Monopsony in the Labour Markets

Soon Beng Chew

Chapter 7 in Labour Economics and Public Policy:Managing the Labour Markets for Competitiveness, 2017, pp 97-104 from World Scientific Publishing Co. Pte. Ltd.

Abstract: In Chapter 6, we examine government actions in situations where there are many buyers and sellers of labour services in the labour markets. In this chapter, we discuss how market forces work when there is only one buyer of labour services (monopsony) in the labour market. We examine two cases, one when the monopsonist has discriminating power and another case without discriminating power. In order to appreciate the economics of monopsony, we will first examine the notion of consumer surplus.

Keywords: Labour Market Competitiveness; Labour Unions; Macro-Focused Union; Union Social Responsibility; Union as a Public Good (search for similar items in EconPapers)
JEL-codes: J08 (search for similar items in EconPapers)
Date: 2017
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