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Author: Andrew Weiss
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 144
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Author: Andrew Weiss
Publisher: Princeton University Press
ISBN: 140086206X
Category : Political Science
Languages : en
Pages : 126
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Book Description
Known for his seminal work in efficiency-wage theory, Andrew Weiss surveys recent research in the field and presents new results. He shows how wage schedules affect the kinds of workers a firm employs and how well those workers perform on the job. Using straightforward examples, he demonstrates how efficiency-wage theory can explain labor market outcomes and guide government policy. There is a separate section of applications to less developed countries. "Efficiency-wage models represent one of the most important developments in economic theory of recent years. They have, at last, provided integrated explanations both of macroeconomic phenomena, such as unemployment and wage rigidity, and microeconomic phenomena, such as wage dispersion. Weiss--one of the pioneers of efficiency-wage theory--provides here a masterful survey, a lucid and systematic and yet critical account of this rapidly developing branch of economics. This book should be required reading in all courses in macroeconomics."--Joseph Stiglitz, Stanford University "Efficiency Wages should be on the bookshelf of all labor and macroeconomists."--Lawrence H. Summers, Harvard University "A splendid monograph ... most readable... I will put it on my reading list."--Partha Dasgupta, Stanford University Originally published in 1991. The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.
Author: George A. Akerlof
Publisher: Cambridge University Press
ISBN: 9780521312844
Category : Business & Economics
Languages : en
Pages : 196
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Book Description
The contributors explore the reasons why involuntary unemployment happens when supply equals demand.
Author: Luis A. Riveros
Publisher:
ISBN:
Category : Employment (Economic theory)
Languages : en
Pages : 44
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Book Description
Efficiency wage theory suggests that wages (and hence labor markets) may be unresponsive to typical macroeconomic policies that seek to lower real wages, change resource allocation, and reduce open unemployment. Under this theory, firms will react to macroeconomic shocks by altering employment (laying workers off), not wages.
Author: Lorri Elizabeth Rumph
Publisher:
ISBN:
Category :
Languages : en
Pages : 72
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Author: Yoram Weiss
Publisher: Springer
ISBN: 1349106887
Category : Social Science
Languages : en
Pages : 350
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A collection of papers which analyzes and measures unemployment as a search activity, discusses efficiency wage models and which considers the impact of government and unions on employment and unemployment.
Author:
Publisher:
ISBN:
Category : Wages
Languages : en
Pages :
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Book Description
This paper surveys recent developments in the literature on efficiency wage theories of unemployment. Efficiency wage models have in common the property that in equilibrium firms may find it profitable to pay wages in excess of market clearing. High wages can help reduce turnover, elicit worker effort, prevent worker collective action, and attract higher quality employees. Simple versions of efficiency wage models can explain normal involuntary unemployment, segmented labor markets, and wage differentials across firms and industries for workers with similar productive characteristics. Deferred payment schemes andother labor market bonding mechanisms appear to be able to solve some efficiency wage problems without resultant job rationing and involuntary unemployment. A wide variety of evidence on inter-industry wage differences is analyzed. Efficiency wage models appear useful in explaining the observed pattern of wage differentials. The models also provide several potential mechanisms for cyclical fluctuations in response to aggregate demand shocks.
Author: Lawrence H. Summers
Publisher:
ISBN:
Category : Keynesian economics
Languages : en
Pages : 36
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Book Description
While modern economic theorists have produced a variety of explanations for the failure of wages to fall in the face of unemployment, Keynes emphasis on relative wages has not been reflected in most contemporary discussions. This short paper suggests that relative wage theories in which workers' productivity depends primarily on their relative wage provide the best available apparatus for understanding actual unemployment and its fluctuations. Such theories are very closely related to the efficiency wage theories that have received widespread attention in recent years.
Author:
Publisher:
ISBN: 9780262560375
Category :
Languages : en
Pages : 409
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Book Description
Author: Assar Lindbeck
Publisher:
ISBN:
Category : Wage-price policy
Languages : en
Pages : 20
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Author: Paul Chen
Publisher:
ISBN:
Category : Wage differentials
Languages : en
Pages : 48
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