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This book discusses the rationale for correcting market prices in
the evaluation of public investments. It also aims at covering
techniques of project appraisals, such as the effects method, cost
efficiency techniques, multicriteria analysis, and related logical
frameworks.
The leading textbook on imperfect labor markets and the
institutions that affect them-now completely updated and expanded
Today's labor markets are witnessing seismic changes brought on by
such factors as rising self-employment, temporary employment,
zero-hour contracts, and the growth of the sharing economy. This
fully updated and revised third edition of The Economics of
Imperfect Labor Markets reflects these and other critical changes
in imperfect labor markets, and it has been significantly expanded
to discuss topics such as workplace safety, regulations on
self-employment, and disability and absence from work. This new
edition also features engaging case studies that illustrate key
aspects of imperfect labor markets. Authoritative and accessible,
this textbook examines the many institutions that affect the
behavior of workers and employers in imperfect labor markets. These
include minimum wages, employment protection legislation,
unemployment benefits, family policies, equal opportunity
legislation, collective bargaining, early retirement programs, and
education and migration policies. Written for advanced
undergraduates and beginning graduate students, the book carefully
defines and measures these institutions to accurately characterize
their effects, and discusses how these institutions are being
transformed today. Fully updated to reflect today's changing labor
markets Significantly expanded to discuss a wealth of new topics,
including the impact of the COVID-19 pandemic Features quantitative
examples, new case studies, data sets that enable users to
replicate results in the literature, technical appendixes, and
end-of-chapter exercises Unique focus on institutions in imperfect
labor markets Self-contained chapters cover each of the most
important labor-market institutions Instructor's manual available
to professors-now with new exercises and solutions
Europeans are living longer, and fewer now remain in the labour
force as they grow older. Many European countries have responded to
the ensuing financial pressure by reforming their public pension
systems and health care programmes. There is considerable
uncertainty as to the effects of these reforms - as they typically
do not alter the unfunded nature of public welfare arrangements and
this uncertainty is itself costly. Not only does it undermine the
credibility of public welfare programmes, but it may also distort
labour supply behaviour, decisions regarding savings and capital
accumulation. More generally there is uncertainty about the overall
impact of ageing on welfare and society and the multiple domains in
which its effects may develop. Pensions: More Information, Less
Ideology builds on the existing evidence - mostly in the field of
public pensions - and highlights the advantages that would be
obtained by: harmonising methodologies used in the various
countries to report pension outlays and forecast future pension
liabilities or more generally public spending; defining common
standards as to the frequency of expenditure forecasts and the
length of the forecast horizons for welfare expenditures;
developing European longitudinal survey of persons pre- and post
retirement age, providing timely information on a wide array of
decisions by individuals and household related to the ageing
process and the ongoing trends.
Europeans are living longer, and fewer now remain in the labour
force as they grow older. Many European countries have responded to
the ensuing financial pressure by reforming their public pension
systems and health care programmes. There is considerable
uncertainty as to the effects of these reforms - as they typically
do not alter the unfunded nature of public welfare arrangements and
this uncertainty is itself costly. Not only does it undermine the
credibility of public welfare programmes, but it may also distort
labour supply behaviour, decisions regarding savings and capital
accumulation. More generally there is uncertainty about the overall
impact of ageing on welfare and society and the multiple domains in
which its effects may develop. Pensions: More Information, Less
Ideology builds on the existing evidence - mostly in the field of
public pensions - and highlights the advantages that would be
obtained by: harmonising methodologies used in the various
countries to report pension outlays and forecast future pension
liabilities or more generally public spending; defining common
standards as to the frequency of expenditure forecasts and the
length of the forecast horizons for welfare expenditures;
developing European longitudinal survey of persons pre- and post
retirement age, providing timely information on a wide array of
decisions by individuals and household related to the ageing
process and the ongoing trends.
This book discusses the rationale for correcting market prices in
the evaluation of public investments. It also aims at covering
techniques of project appraisals, such as the effects method, cost
efficiency techniques, multicriteria analysis, and related logical
frameworks.
Most labor economics textbooks pay little attention to actual labor
markets, taking as reference a perfectly competitive market in
which losing a job is not a big deal. The Economics of Imperfect
Labor Markets is the only textbook to focus on imperfect labor
markets and to provide a systematic framework for analyzing how
labor market institutions operate. This expanded, updated, and
thoroughly revised second edition includes a new chapter on
labor-market discrimination; quantitative examples; data and
programming files enabling users to replicate key results of the
literature; exercises at the end of each chapter; and expanded
technical appendixes. The Economics of Imperfect Labor Markets
examines the many institutions that affect the behavior of workers
and employers in imperfect labor markets. These include minimum
wages, employment protection legislation, unemployment benefits,
active labor market policies, working-time regulations, family
policies, equal opportunity legislation, collective bargaining,
early retirement programs, education and migration policies,
payroll taxes, and employment-conditional incentives. Written for
advanced undergraduates and beginning graduate students, the book
carefully defines and measures these institutions to accurately
characterize their effects, and discusses how these institutions
are today being changed by political and economic forces. *
Expanded, thoroughly revised second edition * New chapter on
labor-market discrimination * New quantitative examples * New data
sets enabling users to replicate key results of the literature *
New end-of-chapter exercises (with solutions at
www.press.princeton.edu) * Expanded technical appendixes * Unique
focus on institutions in imperfect labor markets * Integrated
framework and systematic coverage * Self-contained chapters on each
of the most important labor-market institutions
The ruling class plays a major role in society. It makes possible
what would otherwise be infeasible, by removing constraints that
may stand in the way of long-term growth. Historically, economists
devoted far less attention than sociologists to the study of ruling
classes. Using the theoretical tools of economists, this volume
provides an understanding of what drives the formation of a ruling
class, and the relationship between politics and business firms.
Focusing on Italy, it uses labour economics to analyse the
selection of the ruling class, the labour market of politicians,
the allocation of managers' time, and their incentives,
remunerations, and career paths. It draws on contributions from two
teams of leading scholars and on research undertaken by the
Fondazione Rodolfo DeBenedetti.
Part I focuses on the labor market of politicians. It uses detailed
information on personal characteristics, incomes, performance in
office, and career paths (both before and after the Parliamentary
mandate) of all the politicians elected to the Italian Lower
Chamber (Camera) between 1948 and 2008. This is the first time that
this information has been gathered and summarized in key
indicators. Part II is devoted to the managerial class. It includes
cross-country surveys of managers across a sample of European
countries, surveys carried out in cooperation with the largest
union of managers in the service sector, social security records,
and, for the first time, surveys on the allocation of time for top
executives.
Our economies face constant challenges from many different
directions. Structural reforms are implemented every day, either to
grasp the benefits of globalization and technological change, or to
avoid foundering on unaffordable welfare systems or the rise of new
economies. Despite this flurry of reforms, many of their effects
are insufficiently understood. What makes reforms a success or a
failure? Why do we witness systematically ambivalent attitudes to
reforms? Can governments implement reforms differently, without
inflicting prejudice to large fringes of the population? This book
explores these issues by comparing a number of reforms, across a
large set of countries and sectors. First, through an innovative
multisectorial input-output analysis, the authors compare the
effects of liberalisation reforms in the telecommunication and
electricity sectors across Europe. Surprisingly, they find that
very similar and well-intended reforms can generate highly
contrasted outcomes. It is also shown that governments must
consider the effects of each reform on all sectors of the economy.
Second, the authors explore how governments can tailor their reform
strategy to alter the redistributive effects of reforms. They show
that the government's approach to reforms has been very different
across time and across countries. A government's approach depends
on local institutions, on the nature of the opposition, and on the
scope of the reform under way. The authors, however, show that
governments do have alternatives. Often, there are ways to tailor
reforms so as to protect specific parts of the population; and
there are ways to experiment gradually, to avoid costly policy
mistakes.
This book, which includes contributions from first-rate international scholars in the field, discusses the role that unions are likely to play in the changed economic environment of the new century. Questions discussed include: What will unions look like in the years to come? Which kind of interest groups will they represent? How important will be the broader political role of unions? To what extent do unions care about future generations?
In the last 50 years the gap in labour productivity between Europe
and the US has narrowed considerably with estimates in 2005
suggesting a EU-US labour productivity gap of about 5 per cent.
Yet, average per capita income in the EU is still about 30% lower
than in the US. This persistent gap in income per capita can be
almost entirely explained by Europeans working less than
Americans.
Why do Europeans work so little compared to Americans? What do
they do with their spare time outside work? Can they be induced to
work more without reducing labour productivity? If so, how? And
what is the effect on well-being if policies are created to reward
paid work as opposed to other potentially socially valuable
activities, like childbearing? More broadly, should the state
interfere at all when it comes to bargaining over working hours?
This volume explores these questions and many more in an attempt to
understand the changing nature of the hours worked in the USA and
EU, as well as the effects of policies that impose working hour
reductions.
Covering employment and wage gender gaps, participation of women,
fertility, and the welfare of children, this insightful volume
discusses how the trend towards greater participation of women in
labour markets interacts with gender differences in pay. It
focusses on the scope for increasing the number of women in the
labour force without negatively affecting the development of their
children. The need for this volume has become self evident. At the
Spring 2000 Lisbon meeting of the European Council the Heads of
Governments of the EU agreed to accelerate the greater
participation of women in the labour market. However, neither in
Lisbon nor in the subsequent Spring European Councils of the EU was
it discussed how to achieve this target - and the trade-offs that
would be involved in increasing the participation of women in paid
employment. Policies for increasing participation must involve some
losers, or they would already have been implemented everywhere.
Immigration is right at the top of the political agenda right now (cf. France, Germany, and Australia). This book draws together and unifies analysis of immigration into the major EU countries and the US, presenting in an accessible and clear way the major trends and dramatic developments of the past decade. While the influence of the welfare state on immigration incentives is a key issue, various other influences on both legal and illegal migration are analysed, together with the implications of migration for the market outcomes on these two continents.
This book studies the interaction between labour and social policies, showing the crucial role labour plays in both the scope and the speed of transition. By including the influence of education systems, institution-building, and policy-enforcement mechanisms, this book goes beyond previous studies of the transition experience to provide a detailed analysis of the many contributing factors to the success or failure of the transition process.
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