Imperfect Labour Markets, the Stock Market and the Inefficiency of Capitalism

Alan Manning

Oxford Economic Papers, 1992, vol. 44, issue 2, 257-271

Abstract: In a capitalist economy, capitalists can sell their stake in a firm on the stock market whereas workers cannot sell their jobs. It is argued that when workers have some bargaining power this asymmetry in property rights leads to inefficiencies. The consequences of this are explored and certain policy options considered. Copyright 1992 by Royal Economic Society.

Date: 1992
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Working Paper: Imperfect Labour Markets, the Stock Market and the Inefficiency of Capitalism (1989)
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