Rethinking Market Regulation: Helping Labor by Overcoming Economic 1st Edition Myths John N. Drobak

Rethinking Market Regulation: Helping Labor by Overcoming Economic Myths – Ebook Instant Download/Delivery ISBN(s): 9780197578957,9780197578964,9780197578971,9780197578988,0197578950,0197578969,0197578977,0197578985,2020055607

Product details:

• ISBN-10 ‏ : ‎ 0197578950
• ISBN-13 ‏ : ‎ 978-0197578957
• Author(s): John N. Drobak

A subversive approach to economic theory, Rethinking Market Regulation explores the devastating impact of globalisation and a lack of governmental regulation on the US workforce. It challenges two key economic principles: that markets are competitive, making government intervention unnecessary, and the claim that corporations exist for the benefit of their shareholders, but not for other stakeholders. Arguing that both principles are based in myth, this book offers an insightful perspective into the plight of workers faced with widespread job losses through the merging and outsourcing of resources.

Rethinking Market Regulation ties together the problems that come with using economic principles as a justification for a lack of government intervention with the harm and widespread social repercussions faced by workers. With a close focus on the personal and financial consequences of losing employment, this book offers a compelling comparison of the legal and social treatment of labor in the US and the EU, closing with the recommendation for a new regulatory regime as a prescription for the current system of mass inequality and widespread job losses. Rethinking Market Regulation is ideal for scholars, professionals and anyone else interested in gaining an alternative perspective to modern US economic theory and market regulation.

Table contents:

1. Introduction
2. The Theory of Competitive Markets
3. Lack of Competition in U.S. Markets
I. Financial Data Relevant to Competitiveness
II. Expert Opinion on Competitiveness
III. Business Conduct as a Way to Determine Competitiveness
IV. Market Concentration as a Way to Determine Competitiveness
4. The Effects of Mega-Mergers
5. Corporate Stakeholders
6. Outsourcing in the United States and Europe
7. Legitimization of Greed—Heartbreak to Workers
I. The Quest for Profits
II. Harm to Workers
A. Disparity of Income and Wealth
B. Unemployment Rates
C. Retraining
III. The Experience of Two Towns
8. Belief Systems and Confirmation Bias
I. Underlying Fundamental Premises
A. The Difficulty of Determining the Truth
B. Belief Systems
C. Nonrational Human Decision-Making
II. Economists’ Faith in the Market
III. The Public’s Faith in the Market
9. Recommendations
10. Postscript
I. Trickle-Down Economics
II. Austerity
III. Privatization
IV. Belief in the Market and Mistrust of Government
Appendix A: Profitability of the Four Major Airlines
Appendix B: Methods to Determine Concentration
Appendix C: Results of Concentration Studies
Appendix D: Congressional Bills Regulating Outsourcing
Bibliography
Index

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