
Monopsony in Motion
Imperfect Competition in Labor Markets
Alan Manning(Author)
Princeton University Press
Published on 30. January 2005
Book
Paperback/Softback
416 pages
978-0-691-12328-8 (ISBN)
Description
What happens if an employer cuts wages by one cent? Much of labor economics is built on the assumption that all the workers will quit immediately. Here, Alan Manning mounts a systematic challenge to the standard model of perfect competition. Monopsony in Motion stands apart by analyzing labor markets from the real-world perspective that employers have significant market (or monopsony) power over their workers. Arguing that this power derives from frictions in the labor market that make it time-consuming and costly for workers to change jobs, Manning re-examines much of labor economics based on this alternative and equally plausible assumption. The book addresses the theoretical implications of monopsony and presents a wealth of empirical evidence. Our understanding of the distribution of wages, unemployment, and human capital can all be improved by recognizing that employers have some monopsony power over their workers. Also considered are policy issues including the minimum wage, equal pay legislation, and caps on working hours.
In a monopsonistic labor market, concludes Manning, the "free" market can no longer be sustained as an ideal and labor economists need to be more open-minded in their evaluation of labor market policies. Monopsony in Motion will represent for some a new fundamental text in the advanced study of labor economics, and for others, an invaluable alternative perspective that henceforth must be taken into account in any serious consideration of the subject.
In a monopsonistic labor market, concludes Manning, the "free" market can no longer be sustained as an ideal and labor economists need to be more open-minded in their evaluation of labor market policies. Monopsony in Motion will represent for some a new fundamental text in the advanced study of labor economics, and for others, an invaluable alternative perspective that henceforth must be taken into account in any serious consideration of the subject.
Reviews / Votes
"Given the breadth and depth of the issues Manning covers--clearly, a staggering amount of work went into this book--even skeptical readers will not be able to dismiss his theory lightly... The book is so well written that even the most complicated material in it is readable. The presentation is also commendably well balanced... [It] deserves a place on our bookshelves alongside the other seminal works in labor economics."--Michael Rizzo, Industrial and Labor Relations Review "The manner of Manning's exposition of his arguments advocating the monopsonist view is impressive... [I]t will be hard for even the utmost skeptic and expert not to come away having learnt something more about labor economics."--Eric A. Strobl, Journal of Economic Behavior and OrganizationMore details
Language
English
Place of publication
New Jersey
United States
Target group
Professional and scholarly
College/higher education
Product notice
Paperback (trade)
Illustrations
28 line illus. 50 tables.
Dimensions
Height: 234 mm
Width: 156 mm
Thickness: 25 mm
Weight
702 gr
ISBN-13
978-0-691-12328-8 (9780691123288)
Copyright in bibliographic data and cover images is held by Nielsen Book Services Limited or by the publishers or by their respective licensors: all rights reserved.
Schweitzer Classification
Other editions
Additional editions

E-Book
12/2013
1st Edition
Princeton University Press
€85.49
Available for download

Book
03/2003
Princeton University Press
€86.80
Article exhausted; check different version
Person
Alan Manning is Professor of Economics and Director of the Labour Markets Programme in the Centre for Economic Performance at the London School of Economics. He has published numerous papers on labor economics.
Content
*FrontMatter, pg. i*Contents, pg. vii*Preface, pg. xi*1. Introduction, pg. 3*2. Simple Models of Monopsony and Oligopsony, pg. 29*3. Efficiency in Oligopsonistic Labor Markets, pg. 56*4. The Elasticity of the Labor Supply Curve to an Individual Firm, pg. 80*5. The Wage Policies of Employers, pg. 117*6. Earnings and the Life Cycle, pg. 141*7. Gender Discrimination in Labor Markets, pg. 193*8. Employers and Wages, pg. 217*9. Unemployment, Inactivity, and Labor Supply, pg. 239*10. Vacancies and the Demand for Labor, pg. 269*11. Human Capital and Training, pg. 301*12. The Minimum Wage and Trade Unions, pg. 325*13. Monopsony and the Big Picture, pg. 360*Data Sets Appendix, pg. 369*Bibliography, pg. 379*Index, pg. 397