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Imperfect Labour Markets, the Stock Market and the Inefficiency of Capitalism

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  • Manning, Alan

Abstract

In a capitalist economy, capitalists can sell their stake in a firm on the stock market whereas workers cannot sell their jobs. It is argued that when workers have some bargaining power this asymmetry in property rights leads to inefficiencies. The consequences of this are explored and certain policy options considered. Copyright 1992 by Royal Economic Society.

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  • Manning, Alan, 1992. "Imperfect Labour Markets, the Stock Market and the Inefficiency of Capitalism," Oxford Economic Papers, Oxford University Press, vol. 44(2), pages 257-271, April.
    • Handle: RePEc:oup:oxecpp:v:44:y:1992:i:2:p:257-51
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    Cited by:

    1. Bardhan, Pranab & Bowles, Samuel & Gintis, Herbert, 2000. "Wealth inequality, wealth constraints and economic performance," Handbook of Income Distribution, in: A.B. Atkinson & F. Bourguignon (ed.), Handbook of Income Distribution, edition 1, volume 1, chapter 10, pages 541-603, Elsevier.
    2. Muhammad Ali Nasir & Muhammad Shahbaz & Trinh Thi Mai & Moade Shubita, 2021. "Development of Vietnamese stock market: Influence of domestic macroeconomic environment and regional markets," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(1), pages 1435-1458, January.

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