Recent research on labor markets has focused on the ability of the firm to influence the productivity of its employees. While most of this research has concentrated on the structure of the compensation package the employer can offer its employees, there has also been interest in the employer's...

We show how several concepts that are treated separately in general economics texts - externalities, moral hazard, and collusion - submit to a unified treatment based on a standard analysis of property rights. Most texts recognize externalities as a problem of open access to a resource. We show...