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"Contents" [2009] ELECD 398; in Dau-Schmidt, G. Kenneth; Harris, D. Seth; Lobel, Orly (eds), "Labor and Employment Law and Economics" (Edward Elgar Publishing, 2009)

Book Title: Labor and Employment Law and Economics

Editor(s): Dau-Schmidt, G. Kenneth; Harris, D. Seth; Lobel, Orly

Publisher: Edward Elgar Publishing

ISBN (hard cover): 9781847207296

Section Title: Contents

Number of pages: 14

Extract:

Contents

List of figures xxi
List of tables xxii
List of contributors xxiii
Introduction xxv

PART I THE ECONOMICS OF REGULATING THE
LABOR MARKET

1 Labor law and employment regulation: neoclassical and
institutional perspectives 3
Bruce E. Kaufman
1 Neoclassical law and economics 5
A Models and assumptions 6
Efficient allocation of scarce resources 6
Efficiency is defined in terms of consumers' interests 7
The efficiency of competitive markets 7
Fairness, justice and redistribution 7
Personal freedom, initiative and responsibility 8
B Application to labor and employment regulation 9
Labor market regulation 10
Employment mandates 12
C Market failure 14
Imperfect information 14
Asymmetric information 15
Employer market power 15
Externalities and public goods 16
Imperfect decision-making 17
D Countervailing arguments against employment
regulation and mandates 17
Market failure: spotty and superficial 18
The efficiency of the common law 18
Government failure is worse than market failure 18
Regulatory capture and rent seeking by special
interests 18
The Coase theorem and private bargaining 19
Maximum of liberty and freedom of contract 19
Empirical evidence 19

vii
viii Labor and employment law and economics

2 Institutional law and economics 20
A People, ideas and historical context 20
B Key IL&E assumptions 24
Purpose of an economy 24
Liberty 25
Labor is human 25
Ownership and property rights 25
Institutions 26
Sovereignty 26
Behavioral/social model of the human agent 26
Transactions and transaction cost 26
Modes of coordination 26
Power 26
Reasonable value 27
C Critique of the competitive ...