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| Author: | Burki, A. A. |
| Title: | A review of efficiency wage models of labour market: Theory and evidence |
| Journal: | Asia-Pacific Development Journal
1995 : DEC, VOL. 2:2, p. 73-90 |
| Index terms: | LABOUR MARKETS PAY UNEMPLOYMENT |
| Language: | eng |
| Abstract: | This paper reviews efficiency wage models of the labour market by focusing on both the theoretical and the empirical issues in this debate. These models offer an explanation for involuntary unemployment and wage dispersion across firms. Several forms of contractual arrangements have been offered by the critics of these models as an alternative, but their proposals could not be implemented owing to some practical problems. Although these models have been empirically tested, they suffer from several conceptual and empirical problems. The paper argues that efficiency wage models widen possible explanations of the wage distribution in developing countries in the presence of high unemployment and underemployment of labour. |
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