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The Political Economy of Labour Market Institutions$
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Gilles Saint-Paul

Print publication date: 2000

Print ISBN-13: 9780198293323

Published to Oxford Scholarship Online: November 2003

DOI: 10.1093/0198293321.001.0001

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The No‐Rent Society

The No‐Rent Society

Chapter:
(p.21) 1 The No‐Rent Society
Source:
The Political Economy of Labour Market Institutions
Author(s):

Gilles Saint‐Paul

Publisher:
Oxford University Press
DOI:10.1093/0198293321.003.0002

This chapter introduces basic concepts and notations by looking at a homogeneous labour market with no employee rents. In such a world, there is no support for labour market rigidities. We show that this result follows from a more general, deeper property, namely that under free entry of firms, the unemployed should be in favour of leaving the determerination of job characteristics to the market.

Keywords:   efficiency wages, full employment, insiders, outside options, rents

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