Labour Law and Economic Policy: How Employment Rights Improve the Economy

This book explores the economic foundations of labor institutions and argues that they are necessary for innovation, efficiency, productivity, and economic growth. It challenges the justifications for labor market intervention in the context of globalisation and economic digitisation and demonstrates how deregulation can harm innovation and the economy. It provides examples of labor standards that are necessary for the proper functioning of the economy, such as the minimum wage, sectoral collective bargaining, and protection against dismissal and discrimination.

Format: Hardback
Length: 208 pages
Publication date: 22 February 2024
Publisher: Bloomsbury Publishing PLC

This comprehensive book delves into the study of labor institutions from an economic standpoint
perspective, aiming to justify their existence and the numerous benefits they offer in terms of innovation, efficiency, productivity, and economic growth. The philosophical underpinnings of labor law revolve around safeguarding the weaker party in the employment contract. However, after four decades of political neoliberalism, these justifications appear insufficient in addressing the challenges and advancements in the realm of labor and employment rights. This book seeks to rewrite the narrative surrounding the necessity of labor standards. It begins by examining the historical origins and evolution of labor law in the context of the Industrial Revolution, and then proceeds to analyze the contemporary landscape dominated by globalization and economic digitization. The book further explores the primary justifications for intervention in the labor market within the current business-economic context on a global scale, including economic growth, pre-distribution of wealth, a meritocratic allocation of working conditions and equality among workers.

Through the use of case studies and examples from across the European Union, the United Kingdom, and the United States, the book vividly illustrates how the deregulation of labor markets can harm innovation and the economy, particularly when considering the complexities of platform work, algorithms, and artificial intelligence. It demonstrates that labor standards such as the minimum wage, sectoral collective bargaining, collective rights, protection against dismissal and discrimination, occupational risk prevention, and social security are essential for the proper functioning of the economy.

By examining these critical aspects, this book provides valuable insights into the role of labor institutions in shaping a more equitable and prosperous society. It serves as a valuable resource for policymakers, scholars, and activists seeking to promote sustainable and inclusive economic growth.

Weight: 397g
Dimension: 234 x 156 (mm)
ISBN-13: 9781509973880