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

Alan Manning

No 332, CEPR Discussion Papers from Centre for Economic Policy Research

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.

Keywords: Capitalism; Collective Bargaining; Labour Markets; Stock Market (search for similar items in EconPapers)
Date: 1989-08
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Journal Article: Imperfect Labour Markets, the Stock Market and the Inefficiency of Capitalism (1992)
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