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The Importance of Context for the Development of Labour Market Theory and Policy

The Importance of Context for the Development of Labour Market Theory and Policy
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Year:    2021

Author:    Altman, Morris

Journal of Contextual Economics – Schmollers Jahrbuch, Vol. 141 (2021), Iss. 1-2 : pp. 109–127

Abstract

Labour market theory underlies much of economic analysis with implications for theory and policy. I argue that conventional approaches to the labour market as well as more modern approaches represented by aspects of behavioural labour economics and Keynesian economics are often decontextualized from how individuals actually behave and the institutions affecting their behaviour. Building labour market models with empirically valid assumptions about human behaviour and individuals’ decision-making environment casts doubt on key core predictions of contemporary economics, such as: higher wages are bad for the economy; improvements in conditions of work and social support are economically damaging; lower real wages are a prerequisite to increasing macro employment, and workers prefer leisure over work. These models also challenge the view put forth by heuristics and biases type behavioural economists that workers behave irrationally, are biased, and therefore make decisions that are sub-optimal, damaging to themselves and the economy at large.

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Journal Article Details

Publisher Name:    Global Science Press

Language:    English

DOI:    https://doi.org/10.3790/schm.141.1-2.109

Journal of Contextual Economics – Schmollers Jahrbuch, Vol. 141 (2021), Iss. 1-2 : pp. 109–127

Published online:    2021-01

AMS Subject Headings:    Duncker & Humblot

Copyright:    COPYRIGHT: © Global Science Press

Pages:    19

Keywords:    D01 D02 E10 E20 010 Context Assumptions Behavioural Economics Labour Markets High Wages Policy Wellbeing

Author Details

Altman, Morris

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  115. Darity, W. A. Jr. and A. H. Goldsmith. 1996. “Social Psychology, Unemployment and Macroeconomics.” Journal of Economic Perspectives 10 (1): 121 – 40.  Google Scholar
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  117. Freeman, R. B. and J. L. Medoff. 1984. What Do Unions Do? New York: Basic Books.  Google Scholar
  118. Frey, B. S. and A. Stutzer. 2002. Happiness and Economics: How the Economy and Institutions Affect Human Well-Being. Princeton: Princeton University Press.  Google Scholar
  119. Friedman, M. 1953. “The Methodology of Positive Economics.” In Essays in Positive Economics, edited by M. Friedman, 3 – 43. Chicago: University of Chicago Press.  Google Scholar
  120. Friedman, M. 1968. “The Role of Monetary Policy.” American Economic Review 58 (1): 1 – 17.  Google Scholar
  121. Helliwell, J. F. and H. Huang. 2011. “Well-being and Trust in the Workplace.” Journal of Happiness Studies 12 (5): 747 – 67.  Google Scholar
  122. Kahneman, D. 2003. “Maps of Bounded Rationality: Psychology for Behavioral Economics.” American Economic Review 93 (5): 1449 – 75.  Google Scholar
  123. Kahneman, D. 2011. Thinking Fast and Slow. New York: Farrar, Straus and Giroux.  Google Scholar
  124. Keynes, J. M. 1936. The General Theory of Employment, Interest and Money. New York: Harcourt, Brace and Company.  Google Scholar
  125. Leibenstein, H. 1957. “The Theory of Underemployment in Backward Economies.” Journal of Political Economy 65 (2): 91 – 103.  Google Scholar
  126. Leibenstein, H. 1966. “Allocative Efficiency vs. ‘X-Efficiency’.” American Economic Review 56 (3): 392 – 415.  Google Scholar
  127. Leibenstein, H. 1979. “A Branch of Economics is Missing: Micro-Micro Theory.” Journal of Economic Literature 17 (2): 477 – 502.  Google Scholar
  128. Leibenstein, H. 1983. “Property Rights and X-Efficiency: Comment.” American Economic Review 73 (4): 831 – 42.  Google Scholar
  129. North, D. 1990. Institutions, Institutional Change and Economic Performance. Cambridge: Cambridge University Press.  Google Scholar
  130. Olson, M. 1996. “Big Bills Left on the Sidewalk: Why Some Nations are Rich, and Others Poor.” Journal of Economic Perspectives 10 (2): 3 – 24.  Google Scholar
  131. Onaran, Ö., A. Guschanski, J. Meadway, and A. Martin. 2015. “Working for the Economy: the Economic Case for Trade Unions.” Accessed June 15, 2021. https://ideas.repec.org/p/gpe/wpaper/14083.html.  Google Scholar
  132. Paul, K. I. and K. Moser. 2009. “Unemployment Impairs Mental Health: A Meta Analyses.” Journal of Vocational Behavior 74 (3): 264 – 82.  Google Scholar
  133. Pencavel, J. H. 1986. “Labor Supply of Men: A Survey.” In: Handbook of Labor Economics 1, edited by O. Ashenfelter and R. Laylard, 3 – 102. Amsterdam: North Holland.  Google Scholar
  134. Roser, M. 2018. “This is How Working Hours Have Changed Over Time.” World Economic Forum. Accessed April 2, 2018. https://www.weforum.org/agenda/2018/05/working-hours.  Google Scholar
  135. Simon, H. A. 1959. “Theories of Decision-Making in Economics and Behavioral Science.” American Economic Review 49 (3): 252 – 83.  Google Scholar
  136. Simon, H. A. 1978. “Rationality as Process and as Product of Thought.” American Economic Review 68 (2): 1 – 16.  Google Scholar
  137. Simon, H. A. 1987. “Behavioral Economics.” In The New Palgrave: A Dictionary of Economics, edited by J. Eatwell, M. Millgate, and P. Newman, 221 – 25. London: Macmillan.  Google Scholar
  138. Solow, R. M. 1990. Labor Markets as a Social Institution. Cambridge, MA: Basil Blackwell.  Google Scholar
  139. Solow, R. M. 1998. Work and Welfare. Princeton: Princeton University Press.  Google Scholar
  140. Thaler, R. H. and C. R. Sustein. 2008. Nudge: Improving Decisions about Health, Wealth, and Happiness. New Haven: Yale University Press.  Google Scholar
  141. Tversky, A. and D. Kahneman. 1981. “The Framing of Decisions and the Psychology of Choice.” Science 211 (4481): 453 – 58.  Google Scholar
  142. Akerlof, G. A. 2002. “Behavioral Macroeconomics and Macroeconomic Behavior.” American Economic Review 92 (3): 411 – 33.  Google Scholar
  143. Akerlof, G. A., W. Dickens, and G. Perry. 2000. “Near-Rational Wage and Price Setting and The Long-Run Phillips Curve.” Brookings Papers on Economic Activity 2000 (1): 1 – 60.  Google Scholar
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  215. Helliwell, J. F. and H. Huang. 2011. “Well-being and Trust in the Workplace.” Journal of Happiness Studies 12 (5): 747 – 67.  Google Scholar
  216. Kahneman, D. 2003. “Maps of Bounded Rationality: Psychology for Behavioral Economics.” American Economic Review 93 (5): 1449 – 75.  Google Scholar
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  219. Leibenstein, H. 1957. “The Theory of Underemployment in Backward Economies.” Journal of Political Economy 65 (2): 91 – 103.  Google Scholar
  220. Leibenstein, H. 1966. “Allocative Efficiency vs. ‘X-Efficiency’.” American Economic Review 56 (3): 392 – 415.  Google Scholar
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  222. Leibenstein, H. 1983. “Property Rights and X-Efficiency: Comment.” American Economic Review 73 (4): 831 – 42.  Google Scholar
  223. North, D. 1990. Institutions, Institutional Change and Economic Performance. Cambridge: Cambridge University Press.  Google Scholar
  224. Olson, M. 1996. “Big Bills Left on the Sidewalk: Why Some Nations are Rich, and Others Poor.” Journal of Economic Perspectives 10 (2): 3 – 24.  Google Scholar
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  227. Pencavel, J. H. 1986. “Labor Supply of Men: A Survey.” In: Handbook of Labor Economics 1, edited by O. Ashenfelter and R. Laylard, 3 – 102. Amsterdam: North Holland.  Google Scholar
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  235. Tversky, A. and D. Kahneman. 1981. “The Framing of Decisions and the Psychology of Choice.” Science 211 (4481): 453 – 58.  Google Scholar
  236. Akerlof, G. A. 2002. “Behavioral Macroeconomics and Macroeconomic Behavior.” American Economic Review 92 (3): 411 – 33.  Google Scholar
  237. Akerlof, G. A., W. Dickens, and G. Perry. 2000. “Near-Rational Wage and Price Setting and The Long-Run Phillips Curve.” Brookings Papers on Economic Activity 2000 (1): 1 – 60.  Google Scholar
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  239. Akerlof, G. A. and J. L. Yellen. 1990. “The Fair Wage-Hypothesis and Unemployment.” Quarterly Journal of Economics 105 (2): 255 – 83.  Google Scholar
  240. Altman, M. 1992. “The Economics of Exogenous Increases in Wage Rates in a Behavioral/X-Efficiency Model of the Firm.” Review of Social Economy 50 (2): 163 – 92.  Google Scholar
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  243. Altman, M. 1999. “The Methodology of Economics and the Survival Principle Revisited and Revised: Some Welfare and Public Policy Implications of Modeling the Economic Agent.” Review of Social Economics 57 (4): 427 – 49.  Google Scholar
  244. Altman, M. 2001a. “Behavioural Economics.” In Reader’s Guide to the Social Sciences, edited by J. Michie, 113 – 15. London: Routledge.  Google Scholar
  245. Altman, M. 2001b. “ A Behavioral Model of Labor Supply: Casting Some Light into the Black Box of Income-Leisure Choice.” Journal of Socio-Economics 30 (3): 199 – 219.  Google Scholar
  246. Altman, M. 2005. “Behavioral Economics, Power, Rational Inefficiencies, Fuzzy Sets, and Public Policy.” Journal of Economic Issues 34 (3): 683 – 706.  Google Scholar
  247. Altman, M. 2006a. “What a Difference an Assumption Makes: Effort Discretion, Economic Theory, and Public Policy.” In Handbook of Contemporary Behavioral Economics: Foundations and Developments, edited by M. Altman, 125 – 64. New York: Routledge.  Google Scholar
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  249. Altman, M. 2009. “A Behavioral-Institutional Model of Endogenous Growth and Induced Technical Change.” Journal of Economic Issues 43 (3): 685 – 713.  Google Scholar
  250. Altman, M. 2016. “Policy Consequences of Multiple Equilibria and the Indeterminacy of Economic Outcomes in a Boundedly Rational World: Closing the System with Non-Economic Variables.” Forum for Social Economics 46 (3): 234 – 51.  Google Scholar
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  252. Babcock, L., W. J. Congdon, L. F. Katz, and S. Mullainathan. 2010. “Notes on Behavioral Economics and Labor Market Policy.” Accessed May 10, 2021. http://www.brookings.edu/research/papers/2010/12/29-behavioral-econ-labor-market-policy.  Google Scholar
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  254. Brown, A., C. Merkl, and D. J. Snower. 2014. “The Minimum Wage from a Two-Sided Perspective.” Accesssed May 14, 2018. http://d.repec.org/n?u=RePEc:iza:izadps:dp8252&r=lab.  Google Scholar
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  256. Darity, W. A. Jr. and A. H. Goldsmith. 1996. “Social Psychology, Unemployment and Macroeconomics.” Journal of Economic Perspectives 10 (1): 121 – 40.  Google Scholar
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  261. Friedman, M. 1968. “The Role of Monetary Policy.” American Economic Review 58 (1): 1 – 17.  Google Scholar
  262. Helliwell, J. F. and H. Huang. 2011. “Well-being and Trust in the Workplace.” Journal of Happiness Studies 12 (5): 747 – 67.  Google Scholar
  263. Kahneman, D. 2003. “Maps of Bounded Rationality: Psychology for Behavioral Economics.” American Economic Review 93 (5): 1449 – 75.  Google Scholar
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  266. Leibenstein, H. 1957. “The Theory of Underemployment in Backward Economies.” Journal of Political Economy 65 (2): 91 – 103.  Google Scholar
  267. Leibenstein, H. 1966. “Allocative Efficiency vs. ‘X-Efficiency’.” American Economic Review 56 (3): 392 – 415.  Google Scholar
  268. Leibenstein, H. 1979. “A Branch of Economics is Missing: Micro-Micro Theory.” Journal of Economic Literature 17 (2): 477 – 502.  Google Scholar
  269. Leibenstein, H. 1983. “Property Rights and X-Efficiency: Comment.” American Economic Review 73 (4): 831 – 42.  Google Scholar
  270. North, D. 1990. Institutions, Institutional Change and Economic Performance. Cambridge: Cambridge University Press.  Google Scholar
  271. Olson, M. 1996. “Big Bills Left on the Sidewalk: Why Some Nations are Rich, and Others Poor.” Journal of Economic Perspectives 10 (2): 3 – 24.  Google Scholar
  272. Onaran, Ö., A. Guschanski, J. Meadway, and A. Martin. 2015. “Working for the Economy: the Economic Case for Trade Unions.” Accessed June 15, 2021. https://ideas.repec.org/p/gpe/wpaper/14083.html.  Google Scholar
  273. Paul, K. I. and K. Moser. 2009. “Unemployment Impairs Mental Health: A Meta Analyses.” Journal of Vocational Behavior 74 (3): 264 – 82.  Google Scholar
  274. Pencavel, J. H. 1986. “Labor Supply of Men: A Survey.” In: Handbook of Labor Economics 1, edited by O. Ashenfelter and R. Laylard, 3 – 102. Amsterdam: North Holland.  Google Scholar
  275. Roser, M. 2018. “This is How Working Hours Have Changed Over Time.” World Economic Forum. Accessed April 2, 2018. https://www.weforum.org/agenda/2018/05/working-hours.  Google Scholar
  276. Simon, H. A. 1959. “Theories of Decision-Making in Economics and Behavioral Science.” American Economic Review 49 (3): 252 – 83.  Google Scholar
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  281. Thaler, R. H. and C. R. Sustein. 2008. Nudge: Improving Decisions about Health, Wealth, and Happiness. New Haven: Yale University Press.  Google Scholar
  282. Tversky, A. and D. Kahneman. 1981. “The Framing of Decisions and the Psychology of Choice.” Science 211 (4481): 453 – 58.  Google Scholar
  283. Akerlof, G. A. 2002. “Behavioral Macroeconomics and Macroeconomic Behavior.” American Economic Review 92 (3): 411 – 33.  Google Scholar
  284. Akerlof, G. A., W. Dickens, and G. Perry. 2000. “Near-Rational Wage and Price Setting and The Long-Run Phillips Curve.” Brookings Papers on Economic Activity 2000 (1): 1 – 60.  Google Scholar
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  286. Akerlof, G. A. and J. L. Yellen. 1990. “The Fair Wage-Hypothesis and Unemployment.” Quarterly Journal of Economics 105 (2): 255 – 83.  Google Scholar
  287. Altman, M. 1992. “The Economics of Exogenous Increases in Wage Rates in a Behavioral/X-Efficiency Model of the Firm.” Review of Social Economy 50 (2): 163 – 92.  Google Scholar
  288. Altman, M. 1996. Human Agency and Material Welfare: Revisions in Microeconomics and their Implications for Public Policy. Boston: Kluwer Academic Publishers.  Google Scholar
  289. Altman, M. 1998. “A High-Wage Path to Economic Growth and Development.” Challenge: The Magazine of Economic Affairs 41 (1): 91 – 104.  Google Scholar
  290. Altman, M. 1999. “The Methodology of Economics and the Survival Principle Revisited and Revised: Some Welfare and Public Policy Implications of Modeling the Economic Agent.” Review of Social Economics 57 (4): 427 – 49.  Google Scholar
  291. Altman, M. 2001a. “Behavioural Economics.” In Reader’s Guide to the Social Sciences, edited by J. Michie, 113 – 15. London: Routledge.  Google Scholar
  292. Altman, M. 2001b. “ A Behavioral Model of Labor Supply: Casting Some Light into the Black Box of Income-Leisure Choice.” Journal of Socio-Economics 30 (3): 199 – 219.  Google Scholar
  293. Altman, M. 2005. “Behavioral Economics, Power, Rational Inefficiencies, Fuzzy Sets, and Public Policy.” Journal of Economic Issues 34 (3): 683 – 706.  Google Scholar
  294. Altman, M. 2006a. “What a Difference an Assumption Makes: Effort Discretion, Economic Theory, and Public Policy.” In Handbook of Contemporary Behavioral Economics: Foundations and Developments, edited by M. Altman, 125 – 64. New York: Routledge.  Google Scholar
  295. Altman, M. 2006b. “Involuntary Unemployment, Macroeconomic Policy, and a Behavioral Model of the Firm: Why High Real Wages Need Not Cause High Unemployment.” Research in Economics 60 (2): 97 – 111.  Google Scholar
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Section Title Page Action Price
Morris Altman: The Importance of Context for the Development of Labour Market Theory and Policy 109
Abstract 109
1. Introduction 109
2. Decontextualized Economic Theory 111
3. Income-Leisure Choice in Context 113
4. Higher Wages and the Firm 117
5. The Psychology of Unemployment 109
6. Conclusion 109
References 109