...Monopolies and Oligopolies V. Monopsony VI. Agency Costs, Principal Costs, and Proposed Re... purchased goods or services, suppresses the wages of the workers who provide the service, and often ... when IOLTA accounts meet the same minimum balance or other account qualifications, if any.")...
... raises marginal labor cost above the current wage, causing the monopsonist to reduce employment. Equ...
The federal minimum wage was established in 1938 by the Fair Labor Standards Act. Initially set at 25 cents an hour, the wage has been raised periodically to reflect changes in inflation and productivity. From September 1997 to the beginning of 2007, the minimum wage stood at $5.15 an hour, but its real value declined steadily from about 40% of the average private nonsupervisory wage to a mere 30%. The effect of a minimum wage depends, in part, on whether the labor market is competitive -- or not, in which case employers exert significant power over wage decisions. This article reviews the employment effects of the minimum wage under two extreme assumptions: In the first case, there are a lot of employers competing to attract workers; in the second, there is a single employer. Ultimatel...
... is the community's dominant employer (a monopsony). Because the mine has negligible competition from...
... 1995b), the fast food industry is a monopsony to the extent that it is the principal employer of...
EPA and NHTSA, on behalf of the Department of Transportation, are issuing this joint proposal to further reduce greenhouse gas emissions and improve fuel economy for light-duty vehicles for model years 2017-2025. This proposal extends the National Program beyond the greenhouse gas and corporate average fuel economy standards set for model years 2012-2016. On May 21, 2010, President Obama issued a Presidential Memorandum requesting that NHTSA and EPA develop through notice and comment rulemaking a coordinated National Program to reduce greenhouse gas emissions of light-duty vehicles for model years 2017- 2025. This proposal, consistent with the President's request, responds to the country's critical need to address global climate change and to reduce oil consumption. NHTSA is proposing C...
... 3. Minimum Domestic Passenger Car Standards. 4. Light Tru... imported oil on the world oil price (``monopsony costs''); (2) the expected costs associated with t... derived from current cost-of-illness and/or wage estimates. ---------------------------------------...
The impact the minimum wage has on fast food and other minimum wage industries has been studied several times, both at the Federal and state levels, since the enactment of the Fair Labor Standards Act in 1938. Throughout these studies, economists have obtained contradicting results supporting both the monopsony theory and the standard competitive model, leaving the policy discussion being far from being settled. Along this thread of research, we propose that Michigan offers a unique setting for analysis as the minimum wage has been increased via a series of three consecutive stepped increases totaling $2.25. Traditional competitive models suggest that such a significant increase in the wage floor will have a significant negative impact on employment levels. This impact is likely to be e...
... the minimum wage, whereas in their view monopsony models that predict greater employment following a...
Companies can improve productivity by paying efficiency wages. The common belief is that efficiency wages are inefficiently high because they result into unemployment which is also inefficiently high. However, a necessary and adequate condition for the opposite conclusion was found by applying a simple and general efficiency wage model. When the condition is true, wages are inefficiently low, leading to productivity which is also inefficiently low. It is the high-wage policies that increase output, even if they also lower employment.
...In some efficiency wage models, minimum-wage laws may raise employment. In Rebitzer and Ta...This monopsony-like incentive means that a minimum-wage law could...
Myopic application of the antitrust laws has produced two perverse effects: it has halted increases in aggregate social wealth and erroneously sanctioned business practices that cause significant societal welfare losses. Thus, current competition rules give rise to a society deprived of resources it would otherwise enjoy. Present antitrust rules may appear to be formulated with the well-being of capital-constrained consumers in mind, but such is not the case. This Article debunks the consumer welfare standard, the current antitrust lodestar. This Article shows that the consumer welfare standard does not accurately reflect principles of Rawlsian justice and may, in fact, result in highly imperfect and possibly unjust redistribution. The authors argue that even if significant wealth trans...
..., some courts have permitted concerted monopsony6 behavior in circumstances where harm to consumers ... price below the judicially determined minimum. To counter this, at an absolute minimum, the spec... income derives not only from endowments and wages, but from ownership in firms,149 held directly or ...
... to any employee who is paid monthly wages that are 86.67 times the minimum hourly wage, work...(24) HMSA is essentially a monopsony and has established a de facto private single payo...
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