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| Author: | Schmid, G. |
| Title: | Equality and efficiency in the labor market: towards a socio-economic theory of cooperation in the globalizing economy |
| Journal: | Journal of Socio-Economics
1993 : SPRING, VOL. 22:1, p. 31-67 |
| Index terms: | EQUALITY EFFICIENCY LABOUR MARKETS |
| Language: | eng |
| Abstract: | There is a big trade-off between equality and efficiency according to mainstream economists. From a socio-economic point of view, however, it depends upon circumstances and the precise definition of equality and efficiency. The article shows that in special situations equality is even a precondition for more efficiency. In an extended transaction cost theory, four types of the employment relationship are developed: markets, hierarchies, social networks, and civil rights. |
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