Efficiency Wage Models of the Labor Market

doi:10.1017/CBO9780511559594

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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Contents

Frontmatter
pp i-vi
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Contents
pp vii-viii
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Acknowledgments for Reprinted Articles
pp ix-x
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Introduction
pp 1-21
- By George A. Akerlof, University of California, Berkeley, Janet L. Yellen, University of California, Berkeley
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The Theory of Underemployment in Densely Populated Backward Areas
pp 22-40
- By Harvey Leibenstein
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Another Possible Source of Wage Stickiness
pp 41-44
- By Robert M. Solow, Massachusetts Institute of Technology
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Equilibrium Unemployment as a Worker Discipline Device
pp 45-56
- By Carl Shapiro, Joseph E. Stiglitz
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Involuntary Unemployment as a Principal-Agent Equilibrium
pp 57-65
- By James E. Foster, Henry Y. Wan, Jr.
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Labor Contracts as Partial Gift Exchange
pp 66-92
- By George A. Akerlof
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A Model of the Natural Rate of Unemployment
pp 93-101
- By Steven C. Salop
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Job Queues and Layoffs in Labor Markets with Flexible Wages
pp 102-114
- By Andrew Weiss, Bell Laboratories, Murray Hill, New Jersey, and Columbia University
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Hierarchy, Ability, and Income Distribution
pp 115-134
- By Guillermo A. Calvo, Columbia University, Stanislaw Wellisz, Columbia University
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Incentives, Productivity, and Labor Contracts
pp 135-156
- By Edward P. Lazear, Robert L. Moore
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Work Incentives, Hierarchy, and Internal Labor Markets
pp 157-178
- By James M. Malcomson, University of York
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Efficiency Wage Models of the Labor Market

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Contents

Frontmatter
pp i-vi

Contents
pp vii-viii

Acknowledgments for Reprinted Articles
pp ix-x

Introduction
pp 1-21

The Theory of Underemployment in Densely Populated Backward Areas
pp 22-40

Another Possible Source of Wage Stickiness
pp 41-44

Equilibrium Unemployment as a Worker Discipline Device
pp 45-56

Involuntary Unemployment as a Principal-Agent Equilibrium
pp 57-65

Labor Contracts as Partial Gift Exchange
pp 66-92

A Model of the Natural Rate of Unemployment
pp 93-101

Job Queues and Layoffs in Labor Markets with Flexible Wages
pp 102-114

Hierarchy, Ability, and Income Distribution
pp 115-134

Incentives, Productivity, and Labor Contracts
pp 135-156

Work Incentives, Hierarchy, and Internal Labor Markets
pp 157-178

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