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Minimum Wage, Public Employment Offices and Unemployment Compensation: John R. Commons's View

  • Massimiliano Vatiero

    ()

In accordance with the concept of transaction as introduced by John R. Commons we willinvestigate the contractual and market remedies which labour law may implement to make ‘order’ in theemployer-employee relationship.In this view, one of the most important contractual remedies is the minimum wage. It demarks an inalienabledefault point under which wage bargaining can not drop. Unlike, employability represents the mostimportant concept in order to take into explicit account market dynamics. In this respect, employmentcompensation and public employment offices, involving parties’ outside options, are widely treated.Lastly, we will prove that these two kinds of legal intervention (contract and market regarding) are derivedfrom Commons distinction between liberty and freedom.

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Paper provided by Department of Economics, University of Siena in its series Department of Economics University of Siena with number 521.

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Date of creation: Nov 2007
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Handle: RePEc:usi:wpaper:521
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  1. Oliver Hart & John Moore, 1988. "Property Rights and the Nature of the Firm," Working papers 495, Massachusetts Institute of Technology (MIT), Department of Economics.
  2. Oliver Hart & Sanford Grossman, 1985. "The Costs and Benefits of Ownership: A Theory of Vertical and Lateral Integration," Working papers 372, Massachusetts Institute of Technology (MIT), Department of Economics.
  3. Chatterjee Kalyan & Chiu Y. Stephen, 2007. "When Does Competition Lead to Efficient Investments?," The B.E. Journal of Theoretical Economics, De Gruyter, vol. 7(1), pages 1-39, July.
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