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Summers (1988) Relative Wages, Efficiency Wages, and Keynesian Unemployment

Summers (1988) Relative Wages, Efficiency Wages, and Keynesian Unemployment

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Published by littleconspirator
NBER WORKING PAPER SERIES, Working Paper No. 2590, by Lawrence H. Summers (1988). Abstract: While modern economic theorists have produced a variety of
explanations for the failure of wages to fall in the face of unemployment. Keynes emphasis on relative wages has not been reflected
in most contemporary discussions. This short paper suggests that relative wage theories in which workers' productivity depends primarily on their relative wage provide the best available apparatus for understanding actual unemployment and its fluctuations. Such theories are very closely related to the efficiency wage theories that have received widespread attention in recent years.
NBER WORKING PAPER SERIES, Working Paper No. 2590, by Lawrence H. Summers (1988). Abstract: While modern economic theorists have produced a variety of
explanations for the failure of wages to fall in the face of unemployment. Keynes emphasis on relative wages has not been reflected
in most contemporary discussions. This short paper suggests that relative wage theories in which workers' productivity depends primarily on their relative wage provide the best available apparatus for understanding actual unemployment and its fluctuations. Such theories are very closely related to the efficiency wage theories that have received widespread attention in recent years.

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Categories:Types, Research
Published by: littleconspirator on May 09, 2013
Copyright:Attribution Non-commercial

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11/04/2013

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