On the Benefits from Rigid Labour Markets: Norms, Market Failures, and Social Insurance
AbstractThe common view that far-reaching labour market deregulation is the only remedy for high European unemployment is too simplistic. First, the ecidence suggests that deeply rooted social customs are an important cause of wage rigidity, going beyonf the legal constraints emphasized in the political debate. Second, in a second-best setting, a compressed wage structure may generate an efficiency gain. Finally, based on simple plots of the relation between labour market institutions and openness in OECD countries, I conclude that the globalization of economic activity may lead to increased demand for various labour market rigidities.
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Bibliographic InfoPaper provided by Uppsala - Working Paper Series in its series Papers with number 1998:17.
Length: 36 pages
Date of creation: 1998
Date of revision:
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Postal: UPPSALA UNIVERSITY, DEPARTMENT OF ECONOMICS, S-751 20 UPPSALA SWEDEN.
Phone: + 46 18 471 25 00
Fax: + 46 18 471 14 78
Web page: http://www.nek.uu.se/
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LABOUR MARKET ; WAGES ; UNEMPLOYMENT ; MIGRATION;
Other versions of this item:
- Agell, Jonas, 1999. "On the Benefits from Rigid Labour Markets: Norms, Market Failures, and Social Insurance," Economic Journal, Royal Economic Society, vol. 109(453), pages F143-64, February.
- Agell, Jonas, 1998. "On the Benefits from Rigid Labour Markets: Norms, Market Failures, and Social Insurance," Working Paper Series 1998:17, Uppsala University, Department of Economics.
- J30 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - General
- J50 - Labor and Demographic Economics - - Labor-Management Relations, Trade Unions, and Collective Bargaining - - - General
- J60 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - General
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