Labour Economics
A comprehensive discussion of alternative theories of the labour market - Neoclassical, Post-Keynesian, Radical-Marxian, Institutionalist and Green, and their application to wages, employment and income distribution. The book concludes by supporting theor
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Other books by J. E. King The Political Economy of Marx (with M. C. Howard) The Economics of Marx (edited, with M. C. Howard) Relative Income Shares (with P. Regan) Readings in Labour Economics (editor) Ten Per Cent and No Surrender: The Preston Strike 1853-4 (with H. I. Dutton) Economic Exiles A History of Marxian Economics: Volume 1,1883-1929 (with M. C. Howard) Marxian Economics (editor)
Labour Economics Second Edition
J. E. King
Macmillan Education
ISBN 978-0-333-48316-9 ISBN 978-1-349-20829-6 (eBook) DOI 10.1007/978-1-349-20829-6
© J. E. King 1972, 1990 Softcover reprint of the hardcover 2nd edition 1990 All rights reserved. For information, write: Scholarly and Reference Division, St. Martin's Press, Inc., 175 Fifth Avenue, New York, N.Y. 10010 This edition first published in the United States of America in 1990 ISBN 978-0-312-04484-8 Library of Congress Cataloging-in-Publication Data King, J. E. (John Edward) Labour economics / J. E. King. - 2nd ed. p. em. Includes bibliographical references. ISBN 978-0-312-04484-8 1. Labour economics. I. Title. HD4902.K55 1990 331 - dc20
89-77584 CIP
Contents Preface 1
2
3
IX
Alternative Approaches to Labour Economics
1
1 2 3 4 5 6 7
1 2 3 4 6
Introduction Neoclassical economics Post-Keynesian theory Institutionalism Radical-Marxian political economy Green economics Conclusion
8 10
The Demand for Labour
12
1 2 3 4 5
Neoclassical theory: the short run An important qualification Neoclassical theory: the long run Labour as a semi-fixed cost Criticisms of neoclassical theory (i) Oligopoly (ii) X-inefficiency (iii) Marginal analysis and empirical research 6 Non-neoclassical theories of labour demand 7 Conclusion
12 19 21 27 32 32 35 37 40 42
The Supply of Labour
45
1 Introduction 2 The short-run neoclassical theory of labour supply 3 Some extensions
45 46 53 53 54
(i) (ii)
Non-wage income Family influences on individual decisions v
Contents
VI
4
5
(iii) Institutional constraints on working hours (iv) Alternative uses of time 4 Neoclassical theory in the long run 5 Criticisms and alternatives (i) The meaning of work (ii) Problems with human capital theory 6 Conclusion
57 58 60 65 66 69 72
Internal Labour Markets and the Organisation of Work
73
The internal labour market 2 Neoclassical economics and the internal labour market 3 Institutionalist perspectives 4 The radical-Marxian approach 5 Conclusion
73
Trade Unions 1 2 3 4
Neoclassical models of union behaviour Some objections The bargaining process The economic effects of unions 5 Conclusion
6
7
75 78 81 84
86 86 92 96 100 107
Labour Market Discrimination
108
Th~ evidence 2 Neoclassical models of discrimination 3 Institutionalist and radical-Marxian models 4 Policies against discrimination
108 113 122 126
Wage Differentials
129
Introduction 2 Pay differences between occupations 3 Inter-industry differentials 4 Geographical differentials 5 The local labour market 6 Dual and segmented labour markets
129 129 136 139 144 147
Contents
8
The Distribution of Individual Incomes
