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Monopsony in Motion : Imperfect Competition in Labor Markets - Alan Manning

Monopsony in Motion

Imperfect Competition in Labor Markets

Paperback

Published: 30th January 2005
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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.

"Given the breadth and depth of the issues Manning covers--clearly, a staggering amount of work went into this book--even skeptical readers will not be able to dismiss his theory lightly... The book is so well written that even the most complicated material in it is readable. The presentation is also commendably well balanced... [It] deserves a place on our bookshelves alongside the other seminal works in labor economics."--Michael Rizzo, Industrial and Labor Relations Review "The manner of Manning's exposition of his arguments advocating the monopsonist view is impressive... [I]t will be hard for even the utmost skeptic and expert not to come away having learnt something more about labor economics."--Eric A. Strobl, Journal of Economic Behavior and Organization

Preface
Basicsp. 1
Introductionp. 3
Simple Models of Monopsony and Oligopsonyp. 29
Efficiency in Oligopsonistic Labor Marketsp. 56
The Elasticity of the Labor Supply Curve to an Individual Firmp. 80
The Structure of Wagesp. 115
The Wage Policies of Employersp. 117
Earnings and the Life Cyclep. 141
Gender Discrimination in Labor Marketsp. 193
Employers and Wagesp. 217
Labor Demand and Supplyp. 237
Unemployment, Inactivity, and Labor Supplyp. 239
Vacancies and the Demand for Laborp. 269
Human Capital and Trainingp. 301
Wage-Setting Institutions and Conclusionsp. 323
The Minimum Wage and Trade Unionsp. 325
Monopsony and the Big Picturep. 360
Data Sets Appendixp. 368
Bibliographyp. 379
Indexp. 397
Table of Contents provided by Blackwell. All Rights Reserved.

ISBN: 9780691123288
ISBN-10: 0691123284
Audience: Tertiary; University or College
Format: Paperback
Language: English
Number Of Pages: 416
Published: 30th January 2005
Publisher: Princeton University Press
Country of Publication: US
Dimensions (cm): 23.5 x 15.9  x 2.5
Weight (kg): 0.68