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| Author: | Deakin, S. Sarkar, P. |
| Title: | Assessing the long-run economic impact of labour law systems: A theoretical reappraisal and analysis of new time series data |
| Journal: | Industrial Relations Journal
2008 : NOV, VOL. 39:6, p. 453-487 |
| Index terms: | labour markets industrial performance productivity employment labour law |
| Language: | eng |
| Abstract: | Labour law is seen by standard economic theory as an exogenous interference with market relations, predicting mostly negative impacts on employment and productivity (here as: e-and-p). This paper argues that labour law is, at least in part, endogenous, with both the production and the application of labour law norms btw. the institutions of the labour market and those of corporate governance and financial markets. Using a new data set on legal change from the 1970s to the mid-2000s, there is found evidence of positive correlations btw. growth and regulation in e-and-p., at least for Germany and France. There is no relationship (here as: r-ship), either positive or negative, found for the U.K. and, although the U.S. (United States) shows a weak negative r-ship btw. regulation and employment growth, this is offset by productivity gains. |
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