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Socio-economic Research in Personnel versus Personnel Economics

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  • Werner Nienhueser

Abstract

This paper argues that personnel economics is still dominated by the assumptions of orthodox microeconomics, and also that newer fields such as transaction cost theory are far removed from socio-economics. Personnel economics is characterised by assumptions of unbounded rationality, stable preferences and functioning markets; power differences are seen as unimportant for explanations. By contrast, a socio-economic perspective works with the assumption of bounded rationality; it takes preferences into account, assumes that markets are characterised by ‘non-equilibrium’ states and power differences. The paper outlines a socio-economic mode of explanation and suggests that any explanation should include assumptions about three theoretical mechanisms: pursuit of utility, power and sense-making.

Suggested Citation

  • Werner Nienhueser, 2017. "Socio-economic Research in Personnel versus Personnel Economics," Forum for Social Economics, Taylor & Francis Journals, vol. 46(1), pages 104-119, January.
    • Handle: RePEc:taf:fosoec:v:46:y:2017:i:1:p:104-119
    DOI: 10.1080/07360932.2014.961498
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    References listed on IDEAS

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    1. Grund, Christian, 2011. "Job Preferences as Revealed by Employee Initiated Job Changes," IZA Discussion Papers 6127, Institute of Labor Economics (IZA).
    2. Oliver E. Williamson & Scott E. Masten (ed.), 1995. "Transaction Cost Economics," Books, Edward Elgar Publishing, volume 0, number 594.
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    Cited by:

    1. Franck Bailly, 2022. "When mainstream economics does human resource management: a critique of personnel economics’ prescriptive ambition," Post-Print hal-03711945, HAL.
    2. Frank Bailly, 2022. "When mainstream economics does human resource management: a critique of personnel economics' prescriptive ambition," PSL Quarterly Review, Economia civile, vol. 75(301), pages 103-117.

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