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In this article, we examine a case of task segregation — when a group of workers is disproportionately allocated, relative to other groups, to spend more time on specific tasks in a given job — and argue that such segregation is a potential mechanism for generating within-job inequality in...
Persistent link: https://www.econbiz.de/10013011992
Standard macro theories have the same analytical structure as their micro counterparts. Where micro theories work with equilibrium between supply and demand for particular products, macro theories work with equilibrium applied to aggregates of products. This common approach treats the...
Persistent link: https://www.econbiz.de/10013033378
We briefly survey Hayek’s work and argue for its increasing relevance for organizational scholars. Hayek’s work inspired aspects of the transaction cost approach to the firm as well as knowledge management and knowledge-based view of the firm. But Hayek is usually seen within organizational...
Persistent link: https://www.econbiz.de/10014161237
This essay draws on the transaction costs model of the firm and an Austrian perspective on the knowledge problem in centrally planned orders to propose an empirically useful Austrian theory of central planning. After an initial review of existing theories of the firm, part two develops insights...
Persistent link: https://www.econbiz.de/10014081785
Persistent link: https://www.econbiz.de/10008701566
The keys to effective teamwork in firms are (1) carefully designed team-formation policies that take into account what level of diversity of skills, knowledge, and demographics is desirable and (2) balanced team-based incentives. Employers need to choose policies that maximize the gains from...
Persistent link: https://www.econbiz.de/10011420496
Employers want motivated and productive employees. Are there ways to increase employee motivation without relying solely on monetary incentives, such as pay-for-performance schemes? One tool that has shown promise in recent decades for improving worker performance is setting goals, whether they...
Persistent link: https://www.econbiz.de/10011433170
Employment contracts give a principal the authority to decide flexibly which task his agent should execute. However, there is a tradeoff, first pointed out by Simon (1951), between flexibility and employer moral hazard. An employment contract allows the principal to adjust the task quickly to...
Persistent link: https://www.econbiz.de/10009743908
Employment contracts give a principal the authority to decide flexibly which task his agent should execute. However, there is a tradeoff, first pointed out by Simon (1951), between flexibility and employer moral hazard. An employment contract allows the principal to adjust the task quickly to...
Persistent link: https://www.econbiz.de/10009720579
Employment contracts give a principal the authority to decide flexibly which task his agent should execute. However, there is a tradeoff, first pointed out by Simon (1951), between flexibility and employer moral hazard. An employment contract allows the principal to adjust the task quickly to...
Persistent link: https://www.econbiz.de/10009672247