ABSTRACT
This conclusion presents some closing thoughts on the concepts covered in the preceding chapters of this book. The book introduces the varied approaches used, and the crucial issues examined, by modern institutionalist labor economists. It highlights the many distortions in the labor market model due to its foundation on dead metaphors used out of habit or historical precedent rather than analytical realism. The book discusses the principle of employment at will assigns to both employer and employee the freedom to terminate a given work arrangement when they wish, but it ignores the greater bargaining power in that relationship held by the employer. It summarizes dead metaphors such as the labor market model that helps to justify myths about the fairness and objectivity of markets. Changes in government policies toward labor are also a key to addressing the challenges faced by modern workers.
