The term efficiency wages (also known as "efficiency earnings") was introduced by Alfred Marshall to denote the wage per efficiency unit of labor. Marshallian...

wages can increase the efficiency of the labor market in monopsony scenarios, where individual employers have a degree of wage-setting power over the...

the topic: "A precursor to the efficiency wage literature...it had an influence, although the work on efficiency wage theory has had a bigger influence...

In labour economics, Shapiro–Stiglitz theory of efficiency wages (or Shapiro–Stiglitz efficiency wage model) is an economic theory of wages and unemployment...

during recessions, because wages are kept 'too high'. Possible corollary: Wage sluggishness. Moving from one private cost of hiring (w∗) to another private...

Memorial Prize. In Efficiency Wage Models of the Labor Market, Akerlof and coauthor/wife, Janet Yellen propose rationales for the efficiency wage hypothesis in...

including implicit contract theory, disequilibrium theory, staggered wage setting, and efficiency wages. The officially measured unemployment rate is the ratio...

coffee break Shirking model, part of the economic principle of the efficiency wage USS Shirk (DD-318), a United States Navy destroyer in service 1921...

contracts as a poor basis for real wage rigidities, new Keynesian economists sought other explanations.: 384  Efficiency wage theories explain why firms might...

Wage differential is a term used in labour economics to analyze the relation between the wage rate and the unpleasantness, risk, or other undesirable...

costs. efficiency wage Originally referred to the wage per efficiency unit of labor. Marshallian efficiency wages are those calculated with efficiency or...

of California, Berkeley Adverse selection (The Market for Lemons), Efficiency wage, Identity economics Michael Spence (b. 1943) Harvard University Harvard...

also cause more search unemployment because of increased mismatch. Efficiency wage models are labor market models in which firms choose not to lower wages...

willing workers unemployed. The most important of these theories was the efficiency wage theory used to explain long-term effects of previous unemployment,...

1467-937X https://doi.org/10.2307/2296887 (4) "Unemployment and the efficiency wage hypothesis", Economic Journal, 91(364), December 1981, 848–866. Print...

United States, which is a factor now considered in the analysis of efficiency wage. More recent researchers such as Peter Frumkin(2005) have also supported...

com. Retrieved 2023-06-21. Akerlof, G. A. (1984). "Gift Exchange and Efficiency-Wage Theory: Four Views". The American Economic Review. 74 (2): 79–83. JSTOR 1816334...

imbalance of information results in reverse selection or moral hazard. The efficiency wage theory may be applied to solve the problems arising from this. Then...

Wage Payment Systems are the different methods adopted by organizations by which they remunerate labour. There exist several systems of employee wage...

Incomes policies in economics are economy-wide wage and price controls, most commonly instituted as a response to inflation, and usually seeking to establish...

correspond to market clearing (but instead to unemployment), as with the efficiency wage hypothesis in labor economics. In some ways parallel is the phenomenon...

Individual capital Natural capital Social capital Wealth Consumer theory Efficiency wage hypothesis Efficient market hypothesis Marginalism Prospect theory...

in a stable and sustainable manner. Efficiency wage models like that of Shapiro and Stiglitz (1984) suggest wage rents as an addition to monitoring, since...

employees' on-the-job performance can make economic sense according to efficiency wage theory, while surveillance to prevent illegal activities should be...

preference, and gave new prominence to the multiplier and the marginal efficiency of capital. The central argument of The General Theory is that the level...

younger people decide to emigrate to a place where they can find work. Efficiency wage Full employment Guaranteed minimum income Involuntary unemployment...

dynamics of the markets for wage labour. Labour is a commodity that is supplied by labourers, usually in exchange for a wage paid by demanding firms. Because...

Wage growth (or real wage growth) is a rise of wage adjusted for inflations, often expressed in percentage. In macroeconomics, wage growth is one of the...

economic freedom, meritocracy, work ethic, consumer sovereignty, economic efficiency, profit motive, a financial infrastructure of money and investment that...

developed a "theory of equitable exchange" as a critique of the exploitative wage relationship between capitalist and labourer, by which all profit accrued...