Monopsony in Labor Markets: Theory, Evidence, and Public Policy

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Brianna L. Alderman (Harvard University, Massachusetts) Roger D. Blair (University of Florida)

Monopsony in Labor Markets

Theory, Evidence, and Public Policy

Brianna L. Alderman (Harvard University, Massachusetts), Roger D. Blair (University of Florida)

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English

Cambridge University Press
15 February 2024

Labour economics; Industrial relations & trade unions law

The economics of monopsony power results in lower wages and other forms of compensation, as well as reduced employment. Wealth is transferred from workers to their employers. In addition, the employer's output is reduced, which leads to increased prices for consumers. Monopsony in Labor Markets demonstrates that elements of monopsony are pervasive and explores the available antitrust policy options. It presents the economic and empirical foundations for antitrust concerns and sets out the relevant antitrust policy. Building on this foundation, it examines collusion on compensation, collusive no-poaching agreements, and the inclusion of non-compete agreements in employment contracts. It also addresses the influence of labor unions, labor's antitrust exemption, which permits the exercise of countervailing power, and the consequences of mergers to monopsony. Offering a thorough explanation of antitrust policy, this book identifies the basic economic problems with monopsony in labor markets and explains the remedies currently available.

By: Brianna L. Alderman (Harvard University Massachusetts), Roger D. Blair (University of Florida)
Imprint: Cambridge University Press
Country of Publication: United Kingdom
Dimensions: Height: 228mm, Width: 150mm, Spine: 12mm
Weight: 320g
ISBN: 9781009465250
ISBN 10: 1009465252
Pages: 212
Publication Date: 15 February 2024
Audience: General/trade , ELT Advanced
Format: Paperback
Publisher's Status: Active

1. Introduction; 2. The Economics of Monopsony; 3. Empirical Evidence of Monopsony in Labor Markets; 4. Antitrust Policy; 5. The Intended and Unintended Victims of Monopsony; 6. Collusion on Wages and Terms of Employment; 7. No Poaching Agreements; 8. Non-Compete Agreements; 9. Unions and Collective Bargaining; 10. Monopsony and Merger Policy; 11. Closing Thoughts.

Brianna L. Alderman is a Theodore H. Ashford Fellow at Harvard University. She is a Ph.D. student in the Department of Economics at Harvard University and currently holds bachelor's degrees in Economics, Mathematics, and Statistics from the University of Florida. Her current field interests include industrial organization, labor economics, and antitrust economics. Roger D. Blair is a Professor of Economics at the University of Florida. His research and teaching centers around antitrust economics. He has coauthored Monopsony in Law and Economics, Antitrust Policy in Health Care Markets, Antitrust Economics, and The Economics of Franchising. He has published over 200 articles in Economics journals and law reviews.

Reviews for Monopsony in Labor Markets: Theory, Evidence, and Public Policy

'Monopsony in Labor Markets is an excellent, empirically rich, and modestly technical treatment of a subject that will be especially helpful to antitrust lawyers and economists trying to sort out the effects of monopsony power on labor. The authors include full chapters on wage collusion and no poach agreements, noncompete agreements, and mergers. This book is particularly useful on questions like the extent and measurement of labor market concentration and power, tradeoffs between output and input effects, and the role of efficiencies. A must-read for an antitrust era in which harm to workers has suddenly become important.' Herbert Hovenkamp, Dinan University Professor, Univ. of Pennsylvania Law School and the Wharton School 'This volume elegantly summarizes a fast-growing literature on legal implications of labor market monopsony. Lawyers and policymakers interested in how the economic analysis of imperfect labor markets can be used in antitrust contexts will find an up-to-date, practical, and lucid exposition. Social scientists interested in how antitrust law has evolved to combat monopsony power will find a very readable and thorough overview.' Suresh Naidu, Jack Wang and Echo Ren Professor of Economics, Columbia University 'Recommended.' R. M. Whaples, CHOICE