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Profit-Sharing and Meade's Discriminating Labour-Capital Partnerships: A Review Article

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  • Wadhwani, Sushil B

Abstract

Professor Meade has argued that the discriminating labor-capital pa rtnerships (DLCPs) might not only help cure stagflation, but are to be preferred to Weitzman-type profit-sharing schemes. This paper argu es that: (1) Once we endogenize wages, DLCPs might not affect unemplo yment; (2) the multitier pay structure implied by DLCPs may not be op timal from the perspective of either firms or workers; (3) the effect of DLCPs on productivity is ambiguous; and (4) the case for subsidiz ing DLCPs is far from conclusive, especially given the possibility th at greater decentralization of wage decisions can make an economy mor e prone to stagflation. Copyright 1987 by Royal Economic Society.

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  • Wadhwani, Sushil B, 1987. "Profit-Sharing and Meade's Discriminating Labour-Capital Partnerships: A Review Article," Oxford Economic Papers, Oxford University Press, vol. 39(3), pages 421-442, September.
    • Handle: RePEc:oup:oxecpp:v:39:y:1987:i:3:p:421-42
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    1. repec:zbw:bofrdp:1997_008 is not listed on IDEAS
    2. Jääskelä, Jarkko, 1997. "Incomplete insurance market and its policy implication within European Monetary Union," Research Discussion Papers 8/1997, Bank of Finland.
    3. Lin, Chung-cheng & Chang, Juin-jen & Lai, Ching-chong, 2002. "Profit sharing as a worker discipline device," Economic Modelling, Elsevier, vol. 19(5), pages 815-828, November.
    4. Michaelis, Jochen, 1997. "On the equivalence of profit and revenue sharing," Economics Letters, Elsevier, vol. 57(1), pages 113-118, November.
    5. Chang, Juin-jen & Lai, Ching-chong & Lin, Chung-cheng, 2003. "Profit sharing, worker effort, and double-sided moral hazard in an efficiency wage model," Journal of Comparative Economics, Elsevier, vol. 31(1), pages 75-93, March.
    6. Cable, John R. & Wilson, Nicholas, 1988. "Profit-Sharing And Productivity: An Analysis Of Uk Engineering Firms," Economic Research Papers 268335, University of Warwick - Department of Economics.

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