Is monopsony the right way to model labor markets? a review of Alan Manning's monopsony in motion

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Is monopsony the right way to model labor markets? a review of Alan Manning's monopsony in motion

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PETER KUHN

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Peter Joseph Kuhn

Abstract

Manning proposes that the 'traditional' monopsony model, once regarded as an analytical curiosity, be adopted as a widely-applicable description of firms' behavior in labor markets. In Manning's view, search frictions in the labor market generate upward-sloping labor supply curves to individual firms even when firms are small relative to the labor market. Thus a model of 'monopsonistic competition' best characterizes labor markets as a whole. Manning's book applies this new perspective to a wide range of 'traditional' topics in labor economics, ranging from labor supply, to gender discrimination, to the effects of trade unions on wages and employment, generating refreshing new insights in each case. Ultimately, however, this reader was left unconvinced that monopsony is the 'right' model of most firms' labor market behavior in the long run.

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Article provided by Taylor and Francis Journals in its journal International Journal of the Economics of Business.

Volume (Year): 11 (2004)
Issue (Month): 3 (November)
Pages: 369-378
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Handle: RePEc:taf:ijecbs:v:11:y:2004:i:3:p:369-378

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References listed on IDEAS
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Burdett, Kenneth & Vishwanath, Tara, 1988. "Balanced Matching and Labor Market Equilibrium," Journal of Political Economy, University of Chicago Press, vol. 96(5), pages 1048-65, October. [Downloadable!] (restricted)

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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

Michael R. Ransom & Ronald L. Oaxaca, 2008. "New Market Power Models and Sex Differences in Pay," Working Papers 1110, Princeton University, Department of Economics, Industrial Relations Section.. [Downloadable!]
Michael R. Ransom & David P. Sims, 2008. "Estimating the Firm’s Labor Supply Curve in a “New Monopsony” Framework: School Teachers in Missouri," Working Papers 1108, Princeton University, Department of Economics, Industrial Relations Section.. [Downloadable!]

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