Not Just for the Money: An Economic Theory of Personal Motivation
Edward Elgar, 1997 M01 1 - 156 pages
'The main thing is to congratulate Frey for highlighting an important and interesting problem which economists have yet to deal with in a fully satisfactory fashion.' - David Collard, the Economic Journal '[Bruno Frey] suggests how the working economist or intelligent citizen can take into account what he calls "intrinsic motivation". Still more important, he shows how this can be done without surrendering to the communitarians who would subordinate the individual to the group to which he or she belongs. Mr Frey emphasises that his book is not a plea for old-style government intervention. . . Instead he argues that human beings should be trusted more. "Desist from trying to steer humans everywhere and always", he writes. At the very least, however, Mr Frey's crowding out theory offers some comfort to those who have misgivings about macho managerialism. from now on, they should be able to retain such misgivings without having to overthrow beliefs in markets or the profit motive.' - Sir Samuel Brittan, the Financial Times 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.
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The market and beyond
The psychological background
Integration into economics
Motivational SpillOver Effect
A strict or lenient constitution?
Social and organizational policy
Work motivation and compensation policy
Consequences for economic policy
Consequences for economic theory