In twenty-three original essays this book reviews the course of labor economics over the more than two centuries since the publication of Adam Smith’s Wealth of Nations. It fully examines the contending theories, changing environmental contexts, evolving issues, and varied policies affecting labor’s participation in the economy.
While the intellectual framework of the book looks partly to the past—explaining the labor factor in classical and neoclassical systems—its emphasis is on contemporary problems that will figure prominently in future developments, such as the operation of internal labor markets, dispute resolution, concession bargaining, equal employment opportunity, and individual labor contracting.
As the structure of the economy has changed over the past few decades, researchers and policy makers have been increasingly concerned with how these changes affect workers. In this book, leading economists examine a variety of important trends in the new economy, including inequality of earnings and other forms of compensation, job security, employer reliance on temporary and contract workers, hours of work, and workplace safety and health.
In order to better understand these vital issues, scholars must be able to accurately measure labor market activity. Thus, Labor in the New Economy also addresses a host of measurement issues: from the treatment of outliers, imputation methods, and weighting in the context of specific surveys to evaluating the strengths and weaknesses of data from different sources. At a time when employment is a central concern for individuals, businesses, and the government, this volume provides important insight into the recent past and will be a useful tool for researchers in the future.
In this first general history of organized labor in the south, F. Ray Marshall analyzes the main factors influencing union growth in the region from the earliest times to the present. Writing within the context of the south’s political, social, and economic history, the author provides valuable material on labor economics and labor relations.
An opening section lays the foundation for the analysis by reviewing the south’s unique economic and social characteristics, with a discussion of the beginnings of unions in the area and some of their activities and problems prior to 1928. The author then traces in detail the growth of key unions before 1932 and presents an evaluation of the 1930 southern organizing campaign of the AFL. An examination follows of the impact of the social ferment inspired by the New Deal. In Part IV, Marshall discusses union growth during and after the Second World War, with emphasis on the influence of the War Labor Board and other governmental agencies. Finally, in Part V he draws together all the main factors responsible for union expansion and union weakness in the south—economic forces, law and politics, union structure and philosophy, the characteristics of the workers, and social forces. In his concluding chapter the author assesses the possibilities for future union growth in the south through a projection of the trends brought to light in the previous chapters.
Economists rarely perform controlled experiments, so how do they find out how markets function? In what ways does empirical economics contribute to our understanding of important and controversial social issues? What has been discovered about the operation of the labor markets in which nearly all of us participate? Labor Markets in Action addresses these questions in lively style. The topics cover issues of deep social concern, encompassing the jobs and wages of college graduates, discrimination and inner-city youth, homelessness, unionism, and the differences between U. S. labor market institutions and those of other developed countries, including Japan.
A thoughtful introduction to each essay reveals the human side of research on these controversial issues. Freeman lays out five guiding principles for empirical social science: to analyze situations in which markets undergo sharp exogenous shocks, creating "natural experiments"; to focus on fundamental first-order economic principles and behavior rather than on abstract fine points; to probe empirical findings with different data sets and alternative specifications; to gather new information from survey research rather than rely on existing data sets; to discuss issues and interpretations with workers, labor leaders, businessmen, and other market participants. With chapters that range from broad overviews of research to essays employing detailed statistical techniques, this book will appeal to economists, students, and policymakers concerned with how labor markets function and how economists go about their business of discovery without laboratory controls.
State federations of labor have been the political arms of organized labor for more than 100 years and the California State Federation is one of the most interesting and representative examples. Philip Taft traces the activities, policies, and problem of the Federation from its beginnings in 1901 until the merger of the AFL-CIO in 1958. The attitudes on migrant labor and the controversial McNamara and Mooney cases are discussed as well as the changing views of the Federation over the years. In the process, the author explores the reasons why organized labor in the United States did not commit itself to a third party.
Instead of reviewing the debates of national labor leaders, Taft focuses on the sentiments and needs of workers at the grass roots level and examines their critical role in determining the character of organized labor’s political tactics. He shows that at no time did the American labor movement eschew politics; it always understood the importance of legislation for social advancement. Starting with modest funds and little support, the California State Federation became, relatively early in its history, the primary spokesman on legislative matters for the workers in the state. Its efforts, Taft demonstrates, were not limited to legislation affecting the narrow interests of a special group, but encompassed matters concerning the entire community. As the influence of the Federation grew and its aims broadened, it came to rely heavily on the sympathy and backing of the state legislative and executive branches of government.
Taft explains the methods by which Federation programs were and are developed and how candidates are endorsed. He surveys the expanding task of defending legislation before administrative bodies and courts. Throughout his study, he emphasizes the significance of the California Federation as a political institution and relates its development to the growth of the labor movement in the United States.
Alarming environmental degradation makes ever more urgent the reconciliation of political economy and sustainability. Land and the Given Economy examines how the landed basis of human existence converges with economics, and it offers a persuasive new conception of land that transcends the flawed and inadequate accounts in classical and neoclassical economics.
Todd S. Mei grounds this work in a rigorous review of problematic economic conceptions of land in the work of John Locke, Adam Smith, David Ricardo, John Stuart Mill, Karl Marx, Henry George, Alfred Marshall, and Thorstein Veblen.
Mei then draws on the thought of Martin Heidegger to posit a philosophical clarification of the meaning of land—its ontological nature. He argues that central to rethinking land is recognizing its unique manner of being, described as its "givenness." Concluding with a discussion of ground rent, Mei reflects on specific strategies for incorporating the philosophical account of land into contemporary economic policies.
Revivifying economic frameworks that fail to resolve the impasse between economic development and sustainability, Land and the Given Economy offers much of interest to scholars and readers of philosophy, environmentalism, and the full spectrum of political economy.
The fifteen essays in this volume apply the methods of the new economic history to the history of the Latin American economies since 1800. The authors combine the historian's sensitivity to context and contingency with modern or "neoclassical" economic theory and quantitative methods.
The essays shed new light on the economic history of all the major economies from Mexico and Cuba to Brazil and Argentina. Some focus on comparing macroeconomic policies and performance, others analyze key sectors such as foreign trade, finance, transportation, and industry, and still others focus on the impact of property rights, government regulation, and political upheaval.
Since the earliest days of philosophy, thinkers have debated the meaning of the term happiness and the nature of the good life. But it is only in recent years that the study of happiness—or “hedonics”—has developed into a formal field of inquiry, cutting across a broad range of disciplines and offering insights into a variety of crucial questions of law and public policy.
Law and Happinessbrings together the best and most influential thinkers in the field to explore the question of what makes up happiness—and what factors can be demonstrated to increase or decrease it. Martha Nussbaum offers an account of the way that hedonics can productively be applied to psychology, Cass R. Sunstein considers the unexpected relationship between happiness and health problems, Matthew Adler and Eric A. Posner view hedonics through the lens of cost-benefit analysis, David A. Weisbach considers the relationship between happiness and taxation, and Mark A. Cohen examines the role crime—and fear of crime—can play in people’s assessment of their happiness, and much more.
The result is a kaleidoscopic overview of this increasingly prominent field, offering surprising new perspectives and incisive analyses that will have profound implications on public policy.
A distinguished Yale economist and legal scholar’s argument that law, of all things, has the potential to rescue us from the next economic crisis.
After the economic crisis of 2008, private-sector spending took nearly a decade to recover. Yair Listokin thinks we can respond more quickly to the next meltdown by reviving and refashioning a policy approach whose proven success is too rarely acknowledged. Harking back to New Deal regulatory agencies, Listokin proposes that we take seriously law’s ability to function as a macroeconomic tool, capable of stimulating demand when needed and relieving demand when it threatens to overheat economies.
Listokin makes his case by looking at both positive and cautionary examples, going back to the New Deal and including the Keystone Pipeline, the constitutionally fraught bond-buying program unveiled by the European Central Bank at the nadir of the Eurozone crisis, the ongoing Greek crisis, and the experience of U.S. price controls in the 1970s. History has taught us that law is an unwieldy instrument of macroeconomic policy, but Listokin argues that under certain conditions it offers a vital alternative to the monetary and fiscal policy tools that stretch the legitimacy of technocratic central banks near their breaking point while leaving the rest of us waiting and wallowing.
What is the role of law in a society in which order is maintained mostly through social norms, trust, and nonlegal sanctions? Eric Posner argues that social norms are sometimes desirable yet sometimes odious, and that the law is critical to enhancing good social norms and undermining bad ones. But he also argues that the proper regulation of social norms is a delicate and complex task, and that current understanding of social norms is inadequate for guiding judges and lawmakers. What is needed, and what this book offers, is a model of the relationship between law and social norms. The model shows that people's concern with establishing cooperative relationships leads them to engage in certain kinds of imitative behavior. The resulting behavioral patterns are called social norms.
Posner applies the model to several areas of law that involve the regulation of social norms, including laws governing gift-giving and nonprofit organizations; family law; criminal law; laws governing speech, voting, and discrimination; and contract law. Among the engaging questions posed are: Would the legalization of gay marriage harm traditional married couples? Is it beneficial to shame criminals? Why should the law reward those who make charitable contributions? Would people vote more if non-voters were penalized? The author approaches these questions using the tools of game theory, but his arguments are simply stated and make no technical demands on the reader.
While innovative ideas and creative works increasingly drive economic success, the historic approach to encouraging innovation and creativity by granting property rights has come under attack by a growing number of legal theorists and technologists. In Laws of Creation, Ronald Cass and Keith Hylton take on these critics with a vigorous defense of intellectual property law. The authors look closely at the IP doctrines that have been developed over many years in patent, copyright, trademark, and trade secret law. In each area, legislatures and courts have weighed the benefits that come from preserving incentives to innovate against the costs of granting innovators a degree of control over specific markets. Over time, the authors show, a set of rules has emerged that supports wealth-creating innovation while generally avoiding overly expansive, growth-retarding licensing regimes.
These rules are now under pressure from detractors who claim that changing technology undermines the case for intellectual property rights. But Cass and Hylton explain how technological advances only strengthen that case. In their view, the easier it becomes to copy innovations, the harder to detect copies and to stop copying, the greater the disincentive to invest time and money in inventions and creative works. The authors argue convincingly that intellectual property laws help create a society that is wealthier and inspires more innovation than those of alternative legal systems. Ignoring the social value of intellectual property rights and making what others create and nurture “free” would be a costly mistake indeed.
The economy uncertain, education in decline, cities under siege, crime and poverty spiraling upward, international relations roiling: we look to leaders for solutions, and when they don’t deliver, we simply add their failure to our list of woes. In doing do, we do them and ourselves a grave disservice. We are indeed facing an unprecedented crisis of leadership, Ronald Heifetz avows, but it stems as much from our demands and expectations as from any leader’s inability to meet them. His book gets at both of these problems, offering a practical approach to leadership for those who lead as well as those who look to them for answers. Fitting the theory and practice of leadership to our extraordinary times, the book promotes a new social contract, a revitalization of our civic life just when we most need it.
Drawing on a dozen years of research among managers, officers, and politicians in the public realm and the private sector, among the nonprofits, and in teaching, Heifetz presents clear, concrete prescriptions for anyone who needs to take the lead in almost any situation, under almost any organizational conditions, no matter who is in charge, His strategy applies not only to people at the top but also to those who must lead without authority—activists as well as presidents, managers as well as workers on the front line.
How do people decide whether or not to take chances with their health and safety? Do they pay attention to warnings about hazardous products used at home or on the job? What is the best way to present this information? These questions are becoming increasingly important as direct government regulation is replaced by programs to educate workers and consumers about risk. Information itself is becoming a regulatory device, but until now little has been known about its use and effectiveness.
Learning about Risk offers important new evidence on how people process information about risk and how they make choices under uncertainty. Drawing on work in a variety of disciplines—economics, decision science, marketing, and psychology—as well as on extensive original survey data, the authors take a close look at one type of risk information: the labeling of hazardous products and chemicals. They use the word labeling to mean all the tangible ways in which information is transmitted, including not merely warnings on bottles and cans but also leaflets and brochures, signs in the workplace, and store displays. The authors surveyed hundreds of consumers and chemical workers to explore a range of issues—the accuracy and appropriateness of people's risk assessments, the types of precautions they take, the values they attach to these measures, the wages they expect for performing risky jobs, and the relationship between the precaution taken and the content, wording, and format of the warning.
Overall, the authors show that information policies are a promising approach to controlling risks in the marketplace and on the job. Their findings will be of interest to government officials, policy analysts, economists, psychologists, and managers concerned professionally with the labeling of hazardous products.
In this book the Nobel Prize-winning economist Robert Lucas collects his writings on economic growth, from his seminal On the Mechanics of Economic Development to his previously unpublished 1997 Kuznets Lectures.
The chapters progress from a general theory of how growth could be sustained and why growth rates might differ in different countries, to a model of exceptional growth in certain countries in the twentieth century, to an account of the take-off of growth in the Industrial Revolution, and finally to a prediction about patterns of growth in this new century. The framework in all the chapters is a model with accumulation of both physical and human capital, with emphasis on the external benefits of human capital through diffusion of new knowledge or on-the-job learning, often stimulated by trade. The Kuznets Lectures consider the interaction of human capital growth and the demographic transition in the early stages of industrialization. In the final chapter, Lucas uses a diffusion model to illustrate the possibility that the vast intersociety income inequality created in the course of the Industrial Revolution may have already reached its peak, and that income differences will decline in this century.
A modern reframing of Friedrich Hayek’s most famous work for the 21st century.
Friedrich Hayek’s The Road to Serfdom was both an intellectual milestone and a source of political division, spurring fiery debates around capitalism and its discontents. In the ensuing discord, Hayek’s true message was lost: liberalism is a thing to be protected above all else, and its alternatives are perilous.
In Liberalism’s Last Man, Vikash Yadav revives the core of Hayek’s famed work to map today’s primary political anxiety: the tenuous state of liberal meritocratic capitalism—particularly in North America, Europe, and Asia—in the face of strengthening political-capitalist powers like China, Vietnam, and Singapore. As open societies struggle to match the economic productivity of authoritarian-capitalist economies, the promises of a meritocracy fade; Yadav channels Hayek to articulate how liberalism’s moral backbone is its greatest defense against repressive social structures.
A modern reframing of Friedrich Hayek’s most famous work for the 21st century.
Friedrich Hayek’s The Road to Serfdom was both an intellectual milestone and a source of political division, spurring fiery debates around capitalism and its discontents. In the ensuing discord, Hayek’s true message was lost: liberalism is a thing to be protected above all else, and its alternatives are perilous.
In Liberalism’s Last Man, Vikash Yadav revives the core of Hayek’s famed work to map today’s primary political anxiety: the tenuous state of liberal meritocratic capitalism—particularly in North America, Europe, and Asia—in the face of strengthening political-capitalist powers like China, Vietnam, and Singapore. As open societies struggle to match the economic productivity of authoritarian-capitalist economies, the promises of a meritocracy fade; Yadav channels Hayek to articulate how liberalism’s moral backbone is its greatest defense against repressive social structures.
Drucilla K. Barker is Professor of Economics and Women's Studies, Hollins University.
Susan F. Feiner is Associate Professor of Economics and Women's Studies, University of Southern Maine.
Drawing on letters, poems, notebooks, and secret diaries, Lisbet Koerner tells the moving story of one of the most famous naturalists who ever lived, the Swedish-born botanist and systematizer, Carl Linnaeus. The first scholarly biography of this great Enlightenment scientist in almost one hundred years, Linnaeus also recounts for the first time Linnaeus' grand and bizarre economic projects: to "teach" tea, saffron, and rice to grow on the Arctic tundra and to domesticate buffaloes, guinea pigs, and elks as Swedish farm animals.
Linnaeus hoped to reproduce the economy of empire and colony within the borders of his family home by growing cash crops in Northern Europe. Koerner shows us the often surprising ways he embarked on this project. Her narrative goes against the grain of Linnaean scholarship old and new by analyzing not how modern Linnaeus was, but how he understood science in his time. At the same time, his attempts to organize a state economy according to principles of science prefigured an idea that has become one of the defining features of modernity. Meticulously researched, and based on archival data, Linnaeus will be of compelling interest to historians of the Enlightenment, historians of economics, and historians of science. But this engaging, often funny, and sometimes tragic portrait of a great man will be valued by general readers as well.
The first listed species to make headlines after the Endangered Species Act was passed in 1973 was the snail darter, a three-inch fish that stood in the way of a massive dam on the Little Tennessee River. When the Supreme Court sided with the darter, Congress changed the rules. The dam was built, the river stopped flowing, and the snail darter went extinct on the Little Tennessee, though it survived in other waterways. A young Al Gore voted for the dam; freshman congressman Newt Gingrich voted for the fish.
A lot has changed since the 1970s, and Joe Roman helps us understand why we should all be happy that this sweeping law is alive and well today. More than a general history of endangered species protection, Listed is a tale of threatened species in the wild—from the whooping crane and North Atlantic right whale to the purple bankclimber, a freshwater mussel tangled up in a water war with Atlanta—and the people working to save them.
Employing methods from the new field of ecological economics, Roman challenges the widely held belief that protecting biodiversity is too costly. And with engaging directness, he explains how preserving biodiversity can help economies and communities thrive. Above all, he shows why the extinction of species matters to us personally—to our health and safety, our prosperity, and our joy in nature.
This book develops an original theory of group and organizational behavior that cuts across disciplinary lines and illustrates the theory with empirical and historical studies of particular organizations. Applying economic analysis to the subjects of the political scientist, sociologist, and economist, Mancur Olson examines the extent to which the individuals that share a common interest find it in their individual interest to bear the costs of the organizational effort.
The theory shows that most organizations produce what the economist calls “public goods”—goods or services that are available to every member, whether or not he has borne any of the costs of providing them. Economists have long understood that defense, law, and order were public goods that could not be marketed to individuals, and that taxation was necessary. They have not, however, taken account of the fact that private as well as governmental organizations produce public goods.
The services the labor union provides for the worker it represents, or the benefits a lobby obtains for the group it represents, are public goods: they automatically go to every individual in the group, whether or not he helped bear the costs. It follows that, just as governments require compulsory taxation, many large private organizations require special (and sometimes coercive) devices to obtain the resources they need. This is not true of smaller organizations for, as this book shows, small and large organizations support themselves in entirely different ways. The theory indicates that, though small groups can act to further their interest much more easily than large ones, they will tend to devote too few resources to the satisfaction of their common interests, and that there is a surprising tendency for the “lesser” members of the small group to exploit the “greater” members by making them bear a disproportionate share of the burden of any group action.
All of the theory in the book is in Chapter 1; the remaining chapters contain empirical and historical evidence of the theory’s relevance to labor unions, pressure groups, corporations, and Marxian class action.
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