Relative Wages Efficiency Wages And Keynesian Unemployment
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Author | : Lawrence H. Summers |
Publisher | : |
Total Pages | : 36 |
Release | : 1988 |
Genre | : Keynesian economics |
ISBN | : |
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 | : George A. Akerlof |
Publisher | : Cambridge University Press |
Total Pages | : 196 |
Release | : 1986-11-28 |
Genre | : Business & Economics |
ISBN | : 9780521312844 |
The contributors explore the reasons why involuntary unemployment happens when supply equals demand.
Author | : Andrew Weiss |
Publisher | : Princeton University Press |
Total Pages | : 126 |
Release | : 2014-07-14 |
Genre | : Political Science |
ISBN | : 140086206X |
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 | : Pierre Picard |
Publisher | : Cambridge University Press |
Total Pages | : 277 |
Release | : 1993 |
Genre | : Equilibrium (Economics). |
ISBN | : 0521350573 |
This book is concerned with the problem of wage rigidities in macroeconomic theory, and their implications for public policy. It offers an analysis of the microeconomic foundations of rigid wages, considering their implications for normative economics, and their role in explaining involuntary unemployment. The initial chapters examine short-run macroeconomic equilibrium with nominal rigidities within the framework of fix-price temporary equilibria. This is followed by an overview and assessment of the main microeconomic mechanisms likely to account for real wage rigidity. In this context new findings concerning implicit contract theory, union behaviour and efficiency wage models are reported. The effect of efficiency wage models on macroeconomic fluctuations is also considered. Finally an analysis of the important public policy issues raised in the book is provided.
Author | : Fouad Sabry |
Publisher | : One Billion Knowledgeable |
Total Pages | : 301 |
Release | : 2024-02-12 |
Genre | : Business & Economics |
ISBN | : |
What is Efficiency Wage The term efficiency wages was introduced by Alfred Marshall to denote the wage per efficiency unit of labor. Marshallian efficiency wages are those calculated with efficiency or ability exerted being the unit of measure rather than time. That is, the more efficient worker will be paid more than a less efficient worker for the same amount of hours worked. How you will benefit (I) Insights, and validations about the following topics: Chapter 1: Efficiency wage Chapter 2: Labour economics Chapter 3: Minimum wage Chapter 4: New Keynesian economics Chapter 5: Phillips curve Chapter 6: Employment Chapter 7: Principal-agent problem Chapter 8: Personnel economics Chapter 9: Signalling (economics) Chapter 10: Labour market flexibility Chapter 11: Compensating differential Chapter 12: Insider-outsider theory of employment Chapter 13: Ekkehart Schlicht Chapter 14: Involuntary unemployment Chapter 15: Union wage premium Chapter 16: Monopsony Chapter 17: Rehn-Meidner model Chapter 18: Real rigidity Chapter 19: Wage compression Chapter 20: Shapiro-Stiglitz theory Chapter 21: Gift-exchange game (II) Answering the public top questions about efficiency wage. (III) Real world examples for the usage of efficiency wage in many fields. Who this book is for Professionals, undergraduate and graduate students, enthusiasts, hobbyists, and those who want to go beyond basic knowledge or information for any kind of Efficiency Wage.
Author | : Sushil B. Wadhwani |
Publisher | : |
Total Pages | : 60 |
Release | : 1988 |
Genre | : Efficiency wage theory |
ISBN | : |
Author | : C. Simon Fan |
Publisher | : |
Total Pages | : 25 |
Release | : 2005 |
Genre | : Keynesian economics |
ISBN | : |
Author | : Luis A. Riveros |
Publisher | : |
Total Pages | : 44 |
Release | : 1991 |
Genre | : Employment (Economic theory) |
ISBN | : |
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 | : Wilfred Beckerman |
Publisher | : Bloomsbury Academic |
Total Pages | : 238 |
Release | : 1986 |
Genre | : Business & Economics |
ISBN | : |
Author | : MichaelJ. Piore |
Publisher | : Routledge |
Total Pages | : 433 |
Release | : 2017-07-05 |
Genre | : Business & Economics |
ISBN | : 1351537903 |
Originally published in 1979, this reader presents an industrialist view of the labour market and economics as they stood at the time in the United States. The essays collated aim to answer macroeconomic questions on this topic as well as exploring issues related closely to employment and inflation. This title will be of interest to students of business and economics.