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

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9781858988450: Not Just for the Money: An Economic Theory of Personal Motivation

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.


This path breaking book is bound to create controversy and debate. It will appeal not only to economists but to a wide range of social scientists who want to go beyond the traditional assumption of economic man.

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About the Author:

Bruno S. Frey, Distinguished Professor of Behavioural Science, University of Warwick, UK, Guest Professor, Zeppelin University, Friedrichshafen, Germany and Research Director, CREMA - Centre for Research in Economics, Management and the Arts, Switzerland

Review:

What he [Bruno Frey] offers is both challenging and pervasive in its relevance. He is ambitious enough to aspire to make economics less presumptive and less general, but - as he himself observes - earlier efforts to integrate psychology into economics have been noted while precious little effect on economics as a whole. His book is provocative and interesting and likely to yield some further empirical efforts to measure putative crowding-out effects, but scepticism and inertia are likely to be difficult barriers to overcome. --L.A. Duhs, Economic Analysis and Policy

The book is a must for political business cycle theorists in that it includes. . . important articles in the PBC literature. . . . it will be a prominent feature in my bookcase. --Dean Garratt, Economic Affairs

[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

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Bruno S. Frey
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Book Description Edward Elgar Publishing Ltd, United Kingdom, 1998. Paperback. Book Condition: New. New edition. 213 x 137 mm. Language: English . Brand New Book. 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. This path breaking book is bound to create controversy and debate. It will appeal not only to economists but to a wide range of social scientists who want to go beyond the traditional assumption of economic man. Bookseller Inventory # AAJ9781858988450

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Book Description Edward Elgar Publishing Ltd, United Kingdom, 1998. Paperback. Book Condition: New. New edition. 213 x 137 mm. Language: English . Brand New Book. 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. This path breaking book is bound to create controversy and debate. It will appeal not only to economists but to a wide range of social scientists who want to go beyond the traditional assumption of economic man. Bookseller Inventory # AAJ9781858988450

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Book Description Edward Elgar Publishing Ltd. Paperback. Book Condition: new. BRAND NEW, Not Just for the Money: Economic Theory of Personal Motivation (New edition), Bruno S. Frey, This text provides a wide-ranging discussion of personal movitation that opens out traditional eonomics to provide a more mature view of individuals as being sensitive to private and moral motives as well as market incentives. Bookseller Inventory # B9781858988450

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