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Market Socialism and the Managerial Labour Market

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  • Roland, Gérard
  • Sekkat, M. Khalid

Abstract

This paper presents a simple ratchet model. The ratchet effect, and the inability of the government to precommit credibly to given incentive schemes, are related to the fact that the government has monopsony power over managers, as is the case under market socialism where means of production are state-owned. But the introduction of a private sector of significant size gives an outside option to managers. Creating competition with the private sector is then a way to create credible commitment to public sector incentive schemes. Efficiency can be enhanced because of managers' interests in building a reputation on the managerial labour market, giving them the possibility of this outside option.

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Bibliographic Info

Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 655.

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Date of creation: May 1992
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Handle: RePEc:cpr:ceprdp:655

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Keywords: Managerial Labour Market; Market Socialism; Ratchet Effect;

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Cited by:
  1. Roland, Gérard & Sekkat, M. Khalid, 1996. "Managerial Career Concerns, Privatization and Restructuring in Transition Economies," CEPR Discussion Papers 1363, C.E.P.R. Discussion Papers.

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