Austrian Labor Theory and Preferences Over Compensation

  • Martin Krause
Keywords: Labor Theory, Austrian Economics, Compensation, Incentives, Monetary, Non-monetary, Subjective Value, Heterogeneity

Abstract

Personnel Economics has allowed us to better understand compensation schemes in face of the problems coming out of the principal-agent relationship, with individuals pursuing their own private interests making necessary a mechanism to promote the alignment of interests within the organization. The theory had to
simplify its assumptions. Austrian Economics Theory, emphasizing subjective value and entrepreneurial creativity gives a convenient background to consider individuals’ preferences over incentives.

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Published
2014-12-01
How to Cite
1.
Krause M. Austrian Labor Theory and Preferences Over Compensation. MisesJournal [Internet]. 2014Dec.1 [cited 2020Dec.1];2(2):425-37. Available from: https://misesjournal.org.br/misesjournal/article/view/649
Section
Economics, Methodology and Praxiology