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Wage Rigidity Implicit Contracts Unemployment And Economic Efficiency
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Book Synopsis Allocation, Information and Markets by : John Eatwell
Download or read book Allocation, Information and Markets written by John Eatwell and published by Springer. This book was released on 1989-09-21 with total page 321 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is an extract from the 4-volume dictionary of economics, a reference book which aims to define the subject of economics today. 1300 subject entries in the complete work cover the broad themes of economic theory. This volume concentrates on the topic of allocation information and markets.
Book Synopsis Involuntary Unemployment by : Michel de Vroey
Download or read book Involuntary Unemployment written by Michel de Vroey and published by Psychology Press. This book was released on 2004 with total page 315 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book tackles the issue of involuntary employment, examining the issue in the light of Keynesian and Post-Keynesian theory.
Book Synopsis Efficiency Wage Models of the Labor Market by : George A. Akerlof
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.
Book Synopsis Why Wages Don't Fall during a Recession by : Truman F. BEWLEY
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
Book Synopsis Theories of Wage Rigidity by : Joseph E. Stiglitz
Download or read book Theories of Wage Rigidity written by Joseph E. Stiglitz and published by . This book was released on 2001 with total page 0 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.
Book Synopsis Management Practices and Unemployment by : David Marsden
Download or read book Management Practices and Unemployment written by David Marsden and published by . This book was released on 1995 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Insider-Outsider Theory of Employment and Unemployment by : Assar Lindbeck
Download or read book The Insider-Outsider Theory of Employment and Unemployment written by Assar Lindbeck and published by Mit Press. This book was released on 1989-11-01 with total page 300 pages. Available in PDF, EPUB and Kindle. Book excerpt: An accessible, balanced account of the insider-outsider theory of labor market activity.
Book Synopsis Economic Informality by : Ana Maria Oviedo
Download or read book Economic Informality written by Ana Maria Oviedo and published by World Bank Publications. This book was released on 2009-06-01 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: This survey assembles recent theoretical and empirical advances in the literature on economic informality and analyzes the causes and costs of informality in developed and developing economies. Using recent evidence, the survey discusses the nature and roots of informal economic activity across countries, distinguishing between informality as the result of exclusion and exit. The survey provides an extensive review of recent international experience with policies aimed at reducing informality, in particular, policies that facilitate the formalization process, create a framework for the transition from informality to formality, lend support to newly created firms, reduce or eliminate inconsistencies across regulation and government agencies, increase information flows, and increase enforcement.
Book Synopsis Explaining Unemployment in Spain by : Mr.Jeffrey R. Franks
Download or read book Explaining Unemployment in Spain written by Mr.Jeffrey R. Franks and published by International Monetary Fund. This book was released on 1994-09-01 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: Spain has the most serious and persistent unemployment problem in Europe, with an unemployment rate that reached 24.6 percent in early 1994. This paper explores the characteristics of this unemployment problem, its causes, and provides a brief discussion of recent labor market reform measures and their likely Impact. A demographic shift in recent years has produced a large rise in female labor force participation and a decrease in agricultural jobs to which the economy has been unable to adjust. The effects of generous unemployment benefits and the large underground economy may explain 6–12 percentage points of the resulting unemployment, but the remainder must be explained by failures and rigidities in the labor market. The paper presents econometric evidence that unemployment displays hysteresis, and that wages are not responsive to changes in the unemployment rate. This evidence supports the claim that insider-outsider factors and rigidities in the legal structure of the labor market are responsible for much of the high unemployment rate. Recent reforms have improved the functioning of the labor market, but they are unlikely to be sufficient to reduce unemployment to single digit rates without further action.
Book Synopsis The Labor Market and Business Cycle Theories by : Piero Ferri
Download or read book The Labor Market and Business Cycle Theories written by Piero Ferri and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 197 pages. Available in PDF, EPUB and Kindle. Book excerpt: Interest in business cycles has had its 'ups and downs'. After a period of almost steady state growth and of economic tranquility, when the business cycle seemed to be obsolete, the turbulence of the 70s and 80s has contributedto a renewed interest in the topic. Important analytical and methodological innovations have also favored the present abundance of contributions. Four innovations are of particular importance: i. microfoundations ii. nonlinearities iii. stochastic variables iv. real aspects. Both Classical macroeconomics and new-Keynesian approaches seem to share these characteristics, which apply both to endogenous and exogenous explanations of the cycle. The distance separating the newer literature from its forebears seems vast. Previously, cycle theory was characterized by a macro approach and utilized nonlinearities either through piecewise 'linear models or with the aid of Classical theorems in the field of dynamic systems. To consider and to compare the old and the new literature on business cycles is one of the goals of this book. To narrow the distance separating them is another goal of this research. We do not try to bridge it, but rather to revisit the former tradition with new tools. Finally, a particular emphasis is put on the 'ceilings and floors' type of literature. One of us has written a D. Phil. thesis with Sir John Hicks, and both have worked with H. P. Minsky. Hicks, along with Goodwin, introdu. ced the concept of ceilings and floors into business cycle analysis, and Minsky made important contributions to the area.
Book Synopsis A Macroeconomics Reader by : Brian Snowdon
Download or read book A Macroeconomics Reader written by Brian Snowdon and published by Routledge. This book was released on 1997-07-10 with total page 692 pages. Available in PDF, EPUB and Kindle. Book excerpt: A Macroeconomics Reader brings together a collection of key readings in modern macroeconomics. Each article has been carefully chosen to provide the reader with accessible, non-technical, and reflective papers which critically assess important areas and current controversies within modern macroeconomics.The book is divided into six parts, each with
Book Synopsis Prices and Quantities by : Arthur M. Okun
Download or read book Prices and Quantities written by Arthur M. Okun and published by Brookings Institution Press. This book was released on 1981-01 with total page 367 pages. Available in PDF, EPUB and Kindle. Book excerpt: During the past decade Arthur M. Okun, like many economists, focused attention on finding ways to fight inflation without sacrificing goals of high employment and prosperity. In recent years the economy has been plagued by stagflation--the simultaneous persistence of high inflation and high unemployment. Traditional methods of aggregate demand management that have been reasonably successful in curing either one or the other of these problems have not been effective, and the nation has not been able to contain inflation even in periods of economic slack. It now seems clear that the economists’ traditional model that presumes short-run flexibility in wages and prices no longer holds for most of the industrial world, and hence the response of inflation to shifts in macroeconomic policy is weak. In this volume Okun seeks to explain that loss of responsiveness by analyzing how modern labor and product markets work and how they are structured. A central feature of Okun’s analysis is implicit contract theory, which recognizes that efficiency-maximizing decisions by business firms reflect long-term considerations as well as short-term changes in markets. His interpretation of microeconomic behavior and macroeconomic performance provides a basis for the design of policies to deal with stagflation.
Book Synopsis International Trade and Labor Markets by : Carl Davidson
Download or read book International Trade and Labor Markets written by Carl Davidson and published by W.E. Upjohn Institute. This book was released on 2004 with total page 156 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis New Keynesian Economics: Coordination failures and real rigidities by : N. Gregory Mankiw
Download or read book New Keynesian Economics: Coordination failures and real rigidities written by N. Gregory Mankiw and published by MIT Press. This book was released on 1991 with total page 468 pages. Available in PDF, EPUB and Kindle. Book excerpt: New keynesian economics/ed. by N. Gregory Mankiw.-v.1
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.
Book Synopsis Risk, Information and Insurance by : Henri Loubergé
Download or read book Risk, Information and Insurance written by Henri Loubergé and published by Springer Science & Business Media. This book was released on 1990-01-31 with total page 294 pages. Available in PDF, EPUB and Kindle. Book excerpt: Orio Giarini The "Geneva Association" (International Association for the Study of Risk and Insurance Economics) was founded in 1973. The main goal was to stimulate and organize objective research in the field of risk, uncertainty, and insurance, in a world in which such issues were clearly becoming of greater and greater relevance for all economic actors. This was a pioneer ing effort, especially as economic theory and the teaching of economics were still anchored to the key notion of general equilibrium under an assumption of certainty. Thus, we had to start our work almost from scratch. One of the first initiatives was to bring together in Geneva, in June of 1973, all the academics in Europe already involved in risk and insurance economics. We found eight from five different countries who never had met before. This seminar chaired by Raymond Barre, the first president of The Geneva Association, was the first of an annual series that became known as the seminar of "The European Group of Risk and Insurance Economists." Since then more than 100 economists from most European countries as well as participants from two other continents and in particular from the United States have taken part in this seminar.
Book Synopsis Management, Society, and the Informal Economy by : Paul Godfrey
Download or read book Management, Society, and the Informal Economy written by Paul Godfrey and published by Routledge. This book was released on 2015-07-03 with total page 227 pages. Available in PDF, EPUB and Kindle. Book excerpt: Informal economic activity, defined as exchanges made by individuals and organizations in extra-legal or non-bureaucratic contexts, represents a significant and growing share of global economic activity. The informal economy brings to mind images of street vendors in markets and bazaars throughout the developing world; indeed, informal economic activity ranges from 25-75% of economic activity, depending on the country under study. Informal activity also includes "under the table," or "off the books" business in the developed world, such as informal labor arrangements in child care, construction, or home cleaning in the United States or Western Europe. What many fail to realize, however, is the increasing presence of informal economic activity in the developed world’s largest corporations and most innovative entrepreneurial ventures, such as technology development work in Silicon Valley, open source software agreements, or employment arrangements between "technology stars" and firms. Management, Society, and the Informal Economy brings to light the role of the informal economy in the 21st century. The book does more than illuminate, however – it also calls for increased focus on the informal economy by management scholars. Each chapter contains a call to action, as well as practical and methodological advice for scholarship on the topic. Management, Society, and the Informal Economy contains a multi-faceted set of arguments, descriptions, and illustrations designed to convince management scholars that they should attend to the informal economy and view it as a serious and rigorous context for theorizing, empirical research, and even practical advocacy.
