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1 - Monopsony in the Labor Market

Published online by Cambridge University Press:  08 February 2024

Brianna L. Alderman  and
Roger D. Blair
Brianna L. Alderman
Affiliation:
Harvard University, Massachusetts
Roger D. Blair
Affiliation:
University of Florida
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Summary

Monopsony is the label that Joan Robinson attached to a market in which a single employer faces a competitively structured supply of labor. For some reason, her early theoretical analysis, along with the insights of A. C. Piguo and J. R. Hicks, did not gain much traction. Recently, however, economists and policymakers have recognized the ill effects of monopsony and have offered some actions aimed at mitigating – if not eliminating – the monopsony problem. In our view, vigorous enforcement – both public and private – of the antitrust laws can play a large role in reducing the ill effects of monopsony power in the labor market.

Keywords

Monopsonylabor marketantitrustcollusionpublic policy
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Chapter
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Monopsony in Labor Markets
Theory, Evidence, and Public Policy
 , pp. 1 - 14
Publisher: Cambridge University Press
Print publication year: 2024

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