Original article General Economics and Teaching

FOUNDATIONS OF CONTEMPORARY ECONOMICS: EDWARD P. LAZEAR AND PERSONNEL ECONOMICS

Henrik Egbert - Anhalt University of Applied Sciences, Germany
Teodor Sedlarski - Sofia University St. Kliment Ohridski
Aleksandar B. Todorov - University of Economics – Varna
Received: 13 Feb 2023
Revised:
Published:
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Issue 6/2022
JEL M54 J26 M51 J41 J23 M5 M52 M55
DOI https://doi.org/10.56497/etj2267603

Abstract

Abstract. Edward P. Lazear (1948-2020) is one of the most influential economists in the field of applied Labour Economics in modern time. He founded Personnel Economics, which applies an economic approach to Human Resources. His work linked traditional Labour Economics with the empirical analysis of behaviour in organizations (mostly private enterprises) and labour markets. He revolutionized thinking about Human Resources and integrated this field into economic analysis. His views stand in the tradition of the Chicago School of Economics. Besides his scientific work, Lazear was an influential political adviser. In this survey, we provide a short overview of some of his pathbreaking contributions. These include mandatory retirement, rank-order tournaments, incentive structures, and compensation schemes.

How to cite this article

Egbert, H., Sedlarski, T., Todorov, A. B. (2022). Osnovi na savremennata ikonomika: Eduard P. Leyziar i ikonomikata na personala (Foundations of Contemporary Economics: Edward P. Lazear and Personnel Economics). Economic Thought Journal, 67(6), 671-691 (in Bulgarian). https://doi.org/10.56497/etj2267603

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