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date: 02 December 2020

Abstract and Keywords

The fact that labor markets have endogenous effects, that labor contracts are incomplete, and that workers and owners have some conflicting interests, distinguishes them from other types of markets such as markets in wheat or gadgets. In this chapter, we explore the consequences of the special nature of labor markets for three specific issues: unemployment, the rise of the gig economy, and the nature and organization of work in a just society. Each of these issues involves the complex interplay of economic considerations with ethics, which implicate considerations such as freedom and coercion, inequality and fairness, and efficiency and productivity.

Keywords: labor markets, gig economy, organization of work, justice, voluntary unemployment, inequality

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