CHAPTER VI
The Role of Competition in the Labour Market
In Chapter IV we have considered at length the reasons why in a world of imperfect competition it is desirable that there should exist wage-fixing institutions to offset the monopsonistic powers of an employer. There are, however, some other additional reasons why it is not suitable to rely solely on the forces of competition for the setting of rates of pay.
1. Some Further Reasons for Intervention in the Labour Market
In the first place, a full return to competitive conditions in the labour market would have to involve very ungenerous treatment of the unemployed in order to ensure that the competition of the unemployed in search of work resulted in no increases, indeed in reductions, of ...
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