Inside the Firm: Contributions to Personnel Economics [Hardcover]

Personnel economics has revolutionized the teaching of human resources in business schools worldwide. Edward Lazear is a founding father of personnel economics and this volume brings together his key papers on the institutions and incentives that shape interactions between employees and employers.How should firms select their employees? How should they design their compensation schemes such that employees are motivated to work hard? How do the performance and compensation of teammates influence workers' motivation and productivity?Personnel economics examines human resource practices and answers questions that are of paramount importance for business leaders around the globe. In this volume, Edward P. Lazear, a founding father of personnel economics and winner of the IZA Prize in Labor Economics 2004, takes stock of the economic analysis of personnel management, and the advancements and achievements that have been made in this field over the past 30 years. The book contains an impressive selection of Lazear's most important papers. It provides a unifying approach to human resource practices and a useful reference on personnel strategies such as hiring, motivating, and training an effective work force.I: Introduction by the Editors: Edward P. Lazear: A Founding Father of Personnel EconomicsII: What Is Personnel Economics?III: Explaining Labor Institutions in BusinessIntroduction1. Why Is There Mandatory Retirement?2. Pensions as Severance Pay3. Job Security Provisions and Employment4. An Economic Analysis of Works Councils5. The Peter Principle: A Theory of DeclineIV Compensation StructuresIntroduction6. Rank-Order Tournaments as Optimum Labor Contracts7. Salaries and Piece Rates8. Performance Pay and Productivity9. The Job as a ConceptV Social Interactions and Personnel EconomicsIntroduction10. Peer Pressure and Partnerships11. Pay Equality and Industrial Politics12. Culture and LanlÓA