Labor Market Institution
A Labor Market Institution is an Institution intended to influence the behavior of a labor market.
- See: Labor Regulation, Labor Union.
References
2009
- (Freeman, 2009) ⇒ Richard B Freeman. (2009). “Labor Regulations, Unions, and Social Protection in Developing Countries: Market Distortions Or Efficient Institutions?." National Bureau of Economic Research.
- QUOTE: This essay reviews what economists have learned about the impact of labor market institutions, defined broadly as government regulations and union activity on labor outcomes in developing countries.
Once about a time – not so long ago – the international financial institutions and many in the economics and policy establishment believed that they knew how to create sustainable growth in developing economies.
World Bank and International Monetary Fund economists also worried that labor institutions would undermine structural adjustment programs designed to cure balance of payments deficits or other economic ills.
Labor institutions vary greatly among developing countries but less than they vary among advanced countries. Collective bargaining is weaker in developing countries than in advanced countries while labor regulations are nominally similar.
- QUOTE: This essay reviews what economists have learned about the impact of labor market institutions, defined broadly as government regulations and union activity on labor outcomes in developing countries.