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Efficiency Wage Models of the Labor Market - George A. Akerlof

Efficiency Wage Models of the Labor Market

By: George A. Akerlof (Editor), Janet L. Yellen (Editor)

Paperback

Published: 13th April 1987
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One of the more troubling aspects of the ferment in macroeconomics that followed the demise of the Keynesian dominance in the late 1960s has been the inability of many of the new ideas to account for unemployment remains unexplained because equilibrium in most economic models occurs with supply equal to demand: if this equality holds in the labor market, there is no involuntary unemployment. Efficiency Wage Models of the Labor Market explores the reasons why there are labor market equilibria with employers preferring to pay wages in excess of the market-clearing wage and thereby explains involuntary unemployment. This volume brings together a number of the important articles on efficiency wage theory. The collection is preceded by a strong, integrative introduction, written by the editors, in which the hypothesis is set out and the variations, as described in subsequent chapters, are discussed.

Acknowledgments for Reprinted Articlesp. ix
Introductionp. 1
The Theory of Underemployment in Densely Populated Backward Areasp. 22
Another Possible Source of Wage Stickinessp. 41
Equilibrium Unemployment as a Worker Discipline Devicep. 45
Involuntary Unemployment as a Principal-Agent Equilibriump. 57
Labor Contracts as Partial Gift Exchangep. 66
A Model of the Natural Rate of Unemploymentp. 93
Job Queues and Layoffs in Labor Markets with Flexible Wagesp. 102
Hierarchy, Ability, and Income Distributionp. 115
Incentives, Productivity, and Labor Contractsp. 135
Work Incentives, Hierarchy, and Internal Labor Marketsp. 157
Table of Contents provided by Syndetics. All Rights Reserved.

ISBN: 9780521312844
ISBN-10: 0521312841
Audience: Professional
Format: Paperback
Language: English
Number Of Pages: 192
Published: 13th April 1987
Publisher: CAMBRIDGE UNIV PR
Country of Publication: GB
Dimensions (cm): 22.86 x 15.24  x 1.27
Weight (kg): 0.3