Topic
Managerial economics
About: Managerial economics is a research topic. Over the lifetime, 1524 publications have been published within this topic receiving 83965 citations.
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TL;DR: In this paper, the implications of theories that relate to life cycle incentives, tournaments, piecework incentives, pay compression, peer pressure, and peer pressure on personnel economics are investigated.
Abstract: In 1987, the Journal of Labor Economics published an issue on the economics of personnel. Since then, personnel economics, defined as the application of labor economics principles to business issues, has become a major part of labor economics, now accounting for a substantial proportion of papers in this and other journals. Much of the work in personnel economics has been theoretical, in large part because the data needed to test these theories have not been available. In recent years, a number of firm‐based data sets have surfaced that allow personnel economics to be tested. Using two such data sets, I give support to the implications of theories that relate to life‐cycle incentives, tournaments, piecework incentives, pay compression, and peer pressure. I conclude that personnel economics is real. It is far more than a set of clever theories. It has relevance to the real world. Additionally, firm‐based data make asking and answering new kinds of questions feasible. The value of research in this area is h...
220 citations
TL;DR: In this paper, the authors present evidence that a sufficient condition for higher-than-average growth of poorer countries, and therefore convergence, is that poorer countries follow reasonably efficient economic policies, mainly open trade and protection of private property rights.
Abstract: Many of the crucial debates in development economics are encapsulated in the question of economic convergence. Is there a tendency for the poorer countries to grow more rapidly than the richer countries, and thereby to converge in living standards? Some recent research on endogenous growth has emphasized increasing returns as a possible reason not to expect convergence. Other research has suggested that convergence may be achieved only after poor countries attain a threshold level of income or human capital. This paper presents evidence that a sufficient condition for higher-than-average growth of poorer countries, and therefore convergence, is that poorer countries follow reasonably efficient economic policies, mainly open trade and protection of private property rights.(This abstract was borrowed from another version of this item.)
214 citations
TL;DR: In this article, the authors argue that managers have an incentive to exercise their discretion to enhance their income and that managers' rent-seeking affects not only the level of investment, but also the form of the form.
Abstract: We argue here for a broader view of the biases in managers' decisions: In general, managerial rent-seeking affects not only the level of investment, but also the form. Our basic hypothesis is simple: given the now well-established scope for managerial discretion, managers have an incentive to exercise that discretion to enhance their income. Any managerial contract is subject to renegotiation, and a manager's pay is the outcome of an often bewildering bargaining process between management, the board of directors, and rival management teams or takeover artists.
211 citations
Book•
01 Jan 1987
TL;DR: The new edition of this text (dates of previous editions are not stated) continues its mission as an introduction that assumes no economics background as discussed by the authors, with the aim of teaching students how to think about economic problems in a systematic way.
Abstract: The new edition of this text (dates of previous editions are not stated) continues its mission as an introduction that assumes no economics background. With the aim of teaching students how to think about economic problems in a systematic way, Jacobs (public health services, U. of Alberta, Canada) a
204 citations
Book•
15 Aug 1991
TL;DR: In this paper, an analysis of the economic effects of culture is presented, and the authors argue that the gains from technology in modern societies can be offset by high costs if the moral dimension is missing.
Abstract: This book is an analysis of the economic effects of culture. It demonstrates how these effects can be analysed in a rigorous fashion. The cultural environment influences decision-making through both moral values and fundamental beliefs. These values are developed principally within religious, ethnic, and national groupings and seem to exert a major influence on the economic performance of these groups. The economic analysis of culture should therefore be able to shed light on a wide variety of contemporary social and business problems. The author argues that the gains from technology in modern societies can be offset by high costs if the moral dimension is missing. Overall economic performance depends on transaction costs, and these mainly reflect the level of trust in the economy. The level of trust depends in turn on culture. An effective culture has a strong moral content. Morality can overcome problems that formal procedures - based on monitoring compicance with contracts - cannot. A strong culture therefore reduces transaction costs and enhances performance - the success of an economy depends on the quality of its culture.
203 citations