Search results for " informal economy"
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Apologia del libero mercato
2019
In a dusty square of an ancient neighborhood of Palermo there is a miserable second-hand market, called “mercato dell’Albergheria. Merchandise sold is mainly stuff collected from garbage. Those who sell and buy are some of the poorest and most marginalized among urban population, so none of the sellers has a permission or pays any tax. Nevertheless, Albergheria market had existed undisturbed for about twenty years. It therefore seems to be an actualization of the free market ideal. The State is not there: neither to give, nor to require. In the main square, where the market is, a peculiar coincidence occurs: one of the buildings, an ex-cinema, is now a lecture-hall of the Law Department of …
RENT CREATION AND RENT SHARING: NEW MEASURES AND IMPACTS ON TOTAL FACTOR PRODUCTIVITY
2019
International audience; This analysis proposes new measures of rent creation and rent sharing and assesses their impact on productivity on cross-country-industry panel data. We find first that: (1) anticompetitive product market regulations positively affect rent creation and (2) employment protection legislation boosts hourly wages, particularly for low-skill workers. However, we find no significant impact of this employment legislation on rent sharing, as the hourly wage increases are offset by a negative impact on hours worked. Second, using regulation indicators as instruments, we find that rent creation and rent sharing both have a substantial negative impact on total factor productivi…