000			02813cam a22003617 4500
001			w16048
003			NBER
005			20211020111159.0
006			m o d
007			cr cnu||||||||
008			210910s2010 mau fo 000 0 eng d
100	1		_aMacLeod, W. Bentley. _915792
245	1	0	_aGreat Expectations: _bLaw, Employment Contracts, and Labor Market Performance / _cW. Bentley MacLeod.
260			_aCambridge, Mass. _bNational Bureau of Economic Research _c2010.
300			_a1 online resource: _billustrations (black and white);
490	1		_aNBER working paper series _vno. w16048
500			_aJune 2010.
520	3		_aThis chapter reviews the literature on employment and labor law. The goal of the review is to understand why every jurisdiction in the world has extensive employment law, particularly employment protection law, while most economic analysis of the law suggests that less employment protection would enhance welfare. The review has three parts. The first part discusses the structure of the common law and the evolution of employment protection law. The second part discusses the economic theory of contract. Finally, the empirical literature on employment and labor law is reviewed. I conclude that many aspects of employment law are consistent with the economic theory of contract - namely, that contracts are written and enforced to enhance ex ante match efficiency in the presence of asymmetric information and relationship specific investments. In contrast, empirical labor market research focuses upon ex post match efficiency in the face of an exogenous productivity shock. Hence, in order to understand the form and structure of existing employment law we need better empirical tools to assess the ex ante benefits of employment contracts.
530			_aHardcopy version available to institutional subscribers
538			_aSystem requirements: Adobe [Acrobat] Reader required for PDF files.
538			_aMode of access: World Wide Web.
588	0		_aPrint version record
690		7	_aJ41 - Labor Contracts _2Journal of Economic Literature class.
690		7	_aJ5 - Labor–Management Relations, Trade Unions, and Collective Bargaining _2Journal of Economic Literature class.
690		7	_aJ8 - Labor Standards: National and International _2Journal of Economic Literature class.
690		7	_aJ33 - Compensation Packages • Payment Methods _2Journal of Economic Literature class.
690		7	_aK31 - Labor Law _2Journal of Economic Literature class.
710	2		_aNational Bureau of Economic Research.
830		0	_aWorking Paper Series (National Bureau of Economic Research) _vno. w16048.
856	4	0	_uhttps://www.nber.org/papers/w16048
856			_yAcceso en línea al DOI _uhttp://dx.doi.org/10.3386/w16048
942			_2ddc _cW-PAPER
999			_c332074 _d290636