On the Benefits From Rigid Labour Markets: Norms, Market Failures, and Social Insurance
质疑劳动力市场放松管制是解决欧洲高失业的唯一良方，指出社会习俗导致工资刚性，压缩工资结构可能带来效率提升，且全球化可能增加对劳动力市场刚性的需求。
The common view that far‐reaching labour market deregulation is the only remedy for high European unemployment is too simplistic. First, the evidence suggests that deeply rooted social customs are an important cause of wage rigidity, going beyond the legal constraints emphasised in the political debate. Second, in a second‐best setting, a compressed wage structure may generate an efficiency gain. Finally, based on simple plots of the relation between labour market institutions and openness in OECD countries, I conclude that the globalisation of economic activity may lead to increased demand for various labour market rigidities.