Human Agency and Material Welfare: Revisions in Microeconomics and their Implications for Public Policy / Edition 1

Human Agency and Material Welfare: Revisions in Microeconomics and their Implications for Public Policy / Edition 1

by Morris Altman
     
 

ISBN-10: 0792398181

ISBN-13: 9780792398189

Pub. Date: 12/31/1996

Publisher: Springer US

Human agency means the ability and desire of individuals to choose how well they work and how they work. The central role of agency can be traced to the work of the late Harvey Leibenstein, inventor of x-efficiency theory and contributor to principal-agent theory. In this book, the author extends the basic agency model where choice of effort affects productivity and…  See more details below

Overview

Human agency means the ability and desire of individuals to choose how well they work and how they work. The central role of agency can be traced to the work of the late Harvey Leibenstein, inventor of x-efficiency theory and contributor to principal-agent theory. In this book, the author extends the basic agency model where choice of effort affects productivity and efficiency to one in which choice of effort also affects choice of technology. Further, the author argues that higher wages do not necessarily mean lower profits - for instance, higher wages may "shock" a firm into becoming more x-efficient, thus raising its marginal-product-of-labor curve. The book argues against traditional neoclassical beliefs including such ideas as competitive markets erode discrimination and that the integration of firms through mergers and acquisitions can save substantial transaction costs. In summary, this book calls for a new approach to the study of economics from a socio-economic and behavioral perspective.

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Product Details

ISBN-13:
9780792398189
Publisher:
Springer US
Publication date:
12/31/1996
Edition description:
1996
Pages:
133
Product dimensions:
6.10(w) x 9.25(h) x 0.01(d)

Table of Contents

Preface
Acknowledgments
Ch. IIntroduction: Wrestling With the Neoclassical Colossus1
Ch. IIHuman Agency as a Determinant of Material Welfare11
Ch. IIIInterfirm, Interregional, and International Differences in Labor Productivity: Variations in the Levels of X-Inefficiency as a Function of Differential Labor Costs29
Ch. IVHigh and Low Wage Paths to Economic Growth: A Behavioral Model of Endogenous Economic Growth53
Ch. VThe Economics of Exogenous Increases in Wage Rates in a Behavioral/X-Efficiency Model of the Firm69
Ch. VILabor Market Discrimination, Pay Inequality and Effort Variability: An Alternative to the Neoclassical Model93
Ch. VIIA Critical Appraisal of Corporate Size and the Transaction Cost-Economizing Paradigm107
References119
Index129

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