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CRITICALLY EVALUATE THE EXTENT TO WHICH EFFICIENCY WAGE THEORY CAN PROVIDE AN EXPLANATION OF UNEMPLOYMENT

Essay specific features

 

Issue:

Business

 

Written by:

Patty M

 

Date added:

April 18, 2016

 

Level:

University

 

Grade:

C

 

No of pages / words:

9 / 2320

 

Was viewed:

858 times

 

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Essay content:

As Akerlof and Yellon(1986) pointed out, the common factor in efficiency wage models is that "in equilibrium, an individual firm's production costs are reduced if it pays a wage in excess of market clearing and thus there is equilibrium involuntary unemployment." Some authors support this explanation for unemployment...
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Unfortunately, some others, however, criticize that explanation from different points. In the following, the efficiency wage models, some of the supporting and the critiques are illustrated respectively. The efficiency wage was developed and formulated by Solow(1979), known as the Solow Condition. It presents the relationship between the wage and productivity...
displayed 300 characters

General issues of this essay:
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