TAILIEUCHUNG - Microeconomics for MBAs 55

Microeconomics for MBAs 55. The Economic Way of Thinking for Managers. Microeconomics for MBAs develops the economic way of thinking through problems that MBA students will find relevant to their career goals. Maths is kept simple and the theory is illustrated with real-life scenarios | Chapter 15 Competitive and Monopsonistic Labor Markets 52 offers. Their firms may also be subject to takeover given that bright investors can buy the firm replace the existing management team with a more competent team and then sell the firm at a higher price. The poor performance of one management team can represent a profitable opportunity for their competitors in the market for firms and management talent. Concluding Comments In a competitive labor market wage rates are determined by the interaction of willing suppliers of labor employees and demanders of labor employers . Suppliers are influenced significantly by the nonmonetary benefits of employment as well as by the value they place on their next-best alternative employment. Thus differences in money wage rates may not reflect true differences in full wage rates. Demand is influenced by the laborer s productivity and the price of the laborer s product. In a competitive labor market any attempt to change workers incomes through minimum standards for wages or working conditions can benefit some workers only at the expense of others. As the economist Milton Friedman complains The old saying is that Quakers went to the New World to do good and ended up doing well. Today wellmeaning reformers go to Washington to do good and end up doing harm. 62 Can the mixed results of minimum wage legislation be construed as a clear-cut improvement in social welfare Economic analysis cannot address that highly subjective question. The best we can do is present the deductions drawn from theory and evidence. Unfortunately both are conflicting as evident in the theoretical implications of minimum-wage hikes under competitive and monopsonistic conditions and as evident in the differing empirical findings. We have also shown that while it is nice to suggest that workers be paid according to performance the issues of providing the right pay for the right performance are thorny ones for managers. Regrettably the reality of managing .

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