Difference between revisions of "Efficiency-wage theories"
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| − | [[Efficiency-wage theories]]are theories of real-wage rigidity and unemployment according to which firms raise labor productivity and profits by keeping real wages above the equilibrium level. | + | [[Efficiency-wage theories]] are theories of real-wage rigidity and unemployment according to which firms raise labor productivity and profits by keeping real wages above the equilibrium level. |
==Definition== | ==Definition== | ||
Latest revision as of 14:45, 2 July 2020
Efficiency-wage theories are theories of real-wage rigidity and unemployment according to which firms raise labor productivity and profits by keeping real wages above the equilibrium level.
Definition
According to Macroeconomics by Mankiw (7th edition),
- Efficiency-wage theories. Theories of real-wage rigidity and unemployment according to which firms raise labor productivity and profits by keeping real wages above the equilibrium level.
