Efficient Labour Organization

There are two general approaches to the study of efficient labour organization. The one is in the neo-classical tradition which emphasizes incentives, efficient risk-bearing, factor proportion distortions, and the like. The second has more recent origins. It emphasizes the contracting process and the transaction costs that are associated therewith. A comparative institutional assessment of alternative governance structures is attempted, the object being to align the attributes of transactions with those of governance structures in a discriminating (mainly transactions costs economizing) way.