The Transaction Costs and Benefits of the Incomplete Contract of Employment

Kate Cartier

Cambridge Journal of Economics, 1994, vol. 18, issue 2, 181-96

Abstract: Transaction analysis helps us understand the incomplete contract of employment but a complete and objective analysis considers the transaction benefits as well as the costs. The theoretical and empirical findings of cognitive psychology are used to examine how workers learn by experience and use their cognitive abilities. This dynamic analysis of the relation between labor and production at the macroeconomic level of the job and the worker modifies theories of labor-market behavior and of economic production, and suggests how endogenous growth is generated and why its rates and patterns vary. Copyright 1994 by Oxford University Press.

Date: 1994
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