Why Wages Don't Fall During a Recession
By (author) Truman F. Bewley
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Why Wages Don't Fall During a Recession by Truman F. Bewley
Book DescriptionA deep question in economics is why wages and salaries don't fall during recessions. this is not true of other prices, which adjust relatively quickly to reflect changes in demand and supply. Although economists have posited many theories to account for wage rigidity, none is satisfactory. eschewing "top-down" theorizing, the author explored the puzzle by interviewing - during the recession of the early 1990s - over 300 business executives and labour leaders as well as professional recruiters and advisors to the unemployed. By taking this approach, gaining the confidence of his interlocutors and asking them detailed questions in a nonstructured way, he was able to uncover empirically the circumstances that give rise to wage rigidity. He found that the executives were averse to cutting wages of either current employees or new hires, even during the economic downturn when demand for their products fell sharply. They believed that cutting wages would hurt morale, which they felt was critical in gaining the cooperation of their employees, and in convincing them to internalize the managers' objectives for the company. Bewley's findings contradict most theories of wage rigidity and provide fascinating insights into the problems businesses face that prevent labour markets from clearing.
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Book DetailsISBN: 9780674009431
(227mm x 151mm x 28mm)
Imprint: Harvard University Press
Publisher: Harvard University Press
Publish Date: 2-Sep-2002
Country of Publication: United States
Books By Author Truman F. Bewley
Solutions Manual for General Equilibrium, Overlapping Generations Models, and Optimal Growth Theory, Paperback (June 2011)
The Solutions Manual contains answers to problems in General Equilibrium, Overlapping Generations Models, and Optimal Growth Theory. Truman F. Bewley's book--a cornerstone of microeconomics, general equilibrium theory, and mathematical economics courses--covers the main premises behind insurance, capital theory, growth theory, and social security.
General Equilibrium, Overlapping Generations Models, and Optimal Growth Theory, Hardback (March 2007)
Presents an exposition of general equilibrium theory for advanced undergraduate and graduate-level students of economics. This book contains detailed discussions of economic efficiency, competitive equilibrium, the first and second welfare theorems, the Kuhn-Tucker approach to general equilibrium, the Arrow-Debreu model, and more.
Advances in Econometrics, Paperback (November 1994)
With its focus on econometrics, this second volume contains key papers delivered at the Fifth World Congress in 1985.
Advances in Econometrics: Volume 1, Paperback (June 1994)» View all books by Truman F. Bewley
With its focus on econometrics, this volume contains key papers delivered at the Fifth World Congress in 1985.
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Author Biography - Truman F. Bewley
Truman F. Bewley is Alfred Cowles Professor of Economics at Yale University.
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