Construct · 1 fields · 1 citations

efficiency wage: a standalone construct

One name. One construct. A landmark on the map.

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Labor economics

wages set above market clearing to make job loss costly and deter shirking, leaving equilibrium unemployment.

In labor economics, efficiency wage refers to wages set above market clearing to make job loss costly and deter shirking, leaving equilibrium unemployment. This meaning comes from Shapiro (1984/1986) in Efficiency Wage Models of the Labor Market.[1]

Unit
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Nearby constructs

clearing3 fields · 4 citationsjingle · one word, three constructs efficiency4 fields · 5 citationsjingle · one word, four constructs equilibrium4 fields · 4 citationsjingle · one word, four constructs

References

Shapiro, C., & Stiglitz, J. E. (1986). Equilibrium Unemployment as a Worker Discipline Device. In Efficiency Wage Models of the Labor Market (pp. 45-56). Cambridge University Press. (Original work published 1984) https://doi.org/10.1017/cbo9780511559594.004

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