Reviews for Efficiency Wage Models of the Labor Market

The average rating for Efficiency Wage Models of the Labor Market based on 2 reviews is 3 stars.

Review # 1 was written on 2021-02-23 00:00:00 Brent Tripet Janet L. Yellen ΦBK, Brown University, 1966 Co-editor From the publisher: 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.

Review # 2 was written on 2018-12-03 00:00:00 Stefani Vaz de Lima There are several possible reasons for a positive relationship between wages and productivity, as discussed in Efficiency Wage Models of the Labor Market, edited by Nobel Prize-winner George Akerlof and Janet Yellen, now chair of the Board of Governors of the Federal Reserve System. Inequality Pág.251