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Coercion, contract and the limits of the market

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Listed author(s):
  • Kaushik Basu

    ()

Abstract

A central proposition on which much of normative economics is founded asserts that if two or more adults voluntarily agree to an exchange or trade and this does not have a negative fall-out on others, then government should not stop this exchange. Yet, on a variety of matters (hazardous work, the right to give up trade union rights in order to work in an export-processing zone) we tend to justify government or international interventions banning seemingly voluntary exchanges. This lecture will explore the meaning of coercion and voluntariness and try to articulate general principles for describing certain markets as 'obnoxious'. The principles will be applied to different labor market problems, ranging from sexual harassment to hazardous work.

(This abstract was borrowed from another version of this item.)

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File URL: http://hdl.handle.net/10.1007/s00355-007-0245-0
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Article provided by Springer & The Society for Social Choice and Welfare in its journal Social Choice and Welfare.

Volume (Year): 29 (2007)
Issue (Month): 4 (December)
Pages: 559-579

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Handle: RePEc:spr:sochwe:v:29:y:2007:i:4:p:559-579
DOI: 10.1007/s00355-007-0245-0
Contact details of provider: Web page: http://www.springer.com

Web page: http://www.unicaen.fr/recherche/mrsh/scw/

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Order Information: Web: http://www.springer.com/economics/economic+theory/journal/355

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  1. Sen, Amartya Kumar, 1970. "The Impossibility of a Paretian Liberal," Scholarly Articles 3612779, Harvard University Department of Economics.
  2. Basu, Kaushik & Van, Pham Hoang, 1998. "The Economics of Child Labor," American Economic Review, American Economic Association, vol. 88(3), pages 412-427, June.
  3. Sen, Amartya, 1970. "The Impossibility of a Paretian Liberal," Journal of Political Economy, University of Chicago Press, vol. 78(1), pages 152-157, Jan.-Feb..
  4. Ashwini Deshpande, 1999. "Loan Pushing and Triadic Relations," Southern Economic Journal, Southern Economic Association, vol. 65(4), pages 914-926, April.
  5. Sen, Amartya & Pattanaik, Prasanta K., 1969. "Necessary and sufficient conditions for rational choice under majority decision," Journal of Economic Theory, Elsevier, vol. 1(2), pages 178-202, August.
  6. Gaertner, Wulf & Pattanaik, Prasanta K & Suzumura, Kotaro, 1992. "Individual Rights Revisited," Economica, London School of Economics and Political Science, vol. 59(234), pages 161-177, May.
  7. Neeman, Zvika, 1999. "The Freedom to Contract and the Free-Rider Problem," Journal of Law, Economics and Organization, Oxford University Press, vol. 15(3), pages 685-703, October.
  8. Arrow, Kenneth J, 1994. "Methodological Individualism and Social Knowledge," American Economic Review, American Economic Association, vol. 84(2), pages 1-9, May.
  9. Basu, Kaushik, 2003. "Prelude to Political Economy: A Study of the Social and Political Foundations of Economics," OUP Catalogue, Oxford University Press, number 9780199261857, April.
  10. George Akerlof, 1976. "The Economics of Caste and of the Rat Race and Other Woeful Tales," The Quarterly Journal of Economics, Oxford University Press, vol. 90(4), pages 599-617.
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Cited by:

  1. Basu, Kaushik & Pattanaik, Prasanta K., 2014. "Nash equilibria of games when players'preferences are quasi-transitive," Policy Research Working Paper Series 7037, The World Bank.
  2. Raul Caruso, 2008. "Reciprocity in the shadow of threat," International Review of Economics, Springer;Happiness Economics and Interpersonal Relations (HEIRS), vol. 55(1), pages 91-111, April.
  3. Barrett, Christopher B. & Bachke, Maren E. & Bellemare, Marc F. & Michelson, Hope C. & Narayanan, Sudha & Walker, Thomas F., 2010. "Smallholder Participation in Agricultural Value Chains: Comparative Evidence from Three Continents," MPRA Paper 27829, University Library of Munich, Germany.
  4. Julio Elias & Nicola Lacetera & Mario Macis, 2016. "Efficiency-Morality Trade-Offs in Repugnant Transactions: A Choice Experiment," CESifo Working Paper Series 6085, CESifo Group Munich.
  5. Dan Munter & Lars Lindblom, 2017. "Beyond Coercion: Moral Assessment in the Labour Market," Journal of Business Ethics, Springer, vol. 142(1), pages 59-70, April.
  6. Kaushik Basu, 2007. "Identity and altruism: The Moral basis of prosperity and oppression," Indian Statistical Institute, Planning Unit, New Delhi Discussion Papers 08-08, Indian Statistical Institute, New Delhi, India.
  7. Raul Caruso, 2011. "Relational Goods at Work! Crime and Sport Participation in Italy: Evidence from Panel Data Regional Analysis over the Period 1997–2003," Chapters,in: Contemporary Issues in Sports Economics, chapter 3 Edward Elgar Publishing.
  8. Arvanitidis Paschalis A. & Kyriazis Nicholas C., 2013. "Democracy and Public Choice in Classical Athens," Peace Economics, Peace Science, and Public Policy, De Gruyter, vol. 19(2), pages 213-248, August.
  9. Kim, Iljoong & Kim, Jaehong, 2015. "Frivolous Suits In The Infinitely-Repeated Litigation Game With Uncertainty," Hitotsubashi Journal of Economics, Hitotsubashi University, vol. 56(1), pages 21-33, June.
  10. Barrett, Christopher B. & Bachke, Maren E. & Bellemare, Marc F. & Michelson, Hope C. & Narayanan, Sudha & Walker, Thomas F., 2012. "Smallholder Participation in Contract Farming: Comparative Evidence from Five Countries," World Development, Elsevier, vol. 40(4), pages 715-730.
  11. repec:hit:hitjcm:v:56:y:2015:i:1:p:21-33 is not listed on IDEAS
  12. repec:hrv:faseco:30829771 is not listed on IDEAS

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