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Exploitation in Monopsony

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    Abstract

    A key feature of monopsony is that a single firm pays its workers a wage ( w) less than the marginal revenue product (MRP ). Ever since its creation by Joan Robinson (1933), this feature has been explained as a symbol of the monopsonistic firm exploiting its workers. By using a simple standard efficiency wage model of Yellen (1984), this paper examines the conventional wisdom by showing that the firm pays workers w

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    Bibliographic Info

    Paper provided by Institute of Economics, Academia Sinica, Taipei, Taiwan in its series IEAS Working Paper : academic research with number 12-A001.

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    Length: 17 pages
    Date of creation: May 2012
    Date of revision:
    Handle: RePEc:sin:wpaper:12-a001

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    Keywords: Monopsony; exploitation; efficiency wages;

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