Monopsony in Motion

Exploring the dynamics of labor markets, this book challenges the traditional view of perfect competition by introducing the concept of monopsony power held by employers. Alan Manning contends that employers can exert significant influence over wages due to market frictions that hinder workers from easily changing jobs. By re-evaluating established labor economics theories through this lens, the author presents a compelling argument that the impact of wage cuts can be more nuanced than previously thought, reshaping our understanding of labor market behavior.