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Taylor & Francis
Worker Satisfaction and Economic Performance / Edition 2

Worker Satisfaction and Economic Performance / Edition 2

by Morris Altman


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This book challenges some of the fundamental tenets of "free market" economics that have had a profound impact on public policy and the plight of the American worker. These include the beliefs that high wages inevitably mean low profits; that a "free" market will automatically reduce discrimination and pay inequality; that anti-trust legislation hinders competitive market forces; and that minimum wage laws and trade unions negatively impact the economy.

Using both theoretical analysis and real-life examples, the author shows that these myths are a product of unrealistic behavioral assumptions on the part of "free market" economists about the typical worker. In fact, as the author makes clear, the level of workers'satisfaction with their jobs, as a reflection of how well they are paid and treated by their employers, has a direct impact on the quality level of the products they produce and, inevitably, the economic performance of the firms.

Product Details

ISBN-13: 9780765605917
Publisher: Taylor & Francis
Publication date: 08/31/2001
Edition description: First
Pages: 256
Product dimensions: 6.38(w) x 9.40(h) x 0.99(d)

Table of Contents

1.Introduction: Revising the Microfoundations of Economics3
2.Human Agency as a Determinant of Material Welfare26
3.The Methodology of Economics and the Survival Principle Revised50
4.A Behavioral Theory of Economic Welfare and Economic Justice69
5.The Economics of Exogenous Increases in Wage Rates in a Behavioral/X-Efficiency Model of the Firm103
6.A Behavioral Model of Endogenous Economic Growth119
7.Interfirm, Interregional, and International Differences in Labor Productivity: Why Convergence Need Not Take Place137
8.The Economics of Profitable Inefficiency and Market Failure: A Behavioral Model of Path Dependency150
9.Economic Theory, Public Policy, and the Challenge of Innovative Work Practices170
10.The Efficiency- and Welfare-Promoting Role of Labor Rights and Labor Power in a Market Economy182
11.A Revisionist View of the Economic Implications of Child Labor Regulations199
12.How Discriminatory Pay Inequality Can Persist: Even in Competitive Markets216
13.When Green Isn't Mean: The Economics of Environmental Regulations230
14.Big Is Not Always Better: A Critical Appraisal of the Transaction Cost--Economizing Paradigm247
15.Culture as a Determinant of Material Welfare260
About the Author299

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