This article uses various micro data sets to study entrepreneurship. Consistent with the existence of capital constraints on potential entrepreneurs, the estimates imply that the probability of self-employment depends positively upon whether the individual ever received an inheritance or gift....

The paper surveys the theoretical and empirical literature on the economic effects of profit sharing between workers and firms. It is critical of the case for government subsidization of such sharing schemes. Copyright 1987 by Royal Economic Society.

This paper estimates that, in 1984, 43 percent of British private sector establishments had some form of profit- related pay. Regression results do not show that these establishments had statistically-significant better financial performance. Cross-ta bulations do not suggest that the...

The paper uses newly available cross-section data to study wage determination in the United Kingdom in the 1980s. The main results are as follows: (1) fear of unemployment substantially depresses pay; (2) there is some evidence of a wage ratchet whereby rates of pay are more flexible upwards...

This paper argues that wage determination is best seen as a kind of rent-sharing in which workers' bargaining power is influenced by conditions in the external labor market. It uses British establishment data from 1984 to show that pay depends upon a blend of insider pressure (including the...

Following A. W. Phillips's (1958) original work on the United Kingdom, applied research on unemployment and wages has been dominated by the analysis of highly aggregated time-series data sets. However, it has proved difficult with such methods to uncover statistically reliable models. This paper...

Although there exists a large literature on the effects of trade unions upon wages, there is no published work that uses microeconomic data on establishments to examine the employment consequences of unionism. This paper addresses this issue with a recent British data set and shows that, even...

The determinants of British white-collar pay are investigated using two surveys of establishments and four surveys of employees. It is found that, just as for manual employees, wages are highest in large foreign-owned workplaces with low proportions of part-time and female workers. There is some...

This paper suggests a new test for rent-sharing in the U.S. labor market. Using an unbalanced panel from the manufacturing sector, it shows that a rise in a sector's profitability leads after some years to an increase in the long-run level of wages in that sector. The paper controls for workers'...

Do entrepreneurs earn supernormal returns, or does competitive pressure ensure that entrepreneurs receive the same utility level as workers? If those who run their own businesses get supernormal returns (or 'rents') they should be happier than those who work as employees. The paper tests this...