Individual Employment Rights and the Standard Economic Objection: Theory and Empiricism

I. Introduction II. Price Theory, Minimal Terms, and the Standard Objection … A. The Price Theory Model of the Labor Market ... B. Minimal Terms and the Standard Objection ... C. An Aside on Waivable Terms III. Justifications for Minimal Terms within the Price Theory Model ... A. Efficiency Justifications ... 1. Collective Terms ... 2. Imperfect Information ... 3. External Costs ... 4. Summary of Efficiency Justifications ... B. Distributional Justifications IV. Conclusion