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What happens if an employer cuts wages by one cent? Much of labor economics is built on the assumption that all the workers will quit immediately. Here, Alan Manning mounts a systematic challenge to the standard model of perfect competition. Monopsony in Motion stands apart by analyzing labor markets from the real-world perspective that employers have significant market (or monopsony) power over their workers. Arguing that this power derives from frictions in the labor market that make it time-consuming and costly for workers to change jobs, Manning re-examines much of labor economics based on this alternative and equally plausible assumption. The book addresses the theoretical implications ...
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President Abraham Lincoln is known as the Great Emancipator, the Savior of the Union, and an American martyr to the people who read about him. But that was not how his sons knew him. Presidential historian Alan Manning invites readers to see not the thoughtful, burdened president delivering the Gettysburg Address to a war-torn nation, but a man quietly reading bedtime stories to his sleepy-eyed sons; and not the resolute commander-in-chief seeking out winning generals and forming war policy, but a man wrestling with his own grown son’s desire to join the army and go off to war. A combination of history, biography, and family culture, this book follows Lincoln from his growing law practice in Springfield through the turbulent war years in the White House, highlighting the same challenges that many fathers face today: balancing a successful career with paternal responsibilities—a perspective largely ignored by previous Lincoln biographers, thus helping to complete the portrait of one of the most popular, significant, and complex figures in American history.
We reassess the effect of state and federal minimum wages on U.S. earnings inequality using two additional decades of data and far greater variation in minimum wages than was available to earlier studies. We argue that prior literature suffers from two sources of bias and propose an IV strategy to address both. We find that the minimum wage reduces inequality in the lower tail of the wage distribution (the 50/10 wage ratio), but the impacts are typically less than half as large as those reported elsewhere and are almost negligible for males. Nevertheless, the estimated effects extend to wage percentiles where the minimum is nominally non-binding, implying spillovers. However, we show that spillovers and measurement error (absent spillovers) have similar implications for the effect of the minimum on the shape of the lower tail of the measured wage distribution. With available precision, we cannot reject the hypothesis that estimated spillovers to non-binding percentiles are due to reporting artifacts. Accepting this null, the implied effect of the minimum wage on the actual wage distribution is smaller than the effect of the minimum wage on the measured wage distribution.
This book seeks to address three issues: How do European countries differ in their cultural integration process and what are the different models of integration at work? How does cultural integration relate to economic integration? What are the implications for civic participation and public policies?
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