Not Just for the Money: An Economic Theory of Personal Motivation

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Edward Elgar, Jan 1, 1997 - Business & Economics - 156 pages
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In Not Just For the Money Professor Frey challenges traditional economic theory and argues that people do not act in expectation of monetary gain alone, nor do they work solely because they are paid. Furthermore the author claims that higher monetary compensation as well as regulations crowd-out motivation in important circumstances. Offering higher pay may make people less committed to their work and may reduce their performance. They thus behave in exactly the opposite way the fundamental price-effect of economics predicts. The first part of the book considers the Crowding-Out Effect and the Motivational Spill-Over Effect. The second part explores a large number of applications to constitutional questions, various policy issues and the organization of firms. The final part discusses the substantial consequences for policy making and economic theory.

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Contents

The market and beyond
1
Everyday experiences
7
The psychological background
13
Integration into economics
20
Motivational SpillOver Effect
35
A strict or lenient constitution?
43
Environmental policy
56
the NIMBYproblem
67
Social and organizational policy
79
Work motivation and compensation policy
88
Consequences for economic policy
105
Consequences for economic theory
118
References
126
Author index
149
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