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dc.contributor.authorHart, Robert Aen_UK
dc.contributor.authorMalley, James Ren_UK
dc.description.abstractThis article investigates the relative propensity of manufacturing industries in Japan, Germany, Great Britain and the U.S. to hold excess labor over the business cycle. According to the authors the leading economic rationale for the phenomenon of excess labor, or labor hording, derives from the theory of firm-specific human capital. While much has been learned about the phenomenon of excess labor from individual-country studies, there are compelling reasons for undertaking a comparative international analysis that includes Japan. Firm-specific investments give rise to a stream of rent that are shared by the firm and its workforce. Where investments are major and highly profitable, the two parties will be particularly cautious about separating in the event of an unanticipated downturn in product demand. As long as joint rent remain positive, or even if they turn negative in the short run, it may be their mutual interest to maintain a long-term employment relationship. Returns to specific investments are uncertain. Specificity itself implies that the firm endows in its workers a set of specificity associated with any given investment. It will have less than complete information on relative future changes in technological, process and product innovations between itself and its competitors.en_UK
dc.publisherWiley-Blackwell for the London School of Economics and Political Scienceen_UK
dc.relationHart RA & Malley JR (1996) Excess labour and the business cycle: a comparative study of Japan, Germany, the United Kingdom and the United States. Economica, 63 (250), pp. 325-342.
dc.rightsThe publisher does not allow this work to be made publicly available in this Repository. Please use the Request a Copy feature at the foot of the Repository record to request a copy directly from the author. You can only request a copy if you wish to use this work for your own research or private study.en_UK
dc.titleExcess labour and the business cycle: a comparative study of Japan, Germany, the United Kingdom and the United Statesen_UK
dc.typeJournal Articleen_UK
dc.rights.embargoreason[Hart_1996_Excess_labour_and_the_business_cycle.pdf] The publisher does not allow this work to be made publicly available in this Repository therefore there is an embargo on the full text of the work.en_UK
dc.type.statusVoR - Version of Recorden_UK
dc.contributor.affiliationUniversity of Glasgowen_UK
rioxxterms.typeJournal Article/Reviewen_UK
local.rioxx.authorHart, Robert A|en_UK
local.rioxx.authorMalley, James R|en_UK
local.rioxx.projectInternal Project|University of Stirling|
Appears in Collections:Economics Journal Articles

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