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- Efficiency_wage abstract "In labor economics, the efficiency wage hypothesis argues that wages, at least in some markets, form in a way that is not market-clearing. Specifically, it points to the incentive for managers to pay their employees more than the market-clearing wage in order to increase their productivity or efficiency, or reduce costs associated with turnover, in industries where the costs of replacing labor are high. This increased labor productivity and/or decreased costs pay for the higher wages.Because workers are paid more than the equilibrium wage, there may be unemployment. Efficiency wages offer therefore a market failure explanation of unemployment – in contrast to theories which emphasize government intervention (such as minimum wages). However, efficiency wages do not necessarily imply unemployment, but only uncleared markets and job rationing in those markets. There may be full employment in the economy, and yet efficiency wages may prevail in some occupations. In this case there will be excess supply for those occupations, but some applicants are not hired and have to work for a probably lower wage elsewhere. The term "efficiency-wages" (or rather "efficiency-earnings") has been introduced by Alfred Marshall to denote the wage per efficiency unit of labor. Marshallian efficiency wages would make employers pay different wages to workers who are of different efficiency, such that the employer would be indifferent between more efficient workers and less efficient workers. The modern use of the term is quite different and refers to the idea that higher wages may increase the efficiency of the workers through various channels, and make it worth while for the employers to offer wages that exceed a market-clearing level.".
- Efficiency_wage thumbnail Efficiency_wage_Shapiro_Stiglitz.svg?width=300.
- Efficiency_wage wikiPageExternalLink redir.pf?u=http%3A%2F%2Fepub.ub.uni-muenchen.de%2F1255%2F1%2Fschlicht_labour_turnover-EP.pdf;h=repec:lmu:muenar:1255.
- Efficiency_wage wikiPageID "817735".
- Efficiency_wage wikiPageLength "30702".
- Efficiency_wage wikiPageOutDegree "49".
- Efficiency_wage wikiPageRevisionID "680878992".
- Efficiency_wage wikiPageWikiLink Alfred_Marshall.
- Efficiency_wage wikiPageWikiLink Altruism.
- Efficiency_wage wikiPageWikiLink Carl_Shapiro.
- Efficiency_wage wikiPageWikiLink Carl_Shapiro_(professor).
- Efficiency_wage wikiPageWikiLink Category:Labor_economics.
- Efficiency_wage wikiPageWikiLink Category:New_Keynesian_economics.
- Efficiency_wage wikiPageWikiLink Category:Personnel_economics.
- Efficiency_wage wikiPageWikiLink Commission_(remuneration).
- Efficiency_wage wikiPageWikiLink Correlation_and_dependence.
- Efficiency_wage wikiPageWikiLink Developing_countries.
- Efficiency_wage wikiPageWikiLink Developing_country.
- Efficiency_wage wikiPageWikiLink Distributive_justice.
- Efficiency_wage wikiPageWikiLink Dual_labor_market.
- Efficiency_wage wikiPageWikiLink Economic_efficiency.
- Efficiency_wage wikiPageWikiLink Ekkehart_Schlicht.
- Efficiency_wage wikiPageWikiLink Elasticity_(economics).
- Efficiency_wage wikiPageWikiLink Five_dollar_day.
- Efficiency_wage wikiPageWikiLink George_Akerlof.
- Efficiency_wage wikiPageWikiLink Henry_Ford.
- Efficiency_wage wikiPageWikiLink Homo_economicus.
- Efficiency_wage wikiPageWikiLink Involuntary_unemployment.
- Efficiency_wage wikiPageWikiLink Janet_Yellen.
- Efficiency_wage wikiPageWikiLink Joseph_E._Stiglitz.
- Efficiency_wage wikiPageWikiLink Joseph_Stiglitz.
- Efficiency_wage wikiPageWikiLink Keynesian_economics.
- Efficiency_wage wikiPageWikiLink Labor_economics.
- Efficiency_wage wikiPageWikiLink Labour_economics.
- Efficiency_wage wikiPageWikiLink Marginal_product.
- Efficiency_wage wikiPageWikiLink Marginal_productivity.
- Efficiency_wage wikiPageWikiLink Market_clearing.
- Efficiency_wage wikiPageWikiLink Market_failure.
- Efficiency_wage wikiPageWikiLink Minimum_wage.
- Efficiency_wage wikiPageWikiLink Minimum_wages.
- Efficiency_wage wikiPageWikiLink Moral_hazard.
- Efficiency_wage wikiPageWikiLink Neoclassical_economics.
- Efficiency_wage wikiPageWikiLink Opportunity_cost.
- Efficiency_wage wikiPageWikiLink Pareto_efficiency.
- Efficiency_wage wikiPageWikiLink Pareto_optimality.
- Efficiency_wage wikiPageWikiLink Piece_rates.
- Efficiency_wage wikiPageWikiLink Piece_work.
- Efficiency_wage wikiPageWikiLink Productivity.
- Efficiency_wage wikiPageWikiLink Public_good.
- Efficiency_wage wikiPageWikiLink Reciprocity_(cultural_anthropology).
- Efficiency_wage wikiPageWikiLink Reservation_wage.
- Efficiency_wage wikiPageWikiLink Steven_Salop.
- Efficiency_wage wikiPageWikiLink Supracompetitive_pricing.
- Efficiency_wage wikiPageWikiLink Trade_union.
- Efficiency_wage wikiPageWikiLink Underemployment_equilibrium.
- Efficiency_wage wikiPageWikiLink Unemployment.
- Efficiency_wage wikiPageWikiLink Union_wage_premium.
- Efficiency_wage wikiPageWikiLink Unionization.
- Efficiency_wage wikiPageWikiLink Wage_compression.
- Efficiency_wage wikiPageWikiLink Wiktionary:inter-industry.
- Efficiency_wage wikiPageWikiLink File:Efficiency_wage_Shapiro_Stiglitz.svg.
- Efficiency_wage wikiPageWikiLinkText "Efficiency wage".
- Efficiency_wage wikiPageWikiLinkText "Efficiency wage#Sociological efficiency wage models".
- Efficiency_wage wikiPageWikiLinkText "efficiency wage".
- Efficiency_wage hasPhotoCollection Efficiency_wage.
- Efficiency_wage wikiPageUsesTemplate Template:More_footnotes.
- Efficiency_wage wikiPageUsesTemplate Template:Reflist.
- Efficiency_wage wikiPageUsesTemplate Template:See_also.
- Efficiency_wage subject Category:Labor_economics.
- Efficiency_wage subject Category:New_Keynesian_economics.
- Efficiency_wage subject Category:Personnel_economics.
- Efficiency_wage type Article.
- Efficiency_wage type Article.
- Efficiency_wage type Study.
- Efficiency_wage type Thing.
- Efficiency_wage comment "In labor economics, the efficiency wage hypothesis argues that wages, at least in some markets, form in a way that is not market-clearing. Specifically, it points to the incentive for managers to pay their employees more than the market-clearing wage in order to increase their productivity or efficiency, or reduce costs associated with turnover, in industries where the costs of replacing labor are high.".
- Efficiency_wage label "Efficiency wage".
- Efficiency_wage seeAlso Shapiro–Stiglitz_theory.
- Efficiency_wage sameAs Effektivitetsløn.
- Efficiency_wage sameAs Effizienzlohn.
- Efficiency_wage sameAs Salario_de_eficiencia.
- Efficiency_wage sameAs Tasapainopalkka.
- Efficiency_wage sameAs Salaire_defficience.
- Efficiency_wage sameAs Teoria_dei_salari_di_efficienza.
- Efficiency_wage sameAs 능률급.
- Efficiency_wage sameAs Efektyvaus_užmokesčio_teorija.
- Efficiency_wage sameAs Doelmatigheidsloon.
- Efficiency_wage sameAs Płaca_proefektywnościowa.
- Efficiency_wage sameAs m.03dy46.
- Efficiency_wage sameAs Lý_thuyết_tiền_công_hiệu_quả.
- Efficiency_wage sameAs Q1193835.
- Efficiency_wage sameAs Q1193835.
- Efficiency_wage sameAs 效率工資.
- Efficiency_wage wasDerivedFrom Efficiency_wage?oldid=680878992.
- Efficiency_wage depiction Efficiency_wage_Shapiro_Stiglitz.svg.
- Efficiency_wage isPrimaryTopicOf Efficiency_wage.