Imperfect Competition in the Labor Market
Manning Alan1, Centre for Economic Performance, London School of Economics, Houghton Street, London WC2A 2AE
It is increasingly recognized that labor markets are pervasively imperfectly competitive, that there are rents to the employment relationship for both worker and employer. This chapter considers why it is sensible to think of labor market as imperfectly competitive, reviews estimates on the size of rents, theories of and evidence on the distribution of rents between worker and employer, and the areas of labor economics where a perspective derived from imperfect competition makes a substantial difference to thought.
Imperfect competition; Labor markets; Rents; Search; ...