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The Political Economy of Labour Market Institutions$
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Gilles Saint-Paul

Print publication date: 2000

Print ISBN-13: 9780198293323

Published to Oxford Scholarship Online: November 2003

DOI: 10.1093/0198293321.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 15 April 2021

The No‐Rent Society

The No‐Rent Society

(p.21) 1 The No‐Rent Society
The Political Economy of Labour Market Institutions

Gilles Saint‐Paul

Oxford University Press

This chapter introduces basic concepts and notations by looking at a homogeneous labour market with no employee rents. In such a world, there is no support for labour market rigidities. We show that this result follows from a more general, deeper property, namely that under free entry of firms, the unemployed should be in favour of leaving the determerination of job characteristics to the market.

Keywords:   efficiency wages, full employment, insiders, outside options, rents

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