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Monopsony Takes Center Stage

Sunday, January 8, 2017 23:18
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Marshall Steinbaum at ProMarket:

Monopsony Takes Center Stage: In October, the Council of Economic Advisors released a report about monopsony in the labor market. That alone was rather astonishing—employer power and its consequences for labor market outcomes has been a distinctly minority concern in the economics profession for quite a while, notwithstanding mounting evidence of its importance coming from a number of subfields.

For that agenda to gain a hearing at the apex of economic policy-making is evidence of the shifting ground in matters of public economic debate. It is also reminiscent of the last time inequality was so high: then, as now, it sparked a sea change in the economics profession, including both the mainstreaming of labor exploitation as a subject of economic research and the founding of the American Economic Association. …



Source: http://economistsview.typepad.com/economistsview/2017/01/monopsony-takes-center-stage.html

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