what role they play in society, why they seem so persistent, where the pressure to reform them comes from, and whether reform can be politically viable or not. It studies the economic conditions under which we expect a given set of institutions to arise and remain stable, and provides theoretical guidelines about the gainers and losers from given institutions.
MoreLong description:
According to most orthodox economists, labour market rigidities are the key culprit for such high unemployment as has been observed in Europe during the past three decades. But governments that have attempted to follow the standard prescription of removing rigidities have often faced harsh political opposition.
This book looks at why labour market institutions such as employment protection, unemployment benefits, and relative wage rigidities exist, what role they play in society, why they seem so persistent, where the pressure to reform them comes from, and whether reform can be politically viable or not.
The book ascribes a central role to the existence of underlying microeconomic frictions and to redistributive pressures between rich and poor, and shows how these ingredients may give rise to labour market rents, which in turn explain why a coherent set of rigidities arise as the outcome of the political process. It is also shown that, at the same time, such rents create resistance to reform, and contribute to locking society into a high-unemployment, rigid equilibrium. Finally, the basic principles exposed in the book are used to discuss various strategies for a successful labour market reform.
Table of Contents:
Introduction
Part I. The support for labour market regulations
The no-rent society
A less perfect world: market rents and redistributive conflict
Wage rigidity and social cohesion
Employment protection
Unemployment benefits and other measures for the unemployed
Part II. The political economy of labour market reform
The constituency effect
The identifiability effect
Two-tier systems
Politico-economic complementarities
