Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/158715
Authors: 
Roemer, John E.
Year of Publication: 
2010
Citation: 
[Journal:] Zeitschrift für ArbeitsmarktForschung – Journal for Labour Market Research [ISSN:] 2510-5027 [Volume:] 43 [Year:] 2010 [Issue:] 1 [Pages:] 6-16
Abstract: 
The market has both a coordination function and an incentive function. The first theorem of welfare economics is all about coordination; the principal-agent model is all about incentives. What is the relative importance of the market in carrying out these two functions? While there has been a shift in economic theory in the past thirty years from emphasizing the coordination role to emphasizing the incentive role, it is not clear whether this reflects a new and deeper understanding of the market. Understanding the market's functions, in real economies, may be key for understanding the degree to which redistribution in them is feasible.
Subjects: 
Anreizsystem
Markttheorie
Beruf
Lohn
Gleichgewichtstheorie
Umverteilung
JEL: 
J01
D01
D30
D50
Persistent Identifier of the first edition: 
Document Type: 
Article

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