We discuss a simple model of a monopsonist employer choosing wages jointly with non-wage working conditions. We show that a distinctive prediction of monopsony is that just-binding minimum wages are not offset by lowered workplace characteristics that are complementary with wages. Compute the stylistic distance between your text and: Karl Marx John. To implement our methodology, we draw on extensive ethnographic work conducted with 87 Wal-Mart workers to design and implement a survey experiment with over 10,000 Wal-Mart workers recruited online. Suresh Naidu is professor of economics and international and public affairs at Columbia University. Suresh Naidu, Elliott Ash, Jeff Jacobs Princeton University and Columbia University. Using responses to hypothetical outside offers and link click-through rates, we find a quit elasticity of roughly 2, consistent with other recent research showing monopsony power in the low-wage labor market. We focus on the Manne Economics Institute for Federal Judges, an intensive economics course that trained almost half of federal judges between 19. Motivated by the ethnographic evidence, we expand the set of amenities to include subjective experiences of supervisor respect and fairness, self-expression on the job, and reliable co-workers, which we jointly call "workplace dignity", following a large sociological literature. Suresh Naidu Columbia University Date Written: February 2022 Abstract This paper provides a quantitative analysis of the effects of the early law-and- economics movement on the U.S. Posner University of Chicago - Law School Date Written: JanuAbstract Recent literature has suggested that antitrust regulation is an appropriate response to labor market monopsony. We find that workers value workplace dignity at approximately six percent of their current wage, comparable to amenities like commute time and more valuable than widely discussed amenities like control over one’s schedule or physical exertion.
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