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Minimum Wage, Public Employment Offices and Unemployment Compensation: John R. Commons's View

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  • Massimiliano Vatiero

Abstract

In accordance with the concept of transaction as introduced by John R. Commons we willinvestigate the contractual and market remedies which labour law may implement to make ‘order’ in theemployer-employee relationship.In this view, one of the most important contractual remedies is the minimum wage. It demarks an inalienabledefault point under which wage bargaining can not drop. Unlike, employability represents the mostimportant concept in order to take into explicit account market dynamics. In this respect, employmentcompensation and public employment offices, involving parties’ outside options, are widely treated.Lastly, we will prove that these two kinds of legal intervention (contract and market regarding) are derivedfrom Commons distinction between liberty and freedom.

Suggested Citation

  • Massimiliano Vatiero, 2007. "Minimum Wage, Public Employment Offices and Unemployment Compensation: John R. Commons's View," Department of Economics University of Siena 521, Department of Economics, University of Siena.
    • Handle: RePEc:usi:wpaper:521
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    References listed on IDEAS

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    1. Hart, Oliver & Moore, John, 1990. "Property Rights and the Nature of the Firm," Journal of Political Economy, University of Chicago Press, vol. 98(6), pages 1119-1158, December.
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    4. Claude Ménard (ed.), 1997. "Transaction Cost Economics," Books, Edward Elgar Publishing, number 1150.
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    More about this item

    Keywords

    John R. Commons; employability; labour law and economics;
    All these keywords.

    JEL classification:

    • B25 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Historical; Institutional; Evolutionary; Austrian; Stockholm School
    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;
    • J38 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Public Policy
    • J65 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - Unemployment Insurance; Severance Pay; Plant Closings
    • K31 - Law and Economics - - Other Substantive Areas of Law - - - Labor Law

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