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Assessing The Long-Run Economic Impact Of Labour Law Systems: A Theoretical Reappraisal And Analysis Of New Time Series Data

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Executive Summary

Standard economic theory sees labor law as an exogenous interference with market relations and predicts mostly negative impacts on employment and productivity. The authors argue for a more nuanced theoretical position: labor law is, at least in part, endogenous, with both the production and the application of labor law norms influenced by national and sectoral contexts, and by complementarities between the institutions of the labor market and those of corporate governance and financial markets. Legal origin may also operate as a force shaping the content of the law and its economic impact.

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