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The theoretic story of the market parameters, salary, quality and competitive advantage (Part I: Free Agency)


Days before the trade-Death-line I would like to draw attention to market and basic theory. 3 days ago Samuel Ngai has written a very interesting work, Tambellini compared proceed with the conditions at an Asian market.

While working on the neoclassical view of labor as a commodity market, it differs according to institutionalist view of economic and labor in a characteristic way from the freight market. Robert M. Solow says: "working as a commodity, something special ... and hence the labor market." The Keynesian critique of neoclassical economics sees it that way.

The labor market is the real or imaginary place "in its combination of demand for labor with the self-supply of labor." The labor market is a market for labor services, which will be completed in the form of service contracts (eg I'll pay you only if you bring me a cup Stanley). The employment contract is a contract rather sui generis.
A special feature of the labor market is that the party "employer" usually has several vacant jobs. The easier to fill a job that is, the more workers are willing to occupy it, the more "power", the employer, as is the position of the employer against the party "workers" in a favorable market position. The converse is also possible for example then if the employee has special skills or qualifications that strong - are asked to gather this information but difficult - on the part of employers.

Another peculiarity is that there are still ties after the contract between the parties such that a contractor, the employer, extensive rights over the other, the employee shall acquire,
In the standard model of neoclassical theory can be characterized as the labor market on a commodity market due to rising demand curves and falling supply curves: the higher the wage, the higher the labor supply and the lower the labor demand. Here, a representative player is assumed, which allows a very easy way to transfer a microeconomic observations on the overall economic analysis on which the model underlying assumption of perfect market transparency and the assumption of the factor limiting work to be homogeneous, its applicability from the perspective of modern theories of the labor market is a but.

The classical theory assumes wages to be flexible and explained by a market clearing. Unemployment does not exist in this approach. The NHL basic income of $ 500,000 this is a social factor that restricts the autonomy of the parties (for example).
As human capital theory refers to studies of resource education (human capital) in economic terms. In particular, this involves the measurement of total economic impact of improved education. This relationship is usually measured by a comparison of costs and benefits of education spending.

Resource-Based View: The ability of a resource to be able to actually generate sustainable competitive advantage is determined by the following requirements:
* First strategically valuable
* Second (preferably sustainable) unique or rare (almost)
If the two requirements (value and rarity) are relatively easy to fulfill, is to assess a strategic resource under the criteria of non-substitutability and non-Inimitability incorporate a dynamic component. Only over time can determine whether a resource meets the last two requirements. To manage lasting competitive advantage, core competencies must first be discussed and the next step will be developed and directed.
Conclusion: A strategy must be developed to plan over several years, with a fixed objective. If these objectives are not achieved, must be consequences. More necessary, a change in strategy to the possible attainable goal.

(Many thanks on my wife for her scientific support on this issue.)
Tomorrow follows the principal-agent theory = how to trade on the right way!

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