Definition of Efficiency Wages:
A higher than market-clearing wage set by employers to, for example:
By contrast, consider models in which the wage is equal to labor productivity
in equilibrium, or models in which wages are set to reduce the likelihood of
unionization (union threat models). In these, productivity is not a function
of the wage.
Terms related to Efficiency Wages:
Writing a Term Paper? Here are a few starting points for research on Efficiency Wages:
Books on Efficiency Wages:
Journal Articles on Efficiency Wages:
Labor productivity in efficiency wage models is positively related to
wage.
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Efficiency Wages
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