Efficiency and Equality in the Labour Market |
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Authors: | Agell Jonas |
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Institution: | * Department of Economics, Stockholm University SE-106 91 Stockholm, Sweden email: JA{at}ne.su.se. |
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Abstract: | I review theoretical arguments suggesting that certain labourmarket institutions can be justified for economic efficiencyreasons. In models with intrinsic market failures, "rigidities"like employment protection legislation and institutional wagecompression may push the economy closer to the efficient frontier.I discuss recent empirical evidence on income inequality, povertyand income mobility in OECD countries, and I conclude that thewelfare states of Northern Europe score relatively well on allcounts. Finally, I discuss labour market reforms that may improveefficiency without violating European voters' preference forequality.(JEL H30, J30, J50) |
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