Efficiency Wage Models of the Labor Market by George A. Akerlof
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Efficiency Wage Models of the Labor Market
By George A. Akerlof

Efficiency Wage Models of the Labor Market

Edited by See other recent books by George A. Akerlof See other recent books by Janet L. Yellen
Format: Paperback

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

Book Description

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.

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Book Details

ISBN: 9780521312844
ISBN-10: 0521312841
Format: Paperback
(228mm x 152mm x 11mm)
Pages: 192
Imprint: Cambridge University Press
Publisher: Cambridge University Press
Publish Date: 28-Nov-1986
Country of Publication: United Kingdom

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Books By Author George A. Akerlof

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Provides an important way to understand human behavior, revealing how our identities - and not just economic incentives - influence our decisions. This title explains how our conception of who we are and who we want to be may shape our economic lives more than any other factor, affecting how hard we work, and how we learn, spend, and save.

Animal Spirits by George A. Akerlof Animal Spirits, Paperback (February 2010)

The global financial crisis has made it clear that powerful psychological forces are imperiling the wealth of nations. This title challenges the economic wisdom that got us into this mess, and puts forward a vision that transforms economics and restores prosperity. It asserts the necessity of an active government role in economic policymaking.

» View all books by George A. Akerlof

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