Download or read book Employment Efficiency and Stick Wages written by Robert Ernest Hall and published by . This book was released on 2005 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: "I consider three views of the labor market. In the first, wages are flexible and employment follows the principle of bilateral efficiency. Workers never lose their jobs because of sticky wages. In the second view, wages are sticky and inefficient layoffs do occur. In the third, wages are also sticky, but employment governance is efficient. I show that the behavior of flows in the labor market strongly favors the third view. In the modern U.S. economy, recessions do not begin with a burst of layoffs. Unemployment rises because jobs are hard to find, not because an unusual number of people are thrown into unemployment"--National Bureau of Economic Research web site.
Download or read book Employment Efficiency and Sticky Wages written by Robert E. Hall and published by . This book was released on 2005 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: I consider three views of the labor market. In the first, wages are flexible and employment follows the principle of bilateral efficiency. Workers never lose their jobs because of sticky wages. In the second view, wages are sticky and inefficient layoffs do occur. In the third, wages are also sticky, but employment governance is efficient. I show that the behavior of flows in the labor market strongly favors the third view. In the modern U.S. economy, recessions do not begin with a burst of layoffs. Unemployment rises because jobs are hard to find, not because an unusual number of people are thrown into unemployment.
Download or read book Efficiency Wages written by Andrew Weiss and published by Princeton University Press. This book was released on 2014-07-14 with total page 126 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Efficiency Wage Models of the Labor Market written by George A. Akerlof and published by Cambridge University Press. This book was released on 1986-11-28 with total page 196 pages. Available in PDF, EPUB and Kindle. Book excerpt: The contributors explore the reasons why involuntary unemployment happens when supply equals demand.
Download or read book Fixed term Contracts and Unemployment written by Maia Güell and published by . This book was released on 2000 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Why Wages Don t Fall during a Recession written by Truman F. BEWLEY and published by Harvard University Press. This book was released on 2009-06-30 with total page 538 pages. Available in PDF, EPUB and Kindle. Book excerpt: A 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, Truman Bewley explored the puzzle by interviewing--during the recession of the early 1990s--over three hundred business executives and labor 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 labor markets from clearing. Table of Contents: Acknowledgments 1. Introduction 2. Methods 3. Time and Location 4. Morale 5. Company Risk Aversion 6. Internal Pay Structure 7. External Pay Structure 8. The Shirking Theory 9. The Pay of New Hires in the Primary Sector 10. Raises 11. Resistance to Pay Reduction 12. Experiences with Pay Reduction 13. Layoffs 14. Severance Benefits 15. Hiring 16. Voluntary Turnover 17. The Secondary Sector 18. The Unemployed 19. Information, Wage Rigidity, and Labor Negotiations 20. Existing Theories 21. Remarks on Theory 22. Whereto from Here? Notes References Index Reviews of this book: In Why Wages Don't Fall During A Recession, [Truman Bewley] tackles one of the oldest, and most controversial, puzzles in economics: why nominal wages rarely fall (and real wages do not fall enough) when unemployment is high. But he does so in a novel way, through interviews with over 300 businessmen, union leaders, job recruiters and unemployment counsellors in the north-eastern United States during the early 1990s recession...Mr. Bewley concludes that employers resist pay cuts largely because the savings from lower wages are usually outweighed by the cost of denting workers' morale: pay cuts hit workers' standard of living and lower their self-esteem. Falling morale raises staff turnover and reduces productivity...Mr. Bewley's theory has some interesting implications...[and] has a ring of truth to it. --The Economist Reviews of this book: This contribution to the growing literature on behavioral macroeconomics threatens to disturb the tranquil state of macroeconomic theory that has prevailed in recent years...Bewley's argument will be hard for conventional macroeconomists to ignore, partly because of the extraordinary thoroughness and honesty with which he evidently conducted his investigation, and the sheer volume of evidence he provides...Although Bewley's work will not settle the substantive debates related to wage rigidity, it is likely to have a profound influence on the way macroeconomists construct models. In particular, the concepts of morale, fairness, and money illusion are almost certain to play a big role in macroeconomic theory. His demonstration that there exist in reality simple, robust behavioral patters that cannot plausibly be founded on traditional maximizing behabior also raises the prospect of a more empirically oriented, more behavioral macroeconomics in the future. --Peter Howitt, journal of Economic Literature Reviews of this book: I think any scholar interested in labour markets and wage determination should read this well-written, lively, and highly stimulating book...[It] provides a fresh view and a lot of complementary background knowledge about how experienced people in the field see the employment relationship and what is actually crucial. Knowledge of this sort is all too rare in economics, and Truman Bewley's truly impressive study can serve as a role model for future investigations. --Simon G'chter, Journal of Institutional and Theoretical Economics To call this book a breath of fresh air is an understatement. The direct insights are fascinating, and Truman Bewley's use of them is sharp and insightful. Labor economists and macroeconomists have a lot to think about. --Robert M. Solow, Nobel Laureate, Institute Professor of Economics, Emeritus, Massachusetts Institute of Technology Truman Bewley set out to conduct a handful of interviews with business executives to gain some theoretical inspiration, and his project blossomed into over 300 interviews with business people, labor leaders and consultants. He is truly the accidental interviewer of economics. Time and again, he found that workers behave like people, not atomistic, selfish economic agents. His insights will engage and enrage economic theorists and empiricists for years to come. --Alan Krueger, Bendheim Professor of Economics and Public Affairs, Princeton University
Download or read book Sticky Wages in a Full Employment Monetary Economy with Efficient Risk Sharing written by Mikko Puhakka and published by . This book was released on 2000 with total page 8 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Advances in the Theory and Measurement of Unemployment written by Yoram Weiss and published by Springer. This book was released on 1989-06-18 with total page 350 pages. Available in PDF, EPUB and Kindle. Book excerpt: A collection of papers which analyzes and measures unemployment as a search activity, discusses efficiency wage models and which considers the impact of government and unions on employment and unemployment.
Download or read book The General Theory of Employment Interest and Money written by John Maynard Keynes and published by Springer. This book was released on 2018-07-20 with total page 430 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book was originally published by Macmillan in 1936. It was voted the top Academic Book that Shaped Modern Britain by Academic Book Week (UK) in 2017, and in 2011 was placed on Time Magazine's top 100 non-fiction books written in English since 1923. Reissued with a fresh Introduction by the Nobel-prize winner Paul Krugman and a new Afterword by Keynes’ biographer Robert Skidelsky, this important work is made available to a new generation. The General Theory of Employment, Interest and Money transformed economics and changed the face of modern macroeconomics. Keynes’ argument is based on the idea that the level of employment is not determined by the price of labour, but by the spending of money. It gave way to an entirely new approach where employment, inflation and the market economy are concerned. Highly provocative at its time of publication, this book and Keynes’ theories continue to remain the subject of much support and praise, criticism and debate. Economists at any stage in their career will enjoy revisiting this treatise and observing the relevance of Keynes’ work in today’s contemporary climate.
Download or read book Efficiency Wage 36 Success Secrets 36 Most Asked Questions on Efficiency Wage What You Need to Know written by Steven Gardner and published by Emereo Publishing. This book was released on 2014-11-04 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: A New Efficiency Wage Guide That Will Give You ALL You Want To Know. There has never been a Efficiency Wage Guide like this. It contains 36 answers, much more than you can imagine; comprehensive answers and extensive details and references, with insights that have never before been offered in print. Get the information you need--fast! This all-embracing guide offers a thorough view of key knowledge and detailed insight. This Guide introduces what you want to know about Efficiency Wage. A quick look inside of some of the subjects covered: Job creation, Involuntary unemployment - Explanations, George Akerlof - Bibliography, Theory of the firm - Other models, Agency Theory, Principal-agent problem - Deferred compensation, Outline of economics - General economic concepts, History of macroeconomic thought - Efficiency wages, Efficiency - In economics, Paul Milgrom - Labor Markets, Union threat model, Market equilibrium - Interpretations, Opportunism - Economic opportunism, Types of unemployment, Index of economics articles - E, Efficiency wages - Overview, Employment Protection Legislation - On firm efficiency and profits, Compensating differential - Area characteristics, Market-clearing - On market clearing, JEL classification codes - Labor and demographic economics JEL: J Subcategories, New Keynesian economics - Microfoundations of price stickiness, Agency Theory - Employment contract, Principal-agent - Deferred compensation, Unemployed, Classical unemployment, Employment gap, Equilibrium (economics) - Interpretations, Feminist economics - Homo economicus, Unemployment rate, Efficiency wages - Labor turnover, Principal-agent problem, Cyclical unemployment, Union threat model - Empirical literature, Principal-agent problem - Deferred compensation, Efficiency wages - Shirking, History of macroeconomic thought - Labor market failures, and much more...
Download or read book Labour Economics written by Fouad Sabry and published by One Billion Knowledgeable. This book was released on 2023-12-18 with total page 334 pages. Available in PDF, EPUB and Kindle. Book excerpt: What is Labour Economics The field of labor economics, sometimes known as labor economics, is concerned with gaining an understanding of the structures and dynamics of the markets for wage labor. Labour is a commodity that is provided by workers, more often than not in exchange for a wage that is paid by businesses that are in need of labour. Due to the fact that these workers are components of a social, institutional, or political system, labor economics must also take into account the social, cultural, and political factors that are present. How you will benefit (I) Insights, and validations about the following topics: Chapter 1: Labour economics Chapter 2: Minimum wage Chapter 3: Unemployment Chapter 4: Full employment Chapter 5: New Keynesian economics Chapter 6: Phillips curve Chapter 7: The General Theory of Employment, Interest and Money Chapter 8: Efficiency wage Chapter 9: Marginal revenue productivity theory of wages Chapter 10: Backward bending supply curve of labour Chapter 11: Labour supply Chapter 12: Frisch elasticity of labor supply Chapter 13: Neoclassical synthesis Chapter 14: Insider-outsider theory of employment Chapter 15: AD-AS model Chapter 16: Involuntary unemployment Chapter 17: Monopsony Chapter 18: Rehn-Meidner model Chapter 19: Factor market Chapter 20: Implicit contract theory Chapter 21: Keynes's theory of wages and prices (II) Answering the public top questions about labour economics. (III) Real world examples for the usage of labour economics in many fields. (IV) Rich glossary featuring over 1200 terms to unlock a comprehensive understanding of labour economics. (eBook only). Who will benefit Professionals, undergraduate and graduate students, enthusiasts, hobbyists, and those who want to go beyond basic knowledge or information for any kind of labour economics.
Download or read book Profits for All written by Michael Szpindor Watson and published by . This book was released on 2020-02-15 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Creative destruction is a long-recognized and accepted feature of a dynamic market economy. But can this destruction go too far? Should there be no limit to the number of jobs, families, and even entire communities that are sacrificed for the sake of greater economic production and efficiency? Could it be, as some critics claim, that a drastic fettering of markets is the only solution?Michael Watson and Grattan Brown acknowledge the collateral damage of markets and seek a solution that will temper negative effects without constricting the economic vitality needed for the continued amelioration of material deprivation in our world. Placing remunerative work at the center of their analysis, they identify a promising reform: flexible wage rates. They make the case that permitting compensation to mirror the market more closely will preserve employment, empower workers, and minimize the impact of economic volatility. Understanding that the common good is served by both economic dynamism and family and community stability founded on stable employment, Watson and Brown recommend flexible-wage policies as the best way forward.
Download or read book Sticky Stories written by Sanford M. Jacoby and published by . This book was released on 1989 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Macroeconomics in Context written by Neva Goodwin and published by Routledge. This book was released on 2015-03-12 with total page 496 pages. Available in PDF, EPUB and Kindle. Book excerpt: Macroeconomics in Context lays out the principles of macroeconomics in a manner that is thorough, up to date, and relevant to students. Like its counterpart, Microeconomics in Context, the book is attuned to economic realities--and it has a bargain price. The in Context books offer affordability, engaging treatment of high-interest topics from sustainability to financial crisis and rising inequality, and clear, straightforward presentation of economic theory. Policy issues are presented in context--historical, institutional, social, political, and ethical--and always with reference to human well-being.
Download or read book Theories of Wage Rigidity written by Joseph E. Stiglitz and published by . This book was released on 1984 with total page 102 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper considers two sets of theories attempting to explain wage rigidities and unemployment: implicit contract theory and the efficiency wage theory. The basic thesis of the paper is that the former set of theories do not provide a convincing explanation of the kind of wage rigidity which is associated with cyclical unemployment, while the latter theories do. Several of the more recent versions of implicit contract theory are considered: implicit contracts with asymmetric information may give rise to over employment rather than underemployment, and the forms of contracts to be expected, were asymmetric information considerations paramount, are not observed. Other versions of the asymmetric information implicit contract model, explicitly long term in nature, may give rise to full employment. One version of implicit contract theory which does give rise to lay-offs arises when search is costly and cannot be monitored. But even this extension does not explain certain important features of observed patterns of unemployment. In contrast, the efficiency wage models not only provide an explanation of the existence of unemployment equilibrium in competitive economies, but they also provide part of the explanation of the observed patterns of unemployment. They also explain why different firms may pay similar workers different wages, why wages may be sticky, why firms maynot loose much if they fail to adjust their wages, and why, when they adjust their wages optimally, they adjust them slowly. The policy implications of the efficiency wage model are markedly different from those of models in which wages are absolutely rigid aswell as from those in which unemployment arises from asymmetric information.
Download or read book Efficiency Wages and Industry Wage Differentials written by Paul Chen and published by . This book was released on 1996 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Efficiency Wage Under Long run Employment written by Sanjay Banerji and published by . This book was released on 1996 with total page 17 pages. Available in PDF, EPUB and Kindle. Book excerpt:
