Employment Protection in an Institutional Perspective
AbstractUsing the analytical tools of New Institutional Economics it can be shown that efficient employment protection should be differentiated according to the amount and kind of the worker's investment in human capital. Hence, employment protection serves different purposes in different cases. A worker with firm-specific qualifications has to be protected from opportunistic behaviour by the employer, whereas employment protection for generally qualified workers serves as a means of restraining competition through equally qualified outsiders. Due to informational disadvantages of labor jurisdiction, legal employment protection should be partially substituted by implicit contracts on employment protection.
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Bibliographic InfoArticle provided by Justus-Liebig University Giessen, Department of Statistics and Economics in its journal Journal of Economics and Statistics.
Volume (Year): 218 (1999)
Issue (Month): 3+4 (March)
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employment protection; institutional economics; centralized vs. decentralized regulation; human capital theory; private vs. court ordering;
Find related papers by JEL classification:
- J4 - Labor and Demographic Economics - - Particular Labor Markets
- J6 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers
- K31 - Law and Economics - - Other Substantive Areas of Law - - - Labor Law
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