The Macroeconomics of Specificity
Abstract
Specific quasi-rents build up in a wide variety of economic relationships, and are exposed to opportunism unless fully protected by contract. The recognition that such contracts are often incomplete has yielded major insights into the organization of microeconomic exchange. Rent appropriation, we argue, also has important macroeconomic implications.(This abstract was borrowed from another version of this item.)
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Bibliographic Info
Article provided by University of Chicago Press in its journal Journal of Political Economy.
Volume (Year): 106 (1998)
Issue (Month): 4 (August)
Pages: 724-767
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Web page: http://www.journals.uchicago.edu/JPE/
Related research
Keywords:Other versions of this item:
- Ricardo J. Caballero & Mohamad L. Hammour, 1996. "The Macroeconomics of Specificity," NBER Working Papers 5757, National Bureau of Economic Research, Inc.
- Caballero, R-J & Hammour, M-L, 1996. "The Macroeconomics of Specificity," Working papers 96-25, Massachusetts Institute of Technology (MIT), Department of Economics.
- J41 - Labor and Demographic Economics - - Particular Labor Markets - - - Labor Contracts
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