The No‐Rent Society

Gilles Saint‐Paul

in The Political Economy of Labour Market Institutions

Published in print September 2000 | ISBN: 9780198293323
Published online November 2003 | e-ISBN: 9780191596841 | DOI:
 The No‐Rent Society

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This chapter introduces basic concepts and notations by looking at a homogeneous labour market with no employee rents. In such a world, there is no support for labour market rigidities. We show that this result follows from a more general, deeper property, namely that under free entry of firms, the unemployed should be in favour of leaving the determerination of job characteristics to the market.

Keywords: efficiency wages; full employment; insiders; outside options; rents

Chapter.  9738 words.  Illustrated.

Subjects: Macroeconomics and Monetary Economics

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