This paper compares employment with spot trade of labor, formalizing arguments by Coase, Simon, and Williamson. With spot trade, an entrepreneur and a wealth-constrained worker bargain over different actions, and without agreement there is no trade. Employment is a relational contract that gives...

Across many countries, the rise of atypical work has been noted whereby employees are increasingly in less secure contractual situations. While this might lead to more flexible labour markets, there are potential downsides for individuals. We explore the prevalence of atypical work in Ireland...