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Contract Inefficiency, Wages and Employment: An Assessment

In: Economics in a Changing World

Author

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  • James M. Malcomson

    (University of Southampton)

Abstract

This chapter assesses some of the recent literature on ‘contract inefficiency’ in employment. Two main sources of potential inefficiency in labour markets have been widely discussed in the literature: (i) the process by which employee meets employer to start negotiations is inefficient; and (ii) the wage/employment/effort outcomes agreed once employer and employee (or their representatives) have started negotiating are inefficient. It is the latter to which I apply the term ‘contract inefficiency’. The former gives rise to the inefficiencies discussed in the search and matching literature. These are well surveyed in Mortensen (1986) and, although that survey is now somewhat dated, I do not attempt to update it here.

Suggested Citation

  • James M. Malcomson, 1995. "Contract Inefficiency, Wages and Employment: An Assessment," International Economic Association Series, in: Jean-Paul Fitoussi (ed.), Economics in a Changing World, chapter 11, pages 221-249, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-349-23953-5_11
    DOI: 10.1007/978-1-349-23953-5_11
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