Minimum Wage, Public Employment Offices and Unemployment Compensation: John R. Commons's View

Massimiliano Vatiero

Department of Economics University of Siena from Department of Economics, University of Siena

Abstract: In accordance with the concept of transaction as introduced by John R. Commons we willinvestigate the contractual and market remedies which labour law may implement to make ‘order’ in theemployer-employee relationship.In this view, one of the most important contractual remedies is the minimum wage. It demarks an inalienabledefault point under which wage bargaining can not drop. Unlike, employability represents the mostimportant concept in order to take into explicit account market dynamics. In this respect, employmentcompensation and public employment offices, involving parties’ outside options, are widely treated.Lastly, we will prove that these two kinds of legal intervention (contract and market regarding) are derivedfrom Commons distinction between liberty and freedom.

Keywords: John R. Commons; employability; labour law and economics (search for similar items in EconPapers)
JEL-codes: B25 B52 J38 J65 K31 (search for similar items in EconPapers)
Date: 2007-11
New Economics Papers: this item is included in nep-lab and nep-law
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Persistent link: https://EconPapers.repec.org/RePEc:usi:wpaper:521

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