Foundations of Contemporary Economics: Edward P. Lazear and Personnel Economics

Henrik Egbert (), Teodor Sedlarski and Aleksandar B. Todorov

Economic Thought journal, 2022, issue 6, 671-691

Abstract: Edward P. Lazear (1948-2020) is one of the most influential economists in the field of applied Labor Economics in modern time. He founded Personnel Economics, which applies an economic approach to Human Resources. His work linked traditional Labor Economics with the empirical analysis of behavior in organizations (mostly private enterprises) and labor markets. He revolutionized thinking about Human Resources and integrated this field into economic analysis. His views stand in the tradition of the Chicago School of Economics. Besides his scientific work, Lazear was an influential political adviser. In this survey, we provide a short overview of some of his pathbreaking contributions. These include mandatory retirement, rank-order tournaments, incentive structures and compensation schemes.

JEL-codes: J23 J26 J41 M5 M51 M52 M54 M55 (search for similar items in EconPapers)
Date: 2022
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