Source: Do we need to tackle monopsony powers in the labour market?
Economists suggest that the balance of power in the UK labour market has shifted to the employers, evidenced by the growth in zero hours contracts and the ‘gig’ economy. Alan Manning (LSE) suggested that all employers wield monopsony power to an extent and I, for one, am inclined to agree. I highly recommend looking at Manning’s work in more detail for a deeper understanding of monopsony power in labour markets.
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