We examine the impact of employment protection legislation (EPL) on individual firms' growth opportunities, as measured by Tobin's q. On the one hand, by increasing job security, EPL spurs innovation effort. Yet that boost only occurs in firms with little comparative advantage at original...

The growing divergence in U.S. employee relations is described through a review of national and state-level changes to employment protection laws. Major employment laws are reviewed, as are the significant exceptions to the laws, and exemptions to the exceptions. Major regulatory actions, as...

Not only has the shadow economy obviously been growing much more rapidly than the official economy in the Western industrialised countries, it also appears to have a growth cycle of its own, running counter to the official economy's growth cycle. This raises a number of important questions for...